An Fe-0.2C-5Mn-2.5Al medium manganese steel is studied for three different intercritical annealing temperatures T1A to observe the effects of variations of retained austenite stability on the mechanical work hardening in uniaxial tension. Digital image correlation (DIC) showed that both Lüders bands and type A Portevin-le-Châtelier (PLC) bands occurred in samples with a lower T1A , but both disappeared when T1A was increased. In-situ measurements of sample magnetization with a correction for stress effects on the magnetic properties of the sample allowed for continuous measurement of the retained austenite volume fraction. This method provided a complete characterization of the kinetics of transformation-induced plasticity (TRIP) in the sample over the course of tensile testing. It is shown that the martensite transformation was purely strain-induced and coincided with the passage of both Lüders and PLC bands. An Olson-Cohen model was applied to magnetic data to attempt to explain the differences in TRIP kinetics with varying T1A.