Changes

*I (International Stock) Fund—invests in the BlackRock EAFE Index Fund, which attempts to track the net version of the MSCI EAFE index.

*I (International Stock) Fund—invests in the BlackRock EAFE Index Fund, which attempts to track the net version of the MSCI EAFE index.

*L (Lifecycle) Funds—invests in a specified mix of the five traditional funds.  Those funds with target years in the distant future have higher percentages of investments in the C, I, and S Funds, and as the target year approaches the percentages shift to investments with higher percentages in the G and F Funds.  As of 2020 there are ten such Lifecycle funds established, the L Income Fund (primarily for retired employees who are withdrawing from TSP, though any TSP participant may invest) and nine funds for future retirees (named in five year increments, with the fund named for the upcoming year designed for employees close to retirement, and the fund named for the most-distant year designed for newer, younger employees; the current names range from L2025 to L2065).  Each fund for future retirees is designed for retirees planning to retire in that year, or two years on either side.  Every five years, in years ending in zero and five, the fund for that target year is merged into the L Income fund (with its assets shifted to those of the L Income Fund), and a new fund established with its name taking on the year 45 years after its establishment (e.g. in 2025 the L2025 Fund will be merged into the L Income Fund, and a new fund established which will be called the L2070 Fund).

*L (Lifecycle) Funds—invests in a specified mix of the five traditional funds.  Those funds with target years in the distant future have higher percentages of investments in the C, I, and S Funds, and as the target year approaches the percentages shift to investments with higher percentages in the G and F Funds.  As of 2020 there are ten such Lifecycle funds established, the L Income Fund (primarily for retired employees who are withdrawing from TSP, though any TSP participant may invest) and nine funds for future retirees (named in five year increments, with the fund named for the upcoming year designed for employees close to retirement, and the fund named for the most-distant year designed for newer, younger employees; the current names range from L2025 to L2065).  Each fund for future retirees is designed for retirees planning to retire in that year, or two years on either side.  Every five years, in years ending in zero and five, the fund for that target year is merged into the L Income fund (with its assets shifted to those of the L Income Fund), and a new fund established with its name taking on the year 45 years after its establishment (e.g. in 2025 the L2025 Fund will be merged into the L Income Fund, and a new fund established which will be called the L2070 Fund).

*Beginning in mid-2022, participants will be offered a "mutual fund index window" which will allow a part (but not all) of contributions to be invested in mutual funds offered by the private sector (it is estimated that up to 5,000 such offerings will be available).  The FRTIB has been uniformly opposed to politically-motivated changes in how TSP's investments are handled (whether they be left-wing proposals to divest from fossil fuel companies, or right-wing proposals to divest from Chinese companies), taking its fiduciary responsibility seriously; the mutual fund window would allow participants greater options such as "green" funds or funds without Chinese investments.  However, only a portion of a participant's account may be invested within the window, and the fees are structured to be very steep so as to discourage investment outside the traditional offerings (as well as to preclude non-participants from subsidizing those costs).

*Beginning in mid-2022, participants will be offered a "mutual fund index window" which will allow a part (but not all) of contributions to be invested in mutual funds offered by the private sector (it is estimated that up to 5,000 such offerings will be available).  The FRTIB has been uniformly opposed to politically-motivated changes in how TSP's investments are handled (whether they be left-wing proposals to divest from fossil fuel companies, or right-wing proposals to divest from Chinese companies), taking its fiduciary responsibility seriously; the mutual fund window would allow participants greater options such as "green" funds or funds without Chinese investments.  However, only a portion of a participant's account may be invested within the window, and the fees are structured to be very steep so as to discourage investment outside the traditional offerings (as well as to preclude non-participants from subsidizing those costs).<ref>https://www.fedsmith.com/2022/01/27/tsp-mutual-fund-window-more-options-risk-expenses/</ref>

Unless an employee or service member chooses a different fund upon entering Federal or military service, civilian employees will automatically have their contributions established in an L fund based on an expected retirement date of 63, while members of the uniformed services will automatically have their contributions established in the G Fund.  Employees may move their existing and future contributions (each are handled separately) between funds.  In any calendar month the contributions may be moved as twice to whatever fund(s) are desired, but after that all movements are into the G Fund only.

Unless an employee or service member chooses a different fund upon entering Federal or military service, civilian employees will automatically have their contributions established in an L fund based on an expected retirement date of 63, while members of the uniformed services will automatically have their contributions established in the G Fund.  Employees may move their existing and future contributions (each are handled separately) between funds.  In any calendar month the contributions may be moved as twice to whatever fund(s) are desired, but after that all movements are into the G Fund only.