H.R. 4996, the "FORWARD Act," allows retired military members and certain disabled veterans to continue contributing to the Thrift Savings Plan (a federal retirement investment account) even after they leave military service. Specifically, the bill permits former uniformed services members who receive retirement pay or those receiving 100-percent disability compensation from the Department of Veterans Affairs to make voluntary contributions to their existing Thrift Savings Plan accounts. To be eligible, individuals must have had a Thrift Savings Plan account before separating from service. The Federal Retirement Thrift Investment Board, working with the Department of Defense and Department of Veterans Affairs, has 180 days from the bill's enactment to write the regulations needed to implement this new provision. This change gives military retirees and disabled veterans greater flexibility in managing their retirement savings by allowing them to continue building their investments after separation from service.
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