TSP Modernization Act
To provide for the electronic transfer of amounts from Thrift Savings Fund accounts to qualified retirement plans, and for other purposes.
HB9214, also known as the TSP Modernization Act, aims to update the Thrift Savings Plan (TSP) by allowing electronic transfers of funds from TSP accounts to other qualified retirement plans. This bill is designed to make it easier for individuals to manage their retirement savings by enabling them to move money between different retirement accounts more efficiently.
The bill would primarily affect federal employees and retirees who participate in the TSP. By simplifying the transfer process, it could help them better manage their retirement funds and possibly reduce administrative burdens. It may also impact financial institutions and retirement plan administrators who would need to adapt to the new electronic transfer procedures.
As of June 9, 2026, HB9214 has been introduced in the House and referred to the House Committee on Oversight and Government Reform. This means the bill is in the initial stages of the legislative process, and the committee will review it to determine its next steps.
