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Federal Employees Report Problems Accessing Thrift Savings Plan Accounts

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Current and retired federal employees struggle with TSP account access

a frustrated federal employee tries to log into their tsp account on their computer, but receives an error message. they sit at their desk, surrounded by papers and a cup of coffee.

Most of the portfolios in the federal government's Thrift Savings Plan (TSP) ended March with positive returns, bouncing back from a largely negative performance in February. The TSP is a 401(k)-style retirement savings program for current and retired federal employees. Only one of the portfolios ended March in the red.

Despite the positive returns for most portfolios, current and retired federal employees have recently reported widespread problems accessing their retirement savings and account information. Some have reported being locked out of their accounts for weeks or even months. The Federal Retirement Thrift Investment Board, which oversees the TSP, has attributed the problems to a surge in demand and a transition to a new operating system last summer.

The Government Accountability Office (GAO) has previewed an upcoming report on the TSP's transition to the new operating system and the complaints that followed. The report is expected to be released later this year. The GAO has also criticized the TSP for not doing enough to address cybersecurity risks.

A TSP loan allows uniformed service members or employees of the government to borrow money from their TSP retirement account. The loan must be repaid with interest. While borrowing from a retirement account can be tempting, it is important to consider the long-term impact on retirement savings.

For federal employees looking to track the performance of their TSP funds, the latest returns of the G, F, C, S, I, and L funds can be found online. The website provides monthly and annual performance data.

In addition to monitoring funds, federal employees can also learn from quilt charts about their TSP investments. Quilt charts show the performance of each TSP fund over time, allowing investors to see which funds are performing well and which ones are not.

Beyond retirement savings, researchers are fighting pancreatic cancer two ways: starving the tumor and restoring the immune system's ability to curb the cancer. Scientists at Boston Children's Hospital have developed a new approach to treating pancreatic cancer that targets both the tumor and the immune system.

Finally, a new meta-review has found an association between sugar consumption and 45 health outcomes, including heart disease, obesity, and tooth decay. The review analyzed data from over 5,000 studies and provides further evidence that consuming too much sugar can have negative health effects.

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