{"id":27142,"date":"2023-10-31T14:32:43","date_gmt":"2023-10-31T14:32:43","guid":{"rendered":"https:\/\/one.sightlinemg.com\/federaltimes\/uncategorized\/2023\/10\/31\/thrift-savings-plan-rule-change-aimed-at-spurring-savings-growth\/"},"modified":"2026-08-08T05:14:04","modified_gmt":"2026-08-08T05:14:04","slug":"thrift-savings-plan-rule-change-aimed-at-spurring-savings-growth","status":"publish","type":"post","link":"https:\/\/one.sightlinemg.com\/federaltimes\/fedlife\/financial-planning\/2023\/10\/31\/thrift-savings-plan-rule-change-aimed-at-spurring-savings-growth\/","title":{"rendered":"Thrift Savings Plan rule change aimed at spurring savings growth"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">A rule taking effect at the start of the year will align the Thrift Savings Plan, the employer-sponsored plan for U.S. civil service employees, retirees and members of the uniformed services, with other IRA savings accounts, meaning federal retirees can keep money growing in their \u201cafter-tax\u201d accounts for longer.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Beginning Jan. 1, 2024, only traditional TSP balances will be <a href=\"https:\/\/www.federaltimes.com\/fedlife\/retirement\/2022\/07\/20\/federal-retirees-urge-congress-to-waive-savings-disbursement-rule-as-inflation-bites\/\" target=\"_blank\">subject to mandatory withdrawals.<\/a> Historically, a required minimum distribution, or RMD, applied to the combined balance of the traditional and Roth TSP account. Participants could\u2019ve skirted that by choosing to take an RMD only from their traditional balance, but that left it subject to tax.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThis means an overall smaller amount of [the] TSP is subject to the RMD, which effectively creates a smaller RMD and does indeed allow TSP participants to maintain more dollars inside their accounts,\u201d said Thiago Glieger, a private wealth expert for Maryland-based RMG Advisors, to Federal Times in an email.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That\u2019s simply because the bigger the balance, the larger the RMD is, according to<a href=\"https:\/\/www.bankrate.com\/retirement\/ira-rmd-table\/\" target=\"_blank\"> the formula.<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That\u2019s one of many changes for retirees provided by the Secure 2.0 Act, which passed last year and intends to make retirement planning more flexible. It also brings TSP account holders more in line with the private sector, which <a href=\"https:\/\/www.irs.gov\/retirement-plans\/retirement-plan-and-ira-required-minimum-distributions-faqs#:~:text=The%20RMD%20rules%20apply%20to,while%20the%20owner%20is%20alive.\" target=\"_blank\">never subjected Roth IRA accounts <\/a>to RMDs during the account holder\u2019s lifetime.<\/p>\n\n\n\t<aside class=\"smg-interstitial-link wp-block-smg-interstitial-link\">\n\t\t<a href=\"https:\/\/one.sightlinemg.com\/federaltimes\/fedlife\/financial-planning\/2023\/01\/11\/what-the-secure-20-act-means-for-your-federal-retirement-planning\/\" class=\"smg-interstitial-link__inner\">\n\t\t\t\t\t\t\t<div class=\"smg-interstitial-link__media\">\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"264\" src=\"https:\/\/one.sightlinemg.com\/wp-content\/uploads\/2026\/08\/GettyImages-1015413264.jpg.jpg?w=300\" class=\"smg-interstitial-link__image wp-post-image\" alt=\"\" \/>\t\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"smg-interstitial-link__content\">\n\t\t\t\t<span class=\"smg-interstitial-link__kicker\">Related<\/span>\n\t\t\t\t<h3 class=\"smg-interstitial-link__title\">What the Secure 2.0 Act means for your federal retirement planning<\/h3>\n\t\t\t\t\t\t\t\t\t<p class=\"smg-interstitial-link__excerpt\">The Secure 2.0 Act passed as part of the $1.7 trillion 2023 omnibus spending bill on Dec. 29.<\/p>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/a>\n\t<\/aside>\n\t\n\n\n<p class=\"wp-block-paragraph\">According to the IRS, Roth accounts in a 401(k) or 403(b) plan are subject to the old RMD rules for 2023. Beginning in 2024 and beyond, the change for the TSP will be in effect, according to <a href=\"https:\/\/www.federalregister.gov\/documents\/2023\/10\/31\/2023-24004\/elimination-of-mandatory-roth-distributions\" target=\"_blank\">the rule published<\/a> in the Federal Register on Oct. 31.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cYou must still take RMDs from designated Roth accounts for 2023, including those with a required beginning date of April 1, 2024,\u201d the agency said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Other changes affecting RMDs under the law include a reduced penalty of 25% instead of 50% on the withdrawal if a retiree fails to take it. The age when a retiree must take their first withdrawal is also increasing to 75 from 73 in 2033.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThis change means that if you turn 72 in or after 2023, you can delay your RMDs one more year, allowing the funds in these accounts to grow tax-free for longer,\u201d writes Jim Miller in a column for t<a href=\"https:\/\/www.legion.org\/plannedgiving\/258823\/new-rmd-rules-2023#:~:text=This%20is%20applicable%20to%20individuals,grow%20tax%2Dfree%20for%20longer.\" target=\"_blank\">he American Legion. <\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In years past, when inflation has been high, Congress has been urged to pass a provision to temporarily suspend RMDs so retirees don\u2019t deplete their savings in a time of high prices.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">More than 6 million people use the TSP, which manages approximately $709.6 billion in assets.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Federal Employees Retirement System provides benefits from a Basic Benefit Plan, Social Security and the Thrift Savings Plan.<\/p>\n","protected":false},"author":7,"featured_media":79111,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_yoast_wpseo_meta-robots-noindex":"","_yoast_wpseo_meta-robots-nofollow":"","_yoast_wpseo_canonical":"","_acf":"","_yoast_wpseo_primary_category":56,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","_smg_distribution_targets":{"2":{"categories":["mil-money","pay-benefits"],"primary_category":"mil-money"},"4":{"categories":["mil-money","newsletters","daily-news-roundup","pay-benefits"],"primary_category":"mil-money"},"5":{"categories":["mil-money","newsletters","daily-news-roundup","pay-benefits"],"primary_category":"mil-money"},"6":{"categories":["mil-money","newsletters","daily-news-roundup","pay-benefits"],"primary_category":"mil-money"},"7":{"categories":["mil-money","newsletters","daily-news-roundup","pay-benefits"],"primary_category":"mil-money"}}},"categories":[54,11,56,31,15,33,69],"tags":[],"coauthors":[3269],"class_list":["post-27142","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-benefits","category-fedlife","category-financial-planning","category-home","category-management","category-newsletters","category-pay-benefits"],"acf":{"subheadline":"","legacy_arc_id":"RLGAOJ5FQ5D2RDGQAXGEVLCMLU","arc_canonical_url":"\/fedlife\/financial-planning\/2023\/10\/31\/thrift-savings-plan-rule-change-aimed-at-spurring-savings-growth\/","remove_feature_photo":false,"is_sponsored":false,"subtype":"","redirect_url":"","disable_inline_ads":false,"native_logo_pretext":"Presented By:"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.0 (Yoast SEO v28.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Thrift Savings Plan rule change aimed at spurring savings growth - Federal Times<\/title>\n<meta name=\"description\" content=\"The Federal Employees Retirement System provides benefits from a Basic Benefit Plan, Social Security and the Thrift Savings Plan.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Thrift Savings Plan rule change aimed at spurring savings growth\" \/>\n<meta property=\"og:description\" content=\"The Federal Employees Retirement System provides benefits from a Basic Benefit Plan, Social Security and the Thrift Savings Plan.\" \/>\n<meta property=\"og:url\" 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