1.8 million Thrift Savings Plan (TSP) participants now use the Roth option, meaning they pay taxes up front. Assets are up 64% since the start of the program.
- Kim Weaver, Director of External Affairs at the Federal Retirement Thrift Investment Board, said participation in Roth contributions has greatly increased since the Blended Retirement System started in 2018, which expanded the percentage of service members who receive retirement benefits.
- Another board meeting update is that the Recordkeeping Services Acquisition is now called Converge, which will not replace TSP branding as some were concerned about, explained Weaver.
- Weaver said the first fund transfer for the TSP Multi-Asset Manager project, which mitigates risk from “black swan” events, happened in mid-April and went “exceedingly well.”