TSP Open Season Measure Advances

The Senate Governmental Affairs Committee has approved a bill (S-2479) to end the twice-yearly open seasons in the Thrift Savings Plan, a change supported by the TSP governing board. Currently, open seasons are the only period in which employees may join the program-outside an initial 60-day period after hiring-or rejoin it after stopping contributions. Also, participants currently may only change the amounts of their investments during open seasons (they may change the allocation of previous or future investments at any time). Sponsors contend that the open seasons act to discourage participation in the program. The measure also will require the TSP and the Office of Personnel Management to increase their efforts to educate employees about saving for retirement.