The Latest on the TSP Beneficiary designation

[Berimbauone]

Heres the link to the article:
http://www.govexec.com/story_page_pf.cfm?articleid=37954&printerfriendlyvers=1

Beginning in 2008, you will receive an annual statement listing your current primary beneficiaries. You have between now and next year to submit a new form or choose to be surprised when the statement appears in the mail. (I don't want to be in your kitchen when that happens!) The form on which to designate a beneficiary is called TSP-3 and it's available here.

 

[TerpTrader]

Good Info...thanks much.

 

[ChemEng]

Thats probably a good idea. Although would mean more useless paper 99.99% of the time. Its that 0.01% that matters.

 

[James48843]

From today's Govexec.com:

TSP to halt use of Social Security numbers as account IDs

By Brittany R. Ballenstedt bballenstedt@govexec.com
September 10, 2007

In an effort to enhance security, the 3.8 million participants in the federal Thrift Savings Plan will no longer be identified by their Social Security numbers, officials for the retirement savings program announced Friday.
Starting Oct. 1, TSP enrollees will begin using account numbers in place of Social Security numbers, the Federal Retirement Thrift Investment Board announced in the Federal Register. Participants also will begin using passwords in place of 4-digit personal identification numbers for online transactions, officials said.

According to a notice posted on the TSP Web site in August, participants will use the new account number in conjunction with the TSP Web password to access their accounts online. Social Security numbers will still be used in some situations. For instance, service representatives might use them to further verify participants' identities, the Web notice said.
Participants can expect to receive their new account numbers by mail in September, officials said. "Although we know that moving to account numbers may be inconvenient for some participants, we hope you understand that this is just one step in ensuring the security of your TSP account," the Web site stated.

Mark Hagerty, the plan's chief information officer, said in June 2006 that he wanted to expand TSP's security measures by enabling participants to switch to using account numbers. Concerns mounted in late December, after hackers accessed the accounts of participants and stole $35,000.

The board will discuss the change at the monthly meeting next week, said David Toro, a congressional inquiries analyst for the TSP. "Regarding future security measures, we continue to study the issue to stay ahead of the curve," he said.

Source:

http://govexec.com/story_page.cfm?articleid=37972&dcn=todaysnews