What's New

Press Release

FEDERAL RETIREMENT THRIFT INVESTMENT BOARD ANNOUNCES
TOLL-FREE TELEPHONE SERVICE TO BEGIN JULY 1, 2004

     Washington, D.C. (June 16, 2004) – The Federal Retirement Thrift Investment Board announced today that it will begin providing toll-free telephone service to Thrift Savings Plan (TSP) participants and beneficiaries beginning July 1, 2004.  Those using the toll-free service will be able to obtain TSP account or transaction information via the ThriftLine's automated telephone service 24 hours a day, 7 days a week.  They will also be able to speak to a participant service representative at one of two TSP call centers between the expanded hours of 7:00 am to 9:00 pm Eastern time, Monday through Friday.

     One TSP call center has been operated by the National Finance Center of the U.S. Department of Agriculture since the Plan began operating in 1987.  In March of this year, the TSP announced the selection of Spherix Inc. to operate a parallel TSP call center.  The two call centers are located in different geographical areas.  They will complement each other during normal operations and “back-up” each other during weather-related or other local events which could otherwise interrupt service.

     The TSP is a retirement savings plan for Federal employees; it is similar to the 401(k) plans offered by many private employers.  As of May 31, 2004, TSP assets totaled more than $135 billion, and retirement savings accounts were being maintained for nearly 3.3 million TSP participants.  Participants include Federal civilian employees in all branches of Government, employees of the U.S. Postal Service, and members of the uniformed services.

     In announcing the new toll-free service enhancement, Executive Director Gary A. Amelio explained that it will be obtained at a reasonable cost.  “Because the TSP receives no annual appropriations from Congress and administrative expenses are borne exclusively by participants, we wanted to be certain that the service was affordable.  The Call traffic switching capacity associated with the establishment of our parallel call center gave us a new opportunity to investigate this enhanced service,” according to Amelio.  “When we did, we found that we could offer it for just pennies per minute.”  The new switching capacity also provides enhanced disaster recovery capability.

     Although some Federal agencies have permitted employees or their Human Resource offices to use agency telephones to make inquiries regarding TSP accounts, this was not universal.  Additionally, although the TSP Web site provides a “toll-free” alternative for most TSP information and transactions, it does not provide access to participant service representatives.  “It has troubled me that some employees and retirees have been underserved, and I am delighted that we are now able to remedy this situation,” Amelio stated.

     In making the announcement, Amelio particularly noted the contribution of the Employee Thrift Advisory Council organizations which include the unions and associations representing Federal and Postal employees and retirees.  “My earliest discussions with Council members when I arrived a year ago included the issue of toll-free telephone service.  While these organizations agreed with the need to keep Plan costs low, they continued to apprise me of their member’s interest in toll-free service.  Thus, when the opportunity arose to obtain the service cost-effectively, we were very receptive,” Amelio stated.

     Beginning July 1, 2004, for calls from the U.S., Canada, Puerto Rico, and the Virgin Islands, the primary toll-free number will be 1-TSP-YOU-FRST (1-877-968-3778) and the TDD number for the hearing impaired will be 1-TSP-THRIFT5 (1-877-847-4385).  The current number (1-504-255-8777) should be used for all other international calls.

[END]