The TSP has issued a preview of features that are to become available along with the long-awaited outside investment “window,” adding that the transition means that account holders won’t be able to make certain transactions for a “brief period” in May.
The changes are linked to a new records-keeping system that the TSP has said will go online in mid-year, although the latest announcement does not provide a specific date, referring only to the changes “in the upcoming months.”
The TSP recently issued proposed rules for the investment window, which—within various restrictions and at the cost of various fees—will allow investors to move up to a quarter of their account balances into offerings of mutual fund companies.
Other features, some of which the TSP earlier had referenced, are to include an application that will allow investors to sign into their personal accounts through mobile devices “using the identification software on your mobile device, such as fingerprint access and facial recognition, which adds an extra level of security.”
Also added to personal accounts will be an always-on artificial intelligence virtual assistant available within accounts either on the web or the app, and live chat with a TSP representative during normal business hours. Personal accounts also will have added security features and will be redesigned “for a more intuitive user experience.”
Changes ahead to processes will include the ability to complete many transactions online using electronic signatures; a streamlined process including electronic deposit for moving money into the TSP from retirement savings accounts of prior employers; and ability to make loan repayments via electronic transfer.