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TSP loans, withdrawals drop in August

Sep. 24, 2013 - 06:00AM   |  
By SEAN REILLY   |   Comments

Loans and hardship withdrawals by Thrift Savings Plan participants fell last month as agencies curtailed planned furloughs, according to new data released by the TSP board Monday.

After climbing almost 14 percent in July to about 44,000, loans and withdrawals last month dropped to approximately 38,900, or slightly below their June level, the Federal Retirement Thrift Investment Board numbers show. The falloff occurred as the Defense Department announced it was cutting furloughs from 11 days to six. The IRS and several other agencies also announced last month they were reducing the furloughs for their employees.

For calendar 2013, the total number of loans and hardship withdrawals so far stands at about 290,500, or roughly on pace with last year, Weaver said.

At its monthly meeting Monday, the board approved a $201 million fiscal 2014 budget for the agency, up almost 18 percent from this year. Part of the increase will go toward computer security upgrades, human capital management initiatives, and development of a risk management strategy, according to Executive Director Greg Long.

The agency’s budget, which comes from participant fees, does not need congressional approval and is not subject to sequester. For 2014, the budget will represent about 0.05 percent of the TSP’s total assets, roughly the same as in recent years, according to an estimate released at the meeting.

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