WASHINGTON, D.C. — Congresswoman Jen Kiggans (R-VA-02) and Congressman Wesley Bell (D-MO-01) introduced the Financial Opportunities for Retirees and Warriors Advancing Retirement Development (FORWARD) Act, which will enable military retirees and 100% disabled veterans to continue contributing to their retirement accounts even after separation from service.
Rep. Kiggans said, “Empowering our veterans to continue building their long-term financial security through retirement savings is the least we can do. These brave men and women have sacrificed so much for our country and deserve to know they will be able to live secure, comfortable lives in retirement.”
Rep. Kiggans is a former Navy pilot, is married to a former fighter pilot, and her son is currently in flight school. Ensuring our servicemembers have the opportunity to invest in their futures is personal to her.
“For our 20-year retirees and veterans with a 100% disability rating, it’s only fair that they can keep contributing to the Thrift Savings Plan they’ve spent years building,” said Rep. Kiggans. “They shouldn’t be forced to start over in a new system when they’ve already invested in one that works for them.”
Under current law, Thrift Savings Plan contributions stop when a service member separates from the military, forcing veterans to find and open a new account to continue saving.
Rep. Kiggans concluded, “Our servicemembers have earned the right to retire with confidence. This bill gives them the freedom to keep growing their savings in the plan they know best, so they can focus on the next chapter of their lives.”
“Our veterans have earned the right to build a secure future using the retirement tools they know and trust,” said Rep. Bell. “Right now, retired service-members and disabled veterans are being forced off their existing plans the day they hang up the uniform. The FORWARD Act is a commonsense fix that removes that barrier, so they can continue planning for retirement in a plan they’ve relied on throughout their service to our nation.”
Read the bill here.
Read the one-pager here.
Background: Under current law, contributions to a servicemember’s TSP must stop when the individual leaves military or federal service. The FORWARD Act addresses this gap by allowing qualified retirees and veterans to continue making voluntary contributions from their retired pay or VA disability compensation. This legislation directs the Federal Retirement Thrift Investment Board—working in coordination with the Department of Defense and the Department of Veterans Affairs—to implement this change, giving retired service members and disabled veterans the ability to continue growing their TSP savings.
