The TSP’s Strategic Plan

This article was originally published here

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The Thrift Board has determined its objectives by considering the following five visions:

• Our procedures are executed without a hitch;

• We assist participants in making informed decisions;

• We are careful with the money contributed by participants;

• We make the FRTIB a wonderful place to work and an environment in which outstanding work may be accomplished and

• We cultivate fruitful partnerships with those with a stake in the TSP.

The Thrift Board has decided to focus on the following three goals in terms of the consequences that plan participants would experience:

• Make it easier for participants to make decisions by giving information specific to their needs;

• Investigate and put into practice any improvements in plan design and benefits policy; and

• The percentage of participants that carry out a predetermined goal due to FRTIB outreach is increased.

Concerning the achievement of another aim, the provision of services, more time is spent on the participants. The following are the four goals that fall under the participant services goal:

• Raise knowledge about how the services supplied by the TSP compare to those provided by other defined contribution plans, providers, and financial institutions;

• Work in collaboration with employment agencies and payroll offices to provide participants with more seamless service;

• Understand the requirements and expectations of participants and respond to them;

• Open up the opportunity for mutual funds. This task was finished a couple of months ago.

They also wanted the TSP to move toward a managed services strategy, another of their objectives. This shift occurred in May and June, and it needed to measure up to preserve program performance while also maintaining the participant satisfaction that the Thrift Board had set for itself.

 The TSP, as of late, has been more user-friendly and proactive than it was in its earlier days. This contrasts with how it was in its earlier days. Their strategic plan will make it possible for them to enhance the services they provide for the benefit of participants who are both employed and retired.

The Target Date Fund (TSP) employs the IRS Single Life Table to calculate life expectancy-based distributions for participants who have yet to reach the age at which they are obliged to begin receiving RMD payments when those payments commence.

 These participants are eligible to transition to the Uniform Lifetime Table once they reach the age for RMDs, which is presently 72 years old. 

Contact Information:
Email: [email protected]
Phone: 2129517376

Bio:
M. Dutton and Associates is a full-service financial firm. We have been in business for over 30 years serving our community. Through comprehensive objective driven planning, we provide you with the research, analysis, and available options needed to guide you in implementing a sound plan for your retirement. We are committed to helping you achieve your goals. Visit us at MarvinDutton.com . Tel. 212-951-7376: email: [email protected].