New mobile app chatbot gets a name, and clarification on contributions, payments, and investments.
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The online service system for Thrift Savings Plan (TSP) is about to get a series of enhancements when the retirement plan switches providers for said services. This will cause a period in which no withdrawals, transaction requests, investment changes, and other activity will not be possible. For a calendar of the impending cutoff dates, click here. The majority of activity will be paused on either May 16th or May 26th and will resume “the first week of June.” Invested money will remain invested during this timeframe, but adjustments to said investments will be on hold. One of the improvements being implemented is the new TSP mobile app, and after this transition is complete, it is believed that the implementation of the new mutual fund window will be the next big task for TSP administrators.
TSP Contributions, Loans, and Payments
Along with investments themselves, TSP contributions will also be unaffected by the transition. Likewise, loan payments will continue as normal. While requests for new withdrawals will be paused starting May 16th, along with changes to existing payment plans and requests for new payment plans, existing payments scheduled to go out will be minimally impacted. For automatic withdraws scheduled to go out from May 24th to May 31st, these will be disbursed early on May 23rd.
The New Mobile App and a Bot Named AVA
The new mobile application for the TSP will include the following features:
- A “My Account” hub for storing and reviewing messages, documents, and statements.
- The mobile app will allow TSP account holders to initiate some transactions, track investment performance, submit some forms, and change their investment allocation election.
- An “opt-in” for text message notifications, which will be for such things as transaction confirmations and letting a user know when statements are available. (Default quarterly statements will also start being sent electronically, as opposed to mailed like the current process.)
- Log-ins can be enabled with facial recognition and fingerprints.
Another new feature coming to TSP’s online services is “AVA” – a chatbot powered by artificial intelligence that will be able to answer questions, in a secure digital setting, 24/7. During business hours, AVA will send users over to a live Thriftline representative, should the bot be unable to help.
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Until Next Time,
**Written by Benjamin Derge, Financial Planner, ChFEBC℠ The information has been obtained from sources considered reliable but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of Benjamin Derge and not necessarily those of RJFS or Raymond James. Links are being provided for information purposes only. Expressions of opinion are as of this date and are subject to change without notice. Raymond James is not affiliated with and does not endorse, authorize, or sponsor any of the listed websites or their respective sponsors.
