Federal Retirement Thrift Investment Board update
Kim Weaver, Director of External Affairs at the Federal Retirement Thrift Investment Board, discusses some major stories concerning the Thrift Savings Plan.
The Thrift Savings Plan is the subject of multiple reform efforts across the government. The Office of Personnel Management is requesting changes to federal retirement plans, and legislation was recently introduced that would require members of Congress settling sexual harassment claims to use their personal TSP funds. Kim Weaver, Director of External Affairs at the Federal Retirement Thrift Investment Board, says that the agency is following these developments closely.
“The House passed legislation that would say, if a member of Congress entered into a settlement agreement with someone over sexual harassment, the funds would no longer be paid through the House funds, they would be paid out of either the member’s pay or the Thrift Savings Plan. It would be in our statute one more thing where people could access the TSP, which is a very short list,” said Weaver. “We have what’s called an anti-alienation provision, which means you can’t access TSP unless it is statutorily authorized. The Senate legislation on this same topic did not contain that provision. So right now, both sides are talking about how they are going to proceed. We’ll be following that, but at the moment, there’s nothing for us to do.”