The Federal Retirement Thrift Investment Board (FRTIB) has finalized a rule that allows the Thrift Savings Plan (TSP) record keeper to calculate gains and losses on small contributions and loan payments, even if they are less than $1.00. This change updates a previous rule that did not account for these small amounts due to past limitations, which are now considered obsolete. The rule affects federal employees and members of the uniformed services involved in the TSP and ensures accurate financial records for all contributions, regardless of size. No significant economic impact on small entities is expected, and no additional reporting requirements are introduced.
Simple Explanation
The Federal Retirement Thrift Investment Board has made a rule that lets them count even the tiniest money changes, like missing or late payments under $1, in their records for people's savings plans. This helps keep numbers right, even if the change is really small.