Federal Workforce

TSP Officials Provide Update on CARES Act, New Lifecycle Funds

Government Executive: Officials at the federal government’s 401(k)-style retirement savings program on Monday touted the successful addition of several new lifecycle funds to the program's offerings and provided an update on how federal employees and retirees are taking advantage of new flexibilities amid the coronavirus pandemic.

Over the last four months, officials at the Thrift Savings Plan have worked to implement several provisions of the Coronavirus Aid, Relief and Economic Security Act, including suspending required minimum distributions that were set to kick in in 2020, allowing participants to suspend TSP loan payments until the end of this year, and temporary increases to the maximum loan amount available to participants.

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