TSP Expecting Military Influx
The Thrift Investment Board of the Federal Retirement division of the Government has always been one for making announcements and dealing with all sorts of criticism along the way. They are trying to avoid as much criticism as they can these days and for that TSP board is making preparations to welcome the huge expected military influx in to the program by 2018.
New military members coming towards TSP:
The National Defense Authorization Act which was passed in November by Congress is intended to encourage the contemporary military members to make the investments in the TSP. The act will take effect starting next year.
The board is expecting over 500 thousand new additions within the first year and expects/projects that the number is going to get extended to as much as 1 million within the first year and a half. Greg Long who is the director of the board mentioned that this is destined to be a turning point in the recent history of the organization and that the whole dimension in expected to get changed in the longer run. He also mentioned that they are trying their best to improve their infrastructure so that it becomes able to deal with this large of an influx.
Renee Wilder who is the director of enterprise planning was the first person who raised the point that the system will have to be altered in order to make sure that they are able to sustain these alterations. There would have to be some extra efforts done by the communications team and the process will have to be sped up too.
That being said, all in all, it looks as if things are probably going to get a little hot to handle for the organization and here’s hoping that they are able to stay in the kitchen during the heat.