Rebecca Archambo, 32, a U.S. Air Force veteran hadn’t thought about the money she put away into her Thrift Savings Plan through the military during her time in the service since she transitioned out 11 years ago – if she contributed at all.
Members of the active duty military and Ready Reserve are automatically enrolled into the Thrift Savings Plan during their basic training, James Kaplan, the director of external affairs at the Federal Retirement Thrift Investment Board, told The Military Wallet.
“We have a large number every year that join, because it is now the default for them to become a member of the TSP when they complete a limited amount of service time, and then to receive a federal match,” Kaplan said. “We are very pleased to be able to offer that service to our personnel.”
The TSP is one part of the service members’ retirement benefit package, according to TSP.gov. The purpose of the TSP is to give service members a long-term retirement savings and investment plan and ultimately help them stack up enough money for a happy retirement or at least give their retirement savings plan a boost for those who do not live out the 20-year military career plan.
Archambo didn’t know where to go to find out about any money she may have contributed to the TSP. She said she didn’t even think she remembered her passwords from when she was in service.
So, how does she access it?
Service members’ contributions are automatically deducted from their paychecks and are set at 5% of their basic pay to start. Once they graduate boot camp and are able to access their account online, they can make changes to their contribution amount. The TSP is a supplement to military members’ Civil Service Retirement System annuity or military retired pay.
Additionally, the federal government offers up to a 5% contribution match each pay period through the service member’s time in the military.
“I want to see if it’s there,” Archambo told The Military Wallet. “I thought if you didn’t touch it for so long or if you forgot it’s in there, you just lose it. I don’t know; I didn’t research it.”
How to Access a TSP Account
Archambo admitted she hadn’t accessed her account and definitely hadn’t contributed to it since she left the service.
“What if someone broke in and stole it?” she said.
Kaplan said they regularly hear from people who served and forgot about their account.
“Your money is safe,” Kaplan said. “We hold it as a trustee for participants. That money is not in any big pot; each individual account is maintained.”
Finding a Missing TSP
- Set up a new login if you don’t have one
- Enter personal identity details
- Call the ThriftLine at 1-877-968-3778 if you can’t access your account
- Speak to a live representative to find the account
As of June 1, 2022, TSP requires users to set up a new login. From the TSP homepage, users can click the Manage Your Plan tab and click Access Your Account in the dropdown menu. From there, they are instructed to set up online access.
On this page, users must input identifiable information as it would have appeared on their official TSP record. This information includes:
- First name
- Last name
- Date of birth
- Last 4 digits of social security number
- Last 4 digits of social security number (again)
- And zip code or postal code
The problem for Archambo was that she couldn’t recall all of the information needed to identify herself and access her account.
“Whenever I tried to go online, it was asking me for my zip code, but I moved so much due to the military and everything that I couldn’t figure out my zip code,” Archambo said.
She entered the information with both her maiden name and her married name and tried a couple of different zip codes. Each time, when she clicked submit, she received the same message: “No match found. Please review the information to make sure it’s correct.”
Kaplan said that fortunately, the federal employees who administer the TSP have found any number of ways to be able to provide the support that people need when they’re serving anywhere around the world.
“We keep our members informed and remind them to update their information regularly so we can keep them informed,” Kaplan said. “There’s a limit to what we can do if they don’t provide us how to contact them.”
ThriftLine Reps Actually Answer, and Fast
In the cases where the TSP virtual assistant, AVA, which answers general questions, can’t help, Kaplan encouraged participants to call the ThriftLine at 1-877-968-3778 and speak to a live representative who can assist them with gaining access to their account.
“Our ThriftLine is pretty effective, and we have a more than 90% customer satisfaction level with people who call into the ThriftLine and get assistance,” Kaplan said.
Archambo called the ThriftLine during business hours. She was connected to a representative after she pressed ‘1’ to reset her account since the system could not locate her account using her date of birth and the last four of her social security number.
She was on hold for about 50 seconds when a live representative came on the line and worked to verify her. The representative asked for the same information, and when they were unable to locate an account using Archambo’s information, the representative asked her if she had ever set up a TSP account.
“Sometimes they forgot that – especially because it was a relatively small amount – they rolled it over into another retirement plan, or paid the tax penalty and took that cash to meet their current needs,” Kaplan said. “But we regularly have people like, ‘Oh, I forgot about my account. Can you find access to it?’ And we will find that access and make it available to them.”
No Automatic Opt-In Prior to January 1, 2018
That all would have been great information for Archambo had she joined the service later in life.
However, Archambo enlisted in 2012 when she graduated from South Paulding High School in Douglasville, Georgia. During her time in service, she was stationed at Tyndall Air Force Base in Florida.
Service members who joined before January 1, 2018 had to opt into TSP, and there was no government contribution. If they didn’t opt in, they would have no TSP account, the likely scenario for Archambo.
She separated from service right about when new rules went into place.
If she had enrolled after 2018, or opted in before 2018, she likely would have had a TSP account, though maybe a small one.
In that case, she may have rolled her TSP account to a different retirement fund without remembering she did so. That would be another explanation for her missing TSP account.
Every Service Member’s Retirement System
The BRS is now nearly 10 years old. So there are still service members who joined in the decade or more before the system was available who could be banking on the High-3 system. However, any brave souls who take the oath today are automatically opted in and begin contributing to their TSP after 60 days in service. To find out which retirement system they are covered under, service members are encouraged to contact their personnel or benefits office.
The benefits of the TSP differ depending on an individual’s retirement system, which can range from FERS, CSRS, BRS, to non-BRS uniformed services.
For those who transition, the TSP funds can continue to grow where they started or be rolled over into their future employer’s 401K program or other investment plan. They just have to remember to access it.
“[Archambo] is not the only one facing challenges, and that’s why we have the ThiftLine and folks on hand to answer questions,” Kaplan said. “The best thing they can do is, while you are in the service, while you are contributing, is to make sure that you’ve updated your information in your account. As long as we have a way to, we will try and reach you.”
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