Political Quotes

“Mr. Speaker, I thank the gentlewoman for yielding. Mr. Speaker, I rise in strong support of H.R. 3031, the TSP Modernization Act of 2017. I thank the Government Operations Subcommittee chairman, Mr. Meadows, for working with me in a bipartisan manner on this commonsense, good government bill. I also thank the Oversight and Government Reform Committee chairman, Mr. Gowdy, for his support of this legislation. Congressman Meadows and I introduced this legislation to make the Federal Government's Thrift Savings Plan more closely align with private sector best practices by allowing TSP participants more flexible withdrawal options. In 2013, the Federal Retirement Thrift Investment Board found that employees who separated from Federal service transferred $9 billion out of their TSP accounts to other financial institutions. TSP participants do this because private sector 401(k) plans provide more flexibility, and they wanted more options for withdrawing money in case they needed it. A 2014 survey of TSP participants who withdrew funds showed that more than 50 percent reported that they wanted more flexibility to withdraw funds to address life events. Current law limits participants to only one withdrawal from their TSP accounts while in Federal service after reaching age 59\1/2\, and participants who make this type of age-based withdrawal cannot take another partial withdrawal once they separate from service.…”