|House-Passed Legislation Helps TSP Participants Save Longer|
House-Passed Legislation Helps TSP Participants Save Longer
The House has passed the Securing a Strong Retirement Act, which would increase the age for starting required minimum distributions (RMDs) for Thrift Savings Plan (TSP) participants.
Beginning in 2023, the bill would increase the age for starting RMDs from the current 72 to 75 in a phased approach over the next 10 years.
The bill would also increase catch-up contributions for TSP participants ages 62-64 from $6,500 to $10,000 starting in 2024. It will remain $6,500 for those between 50 and 61.
NTEU supports this bill that would allow those near retirement to save more and for longer. The bill now moves to the Senate.