April 16, 2014
Soon TSP administrators will be communicating directly with participants via email, phone, and possibly text messages as well.
Administrators recently proposed plans to add participants’ email addresses and phone numbers to their master records system called FRTIB-1. TSP is now taking comments on this proposal, and assuming there are no negative comments that convince administrators otherwise, the records system will be updated to accept email and phone contact information as of May 15.
The announcement also proposes changing the FRTIB-1 system manager from the Chief Financial Officer to the Deputy Chief Technology Officer.
(The text messaging capability isn’t stated specifically in the announcement, although that would be a great and logical additional feature in contacting TSP participants regarding changes or updates to their accounts, for example.)
As an aside, it is interesting to see just how much information is stored in the FRTIB-1:
“These records contain the following kinds of information: Records of TSP account activity, including account balances, employee contributions, agency automatic (one percent) and agency matching contributions, earnings, interfund transfers, contribution allocation elections, investment status by fund, loan and withdrawal information, employment status, retirement code and whether employee is vested, error correction information, participant’s date of birth, email address, phone number, and designated beneficiary; records of spousal waivers and consents; powers of attorney and conservatorship and guardianship orders; participant’s name, current or former employing agency, and servicing payroll and personnel office; records of Social Security number and home address for participants, spouses, former spouses, and beneficiaries and potential beneficiaries; records of bankruptcy actions; information regarding domestic relations court orders to divide the account; child support, child abuse, and alimony orders; information on payments to the participant’s spouse, former spouse, or children and their attorneys; information on notices sent to participants, spouses, former spouses, and beneficiaries; and general correspondence.”
The announcement itself in the Federal Registrar contains additional information, including the administrator contact info for those interested in commenting on the proposed changes.Related topics: