Fedweek

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The TSP has sent a reminder of temporary suspensions of service ahead as it transitions to a new record-keeping system.

Most notably, effective May 26 and until a still-unspecified date in the first week of June, the TSP will suspend processing transactions including interfund transfers, changes to investment allocations and withdrawals, as well as suspend access to the online My Account feature and the phone ThriftLine.

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The announcement said the TSP encourages account holders “to consider whether this transition period will affect their retirement planning, especially if they are planning to request any transactions during May of 2022 . . . TSP participants will not be able to change their investment choices during this brief time. TSP participants should review their current investment choices and make sure they still align with individual retirement goals.”

May 26 also will be the last day until the blackout period ends to reamortize a loan and for the TSP to receive retirement benefit court orders or child support orders.

Suspensions of some less significant services already have begun, including request to submit paper copies of the loan form and to submit loan requests on paper.

Next, May 16 will be the last day before the blackout ends to use the online tool in My Account to generate a filled designation of beneficiary form; to access forms on tsp.gov; to access online tools or upload forms through My Account; to complete transfer or rollover requests; to complete loan agreements; and to submit loan payments including loan payoffs separate from regular payroll withholding.

The complete blackout schedule is at https://www.tsp.gov/new-tsp-features/key-transition-dates/

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