TSP Modernization Act

The TSP Modernization Act allows individuals to electronically transfer money from their Thrift Savings Fund accounts to qualified retirement plans at brokerage firms, a change that takes effect one year after the law is passed. To initiate this transfer, account holders must provide the necessary information to the Federal Retirement Thrith Investment Board. Additionally, the bill requires the board to submit a report to Congress one year after enactment detailing how the electronic transfer process was implemented.