Everything you need to know about the latest TSP Service Provider Update by, Aaron Steele

aaron steele
April 19, 2022

Over the next few months, there will be several changes to the Thrift Savings Plan (TSP). The first change will occur in May 2022 and involve transitioning the thrift savings plan to a new provider. The update to the TSP service provider was known earlier due to the announcement made on January 26, 2022.

You must keep in mind that there may be a short-term delay in accessing the TSP website and performing certain transaction types during this transition period. However, this transition will start in May and should be completed in June. Therefore, the delay in website accessibility will not last long.

Like other 401(k) retirement plans, the Thrift Savings Plan is available to most federal workers and military members.

Apart from the transition update coming up in May, there are other crucial updates to the Thrift Savings Plan you need to know before the TSP service provider update.

Before the transition, some significant transactions will be stopped, and below are the cutoff dates for those transactions:

â€¢ The last day to make a paper loan document request through the telephone is April 8, 2022.

â€¢ The last day to make a paper loan document submission is April 21, 2022.

â€¢ The last day to make other paper forms request is April 29, 2022.

â€¢ The last day to access or submit a hard copy or online form is May 16, 2022. This date is also the last day you can use email to contact the TSP provider.

â€¢ The last day you can change your contributions or transfer between various investments is May 26, 2022, which is also the last day you can contact the TSP provider via telephone.

From May 26, 2022, till early June, you won’t be able to access your account. However, all your invested funds will show appropriate market changes during this transition period.

After the update, you will be able to access your account, and you will have various options to access and manage your Thrift Savings Plan account. This new upgrade provides a virtual chat, which answers all common questions without the physical presence of TSP providers. It also allows you to complete several transactions online.

When the upgrade is completed, you must update your login information to access the online account. But, this requirement is for first-time users only.

After the account login information update, you will need to do identity verification, contact information update, and account security set up by following the step-by-step guides.

Later in 2022, TSP may add an upgrade that allows TSP participants to buy certain mutual funds from the Thrift Savings Plan website.

Contact Information:
Email: [email protected]
Phone: 3604642979

Disclosure:
Disclosure:Investment advisory services are offered through BWM Advisory, LLC (BWM). BWM is registered as an Investment Advisor located in Scottsdale, Arizona, and only conducts business in states where it is properly licensed, notice filed, or is excluded from notice filing requirements. BWM does not accept or take responsibility for acting on time-sensitive instructions sent by email or other electronic means. Content shared or published through this medium is only intended for an audience in the States the Advisor is licensed in. If you are not the intended recipient, you are hereby notified that any dissemination, distribution, or copy of this transmission is strictly prohibited. If you receive this communication in error, please immediately notify the sender. The information included should not be considered investment advice. There are risks involved with investing which may include market fluctuation and possible loss of principal value. Carefully consider the risks and possible consequences involved prior to making an investment decision.Confidential Notice and Disclosure: Electronic mail sent over the internet is not secure and could be intercepted by a third party. For your protection, avoid sending confidential identifying information, such as account and social security numbers. Further, do not send time-sensitive, action-oriented messages, such as transaction orders, fund transfer instructions, or check stop payments, as it is our policy not to accept such items electronically. All e-mail sent to or from this address will be received or otherwise recorded by the sender’s corporate e-mail system and is subject to archival, monitoring or review by, and/or disclosure to, someone other than the recipient as permitted and required by the Securities and Exchange Commission. Please contact your advisor if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services. Additionally, if you change your address or fail to receive account statements from your account custodian, please contact our office at [email protected] or 800-779-4183.

Aaron Steele

After entering the financial services industry in 1994, it was a desire to guide people towards their financial independence that drove Aaron to start Steele Capital Management in 2013. Armed with an extensive background in financial planning and commercial banking coupled with a sincere passion for helping people, Aaron has the expertise and affinity for serving the unique needs of those in transition. Clients benefit from his objective financial solutions and education aligned solely with
helping them pursue the most comfortable financial life possible.

Born in Olympia, Washington, Aaron spent much of his childhood in Denver, Colorado. An area outside of Phoenix, Arizona, known as the East Valley, occupies a special place in Aaron’s heart. It is where he graduated from Arizona State University with a Bachelor of Science degree in Business Administration, started a family, and advanced his professional career.

Having now returned to his hometown of Olympia, and with the days of coaching his sons football and baseball teams behind him, he now has time to pursue his civic passions. Aaron is proud to serve on the Board of Regents Leadership for Thurston County as the Secretary and Treasurer for the Morningside area. His past affiliations include the West Olympia Rotary and has served on various committees for organizations throughout his community.

Aaron and his beautiful wife, Holly, a Registered Nurse, consider their greatest accomplishment having raised Thomas and Tate, their two intelligent and motivated sons. Their oldest son Tate is following in his father’s entrepreneurial footsteps and currently attends the Carson College of Business at Washington State University. Their beloved youngest son, Thomas, is a student at Olympia High School.

Focused on helping veterans and their families navigate the maze of long-term care solutions, Aaron specializes in customized strategies to avoid the financial crisis that care related expenses can create. Experience has shown him that many seniors are not prepared for the economic transition that takes place as they reach an advanced age.

With support from the American Academy of Benefit Planners – an organization with expertise and resources on the intricacies of government benefits – he helps clients close the gap between the cost of care and their income while protecting their assets from depletion.

Aaron can help you and your family to create, preserve and protect your legacy.

That’s making a difference.

Disclosure: Investment advisory services are offered through BWM Advisory, LLC (BWM). BWM is registered as an Investment Advisor located in Scottsdale, Arizona, and only conducts business in states where it is properly licensed, notice has been filed, or is excluded from notice filing requirements. This information is not a complete analysis of the topic(s) discussed, is general in nature, and is not personalized investment advice. Nothing in this article is intended to be investment advice. There are risks involved with investing which may include (but are not limited to) market fluctuations and possible loss of principal value. Carefully consider the risks and possible consequences involved prior to making any investment decision. You should consult a professional tax or investment advisor regarding tax and investment implications before taking any investment actions or implementing any investment strategies.