Thrift Savings Plan to launch mobile app next year
A mobile app for the Thrift Savings Plan is expected to go live in mid-2022, officials said at a meeting on October 26.
The app is part of the Federal Retirement Thrift Investment Board’s convergence program to modernize TSP retirement services through the agency’s consolidated record-keeping contract.
The program is on track for commissioning in mid-2022, said Tee Ramos, director of participant services at FRTIB.
FRTIB engaged Accenture Federal Services for the contract in November 2020, consolidating what were previously multiple FRTIB contracts for record keeping, contact centers, forms processing, and special legal processing services.
The program launch for users will include the app, which will give attendees easy access to account features, said Tanner Nohe, program manager at FRTIB.
âThis will allow offering retirement services on the go and basically just creating a new channel for us to have two-way communication with our participants,â he said.
During the meeting, he highlighted the consumer demand for the product.
Sixty-two percent of TSP participants said they would use a mobile app to access their accounts in the agency’s 2020 participant satisfaction survey. Fifty-seven percent of those under 40 and 24% of those over 40, in particular, said they wanted to interact with TSPs using mobile apps.
TSP participants will also have other new tools available to them, including a virtual assistant and virtual chat, as part of the Converge program.
The virtual assistant will be available on the TSP website 24/7 to answer questions and provide interactive assistance using artificial intelligence technology. There will also be a virtual chat option with a live agent who can assign participants to a public service representative.
âThese are all the packages of enhanced digital engagement that we’re trying to build with our attendees,â Nohe said.
The FRTIB will also launch a Mutual Fund Window for FST participants to research mutual funds in which they might want to invest.
Finally, the Converge project also involves enhanced security measures such as new multi-factor authentication practices. These include the use of biometrics like fingerprints and facial recognition. TSP users will be able to use biometric tags in their mobile device to access their account.
Participants can expect communications on the transition in January or February 2022, agency officials said.
Natalie Alms is a writer at FCW and covers the Federal Workforce. She recently graduated from Wake Forest University and wrote for the Salisbury (NC) Post. Connect with Natalie on Twitter at @AlmsNatalie.