A few changes are here for TSP’s My Account, with more on the way

Next time Thrift Savings Plan participants will[マイ アカウント]Log in to see your layout changes.

Most immediately visible, TSP participants’ account balances are now front and center on the My Account homepage.

Kim Weaver, director of external affairs for the Federal Retirement Savings and Investments Board, said the changes to “My Account” are largely intuitive.

“Most people want to know how much money they have and how well they’re doing,” Weaver told the Federal News Network.

The new changes to My Account by FRTIB (the body that administers the TSP) are the result of feedback from participants who have been using the new platform for just about a year since the Board moved to a new registrar last June. was done in response.

FRTIB’s chaotic transition in 2022 quickly generated frustration from TSP participants trying to use the updated platform. The initial launch was difficult, to say the least, but FRTIB said that since then, it has tried to make things easier and smoother for participants who had initial difficulties.

In addition to displaying the account balance more prominently, my account has a revised layout, including an expanded navigation menu, red alert icons to notify you of new messages, suggested links to read more about TSP investment options, and a personalized “To-Do List” for TSP attendees. I was. All these adjustments will be displayed on the front page of My Girlfriend’s account once the participant is logged in.

After migrating records management, one of the common complaints of TSP participants was that the website was cumbersome and difficult to use. The new changes are an effort to address that complaint. Weaver said the aim was to make the layout clearer and easier to navigate.

“The new layout makes it easier to focus on different parts of the page and different information,” says Weaver. “Before, I think I was distracted by too many tiles.”

John Hutton, vice president of staff for policy and programs at the National Association of Active and Retired Federal Employees (NARFE), said members complained that the new My Account website was confusing and lacked accessibility. He said he heard ongoing complaints. They were used to the old website.

Hutton said the initial development was “complete chaos” but that the board’s response to participants’ complaints and steps taken to address the issues were positive.

“We are pleased that TSP has been working to improve the usability of the site, and we hope that these new features will continue to be available in the future,” he told the Federal News Network. ‘ said.

But website design wasn’t the only problem that plagued TSP last year. In another recent issue, a backend error prevented some of his TSP participants from receiving the full Minimum Distribution (RMD) he required in 2022, instead he received it in 2023. . The problem affected about 2,400 people, his 1.9% of the population. Last year he had 126,000 TSP users who had to get RMD.

To address this issue, FRTIB has given affected participants instructions they can submit to the IRS to avoid penalties. But Hutton said there could be longer-term consequences for participants.

“The TSP worked with the IRS to provide a letter to registrants to ensure that participants who did not take their RMD would not be penalized, but for individuals who were forced to take two RMDs per year, , could have a negative economic impact: higher marginal tax rates and higher Medicare Part B premiums,” Hutton said. “There is still much work to be done to ensure that all individuals affected by this issue are spared from higher tax liability and other economic costs.”

What else does TSP add?

More changes await in the new TSP. For example, FRTIB will soon allow participants to adjust their monthly payments online. This update also responds to feedback from participants, but we don’t have a timeline for implementation yet.

The Board also plans soon to allow participants to opt out of more types of paper documents and instead request to receive electronic copies only.

“Conversely, if you like paper, like me, we will be allowing you to opt-in and have your quarterly reports mailed to you. ‘, said Weaver.

TSP’s plan is, and will continue to be, to listen to participant feedback on the platform and make changes along the way. Weaver said it wasn’t meant to be a static update last summer.

“That’s why all the different channels are being investigated. That’s why we’re offering a new channel. [for feedback]said Weaver. “Look at the metrics. Where do people go? If they bounce back and forth, where are they? Does that indicate that the information is unclear? are also monitored.”

A year later, Weaver reflected on some of the lessons learned from deploying the updated TSP. One of his biggest challenges in this process was the influx of calls to his ThriftLine, TSP’s customer service center. Before the introduction, the board of directors expected ThriftLine to receive about twice as many calls as normal. When the update launched, ThriftLine had six times as many calls from participants as he normally would.

“I don’t know if anyone could have predicted that,” Weaver said. “But it was certainly something we learned. You have to make sure your call center representatives are well trained to answer your questions.”

In the 2022 survey, 87% of TSP participants said they were satisfied or very satisfied with the TSP, whereas last year’s survey was conducted before the June 2022 update.

This year’s TSP Participant Satisfaction Survey is currently underway. The results of the annual survey will be published in the coming months.

“We always have our participants in mind and always strive to ensure that they receive excellent service in an efficient and effective manner,” said Weaver.