Googles & Scarf

by Matt Merrill

Did Thrift Savings Plan (TSP) lose your beneficiary name?

by | May 20, 2024 | Uncategorized

In 2022, the Thrift Savings Plan (TSP) lost hundreds of thousands of beneficiary names

In 2022, the Thrift Savings Plan transitioned to a new record keeper system and website. The changeover was so bad it is under investigation from the Government Accountability Office.

Read more on Government Executive: GAO Will Investigate the Troubled TSP Recordkeeper Transition

One of the widely reported failures was that the TSP lost beneficiary information for OVER 250,000 ACCOUNTS.  This means if something should happen to you, the account holder, your designated beneficiary might not receive your money.

Here is how you can confirm your beneficiary information is correct at TSP.

  1. Log into your account at TSP.gov
  2. In the upper right click on the silhouette
  3. Click on Beneficiaries

Your previously designated beneficiaries should be listed along with their percentage benefit.  If you are one of the many TSP failed to transfer, there is a link to “add beneficiary”.

Adding your beneficiary back in can be accomplished online, but requires verifying your marital status and nominating a witness.  The witness must be 21 years old, have an email address, and can NOT be anyone designated as a beneficiary on any of your TSP accounts.

TSP provides this video and PDF to explain the process:

https://www.tsp.gov/tsp/resources/video/beneficiary_designation.mp4?languageId=en_US

https://www.tsp.gov/tsp/resources/video/beneficiary_designation.pdf?languageId=en_US

Please spread the word to all veterans and TSP participants to confirm their beneficiary information is correct.

Need help with your Thrift Savings Plan?

Contact me for assistance at mattmerrill@brightroadwealth.com.

Matt Merrill

Matt is a Financial Advisor with Bright Road Wealth Management, a long-time investor, licensed Texas realtor, and former United States Marine Corps F-18 pilot. His focus is helping military families with investing and financial planning.
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