Bill > HR4996

This bill, known as the FORWARD Act (Financial Opportunities for Retirees and Warriors Advancing Retirement Development Act), aims to expand retirement savings options for retired or disabled members of the uniformed services. Specifically, the bill would allow former military service members who are receiving retirement pay or veterans receiving 100% disability compensation to contribute to the Thrift Savings Plan (TSP), which is a government-sponsored retirement savings and investment plan similar to a 401(k). However, there are some important restrictions: the individual must have previously had a TSP account before separating from military or civil service, they cannot receive employer contributions, and they must make contributions according to existing TSP election procedures. The bill requires the Federal Retirement Thrift Investment Board to develop implementing regulations within 180 days, in coordination with the Department of Defense and Department of Veterans Affairs, to ensure smooth implementation of these new contribution opportunities for retired service members and disabled veterans.

Government Affairs

https://www.congress.gov/bill/119th-congress/house-bill/4996/all-info