Government affairs

Following the House of Representatives and Senate’s passage of the Thrift Savings Plan Modernization Act of 2017 (H.R. 3031), President Trump has now signed the bill into law.

As previously reported, H.R. 3031 calls for eliminating restrictions on age-based withdrawals from the TSP, allowing for active federal employees older than 59½ to make multiple age-based withdrawals while still working and allowing retirees to make multiple, partial post-separation withdrawals. Now signed into law, the bill will allow participants to stop quarterly or annual payments, permit periodic withdrawals to be changed at any point during the year, and save the option to purchase an annuity while recovering monthly benefits.

“NALC thanks the President for signing this bipartisan measure into law,” NALC President Frederic Rolando said. “Providing letter carriers and federal employees with the flexibility to manage their investments will make it easier to plan responsibly for their future.”