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.