GOP Senators Issue a Last-Minute Demand that the TSP Delay Mutual Fund Window
With just a week before the federal government’s 401(k)-style retirement savings program begins offering mutual funds to its participants, some lawmakers warned it could lead to federal employees investing in China.
Agroup of six Republican senators this week urged the federal government’s 401(k)-style retirement savings program to cancel implementation of a mutual fund window over fears that it could lead to federal workers unwittingly investing in Chinese corporations.
But there is just one issue with the request: it came as the Thrift Savings Plan had already begun the transition to a new service provider that would enable the mutual fund window, and just a week before the new system and its features, which also include a mobile app and other innovations, is scheduled to come online.
Beginning June 1, TSP participants will be able to invest a portion of their retirement savings in one of at least 5,000 mutual funds, including those that are focused on environmental, social and corporate governance issues. Most elements of the TSP’s website are currently in the midst of a blackout as the transition to a new recordkeeper occurs