TSP recently upgraded its technology. However, we are seeing that beneficiaries on accounts got deleted or otherwise did not get transferred to the new system. As a result, it has been put on you to create your new account access and update your beneficiaries again. However, the process is not quite straightforward. Therefore, we created this video as a resource for you to aid in this process to make it as easy as possible for you.

Please note we ARE NOT affiliated with TSP in any way and any questions that are TSP-specific should be directed to TSP….(read more)

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The Thrift Savings Plan (TSP) is a retirement savings and investment plan that helps federal employees and members of the uniformed services save for retirement. It offers various investment options and tax advantages to help individuals build a secure financial future. One important aspect of the TSP is updating beneficiaries, which ensures that your hard-earned savings go to the right people in the event of your passing.

Recently, the TSP has implemented a new system for updating beneficiaries, making the process more streamlined and accessible. In this article, we will provide you with a step-by-step guide on how to update your TSP beneficiaries using the new system.

Step 1: Log in to your TSP Account
To begin the process, visit the official TSP website and log in to your account using your username and password. If you do not have an account, you can easily create one by following the instructions provided on the website.

Step 2: Navigate to the Beneficiary Section
Once you have logged in successfully, look for the “Beneficiary” or “Designation of Beneficiary” section. This is typically located under the “Personal Information” or “My Account” tab.

Step 3: Review Existing Beneficiaries
Before making any changes, take a moment to review your existing beneficiaries. Ensure that the information is accurate and up to date. If you need to make changes, proceed to the next step.

Step 4: Add or Remove Beneficiaries
To add a new beneficiary, click on the “Add Beneficiary” or a similar button provided on the screen. You will be prompted to enter the necessary information, such as the beneficiary’s full name, relationship to you, date of birth, and Social Security number.

If you wish to remove an existing beneficiary, select the beneficiary you want to delete and look for the “Remove” or “Delete” button. Confirm your decision when prompted.

Step 5: Allocate Percentages
Once you have added all the desired beneficiaries, you will need to allocate the percentages of your TSP balance that each beneficiary will receive. The total percentage should add up to 100%. For example, if you have two beneficiaries, you can allocate 50% to each or any other proportion that suits your preferences.

Step 6: Review and Confirm
Double-check all the information you have entered, including the beneficiaries’ details and the percentage allocations. It’s crucial to ensure accuracy to avoid any complications in the future. Once you are satisfied with the information, click on the “Confirm” or “Submit” button to finalize the changes.

Step 7: Keep Beneficiary Information Updated
Updating beneficiaries is not a one-time task. Life circumstances, such as marriages, divorces, births, and deaths, may necessitate changes in your designated beneficiaries. Therefore, it is essential to regularly review and update this information as needed.

Additionally, it is advisable to keep a printed or digital copy of the beneficiary designation form for your records. This helps in case any discrepancies arise or if the TSP system encounters technical issues.

The new TSP beneficiary updating system offers federal employees and uniformed services members a user-friendly and efficient way to ensure their beneficiaries are designated correctly. By following the steps outlined in this article, you can easily update your TSP beneficiaries and have peace of mind knowing that your hard-earned savings will be distributed according to your wishes. Remember to periodically review and make necessary updates to keep your beneficiary information current.