Not affiliated with The United States Office of Personnel Management or any government agency

Not affiliated with The United States Office of Personnel Management or any government agency

Coming in 2022! A Mobile App for Federal Employees

Mobile App to Track Federal Employees’ Retirement Transactions To Be Launched In 2022

On Tuesday, officials from the federal government’s 401(k)-style retirement savings program highlighted several new features that the Thrift Savings Plan (TSP) would offer when it completes its transfer to a new recordkeeper next year.

Officials announced during a meeting on October 26 that a mobile app for the TSP would be available in mid-2022. The app is part of the Converge Program of the Federal Retirement Thrift Investment Board, which aims to improve the TSP’s retirement services under the agency’s unified recordkeeping contract.

Program manager Tanner Nohe stated at the Federal Retirement Thrift Investment Board’s monthly meeting, which manages the TSP that by the middle of 2022, the TSP will provide participants new options that would make it easier to manage and secure their funds.

According to Nohe, the program will launch with an app that will allow consumers fast access to account features. “It will enable us to offer retirement services on the go, as well as provide a new avenue for two-way communication with our participants,” he added.

Members will be able to effectively manage their accounts via their smartphones. In addition to the existing customer service alternatives, there will be a range of different ways for participants to receive help.

“For all participants, we’re also adding a virtual assistant and a virtual chat,” Nohe stated. “The AI-powered assistant will be available 24 hours a day, seven days a week…” A virtual chat with a live representative will also be available.”

The TSP will enhance the number of services and transactions available “on the move” with the launch of the mobile app, according to Nohe. Electronic signatures, additional online forms, and a new “concierge” service to help consumers move money from any other retirement accounts into the TSP are all part of the plan.

“Once people are enrolled in the Thrift Savings Plan, it will be easier for them to manage their money, and when it comes to rollovers, we’ll provide a concierge service to assist those who wish to roll funds into the plan throughout the process,” Nohe added. “Along with that, they’ll be able to scan their checks instead of mailing them in.” We’ll also offer an address locator tool for withdrawals to make the procedure go more smoothly.”

According to Nohe, the new structure will also provide more flexibility in terms of TSP loans. Participants can currently have two loans open with the agency: one general purpose and one principal residence loan. Beginning next year, both outstanding loans will be able to be used for general purposes, and there will be more alternatives for repaying loans if a participant has already left government service.

Tee Ramos, Federal Retirement Thrift Investment Board’s (FRTIB) director of participant services, said the program is on pace to launch in mid-2022.

Contact Information:
Email: [email protected]
Phone: 6232511574

Bio:
I grew up in Dubuque, Iowa, where I learned the concepts of hard work and the value of a dollar. I spent years in Boy Scouts and achieved the honor of Eagle Scout. I graduated from Iowa State University and moved to Chicago and spent a few years managing restaurants. I then started working in financial services and insurance helping families prepare for the high cost of college for their children. After spending years in the insurance industry, I moved to Arizona and started working with Federal Employees offing education and options on their benefits. I became a Financial Advisor / Fiduciary to further help people properly plan for the future. I enjoy cooking and traveling in my free time.

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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.

Todd Carmack grew up in Dubuque, Iowa, where he learned the concepts of hard work and the value of a dollar. Todd spent years in Boy Scouts and achieved the honor of Eagle Scout. Todd graduated from Iowa State University, moved to Chicago, spent a few years managing restaurants, and started working in financial services and insurance, helping families prepare for the high cost of college for their children. After spending years in the insurance industry, Todd moved to Arizona and started working with Federal Employees, offing education and options on their benefits. Becoming a Financial Advisor / Fiduciary can help people properly plan for the future. Todd also enjoys cooking and traveling in his free time.

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.

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