TSP Password Requirements Changing

The TSP is strengthening its online password requirements—for example, requiring that they be at least 10 characters—meaning that the next time a user signs into his or her account, the password may need to be changed. The TSP will not send a notice to account holders saying they need to take such an action, however, and warned that “email links indicating that you need to reset your password may send you to fraudulent websites, and these websites may steal your login credentials when you enter them.” The TSP has issued several similar warnings recently about imitation websites and mobile device applications. Meanwhile, a newly introduced House bill (HR-4634) would allow those covered by the special retirement provisions for law enforcement officers and firefighters—which in general allow retirement as young as age 50 with at least 20 years of service and require it at age 57—to take withdrawals starting at age 50 without the 10 percent penalty that typically applies for withdrawing retirement savings funds before age 59 ½; that penalty does not apply for those separating after age 55 or if the money is used to purchase an annuity, if younger.