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Washington, D.C.—The National Treasury Employees Union (NTEU) today welcomed congressional approval of legislation that will significantly expand the ability of federal employees to contribute to or modify their contributions to the federal Thrift Savings Plan (TSP) at any time. Under present law, these activities by TSP participants are limited to semi-annual open seasons.

The legislation, H.R. 4324, “makes significant improvements in TSP for its participants,” said President Colleen M. Kelley of the National Treasury Employees Union (NTEU), “and because it will be another tool in the government’s competition with the private sector to recruit and retain high-quality employees, it will serve the public as well.”

The legislation provides for additional or modified employee contributions at any time. Thus, when employees receive annual pay raises, promotions or within-grade increases, they may choose to increase their TSP contributions.

“Pay and benefit issues, including those connected with the TSP, are vital in the recruiting and retention efforts of federal agencies,” Kelley said. “Every step should be taken to make the TSP effective, attractive and fair for federal workers, and this legislation is a good step in this direction.”

NTEU is the largest independent federal union, representing some 150,000 employees in 30 agencies and departments.