TSP Policies Will Be Affected By This House-Approved Bill

With a bipartisan vote, the House of Representatives enacted a bill (HR-2954) that would change various retirement savings plans, including the Thrift Savings Plan (TSP) and other comparable programs. Among its many other provisions, the bill will:

  • Raise the age limit at which required minimum distributions (RMDs) must start from the current 72 to 73, then increase it to 74 beginning in 2028 and to 75 beginning in 2032.
  • Raise the catch-up contribution limit to $10,000 for those between the ages of 62 and 64. These are additional investments worth up to $6,500 this year that participants over 50 years of age can make in a calendar year, which will be in addition to the usual investment maximum in such plans ($20,500 this year).
  • To account for inflation, make the mechanism for increasing the standard investment limit and the catch-up limit more generous. 
  • Allow employees to get matching contributions to their retirement plans for the value of student loan payments they made instead of investing them into their accounts. 
  • Allow victims of domestic abuse to make penalty-free withdrawals of whichever is greater among the two: $10,000 or half the account value.

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Bio:
Mark, a lifelong Tulsan graduated from Westminster College, Fulton, Missouri with a Bachelor of Arts in Accounting. Mark served in the United States Army as a Captain in the 486th Civil Affairs BN. Broken Arrow, Oklahoma and retired in 1996. Mark is married to his high school sweetheart Jenny and has four beautiful children. Mark’s passion for his work, which includes over 20 years in the Financial Industry started as an Oklahoma State Bank Examiner. Mark examined banks throughout Oklahoma gaining a vast knowledge and experience on bank investments, small business and family investments. Mark’s experiences include being formally trained by UBS Wealth Management, a global investment firm where he served as a Financial Consultant specializing in Wealth Management for individuals & families. Mark is a licensed Series 24 and 28 General Securities Principal and an Introducing Broker Dealer Financial Operations Principal. Additionally, Mark is a Series 7 and 66 stockbroker and Investment Advisor focusing on market driven investments for individuals, businesses and their families.

Mark specializes in providing financial knowledge, ideas, and solutions for federal employees, individuals, families and businesses. We serve as your advocate, and assist you in the design and implementation of financial strategies while providing the ideas to maximize your security and wealth. Our goal is to give you maximum control of your financial future. We provide the expertise to help you with personal issues such as: practical tax Ideas, risk management, investment solutions, and estate preservation.

Additionally, we’ve counseled hundreds of employees on their transitions from careers in federal government, and private industry to their next life stage, whether that is retirement or a second career. We specialize in devising strategies that roll your TSP, 401(k), pension plan, to a suitable IRA to meet your objectives.

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