Federal Retirement System – Thrift Savings Plan
Thrift Savings Plan (TSP)
The Thrift Savings Plan, or better known as the TSP, is a retirement savings and investment plan for Federal employees and members of the uniformed services. It was established by Congress in the Federal Employees’ Retirement System Act of 1986 and offers the same types of savings and tax benefits that many private corporations offer their employees under 401(k) plans.
The TSP is a defined contribution plan – meaning that the retirement income you receive from your TSP account will depend on how much you (and your agency, if you are eligible to receive agency contributions), put into your account during your working years and the earnings accumulated over that time.
This information and much more is covered with our no cost consultations, through one-on-one consultations or group sessions, including not only helping you determine the best strategy for your private needs but also explaining and helping you understand how to take advantage of the many benefits such as, federal short term disability, associated with TSP.
Below are some of the many topics we will cover.
- What is the Thrift Savings Plan (TSP)?
- What kind of benefits are supported?
- How Does the TSP Fit into My Retirement Package? If you are not certain which retirement system you are covered under let us know and we can help!
- Who Administers the TSP? The Federal Retirement Thrift Investment Board (FRTIB or “Board”) Administers the TSP
No one ever complained about having too much money at retirement!
Are you prepared enough for a comfortable retirement?
We are here to help with the important issues when it comes to retirement! Our agents can help you assess the Federal Employees Thrift Savings Plan (TSP) and help you to know how financially comfortable you can be when its time to retire.
- NIf you are covered by the Federal Employees’ Retirement System (FERS), the TSP is one part of a three-part retirement package that also includes your FERS basic annuity and Social Security.
- NIf you are covered by the Civil Service Retirement System (CSRS) or are a member of the uniformed services, the TSP is a supplement to your CSRS annuity or military retired pay.
- NThe maximum contribution for matching funds is 5%.
Popular Questions
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What is the Thrift Savings Plan?
The TSP is a retirement savings and investment plan for federal employees and members of the uniformed services, including members of the Ready Reserve.
Who is eligible for the Thrift Savings Plan?
The following are eligible for the TSP: federal employees and members of the uniformed services, including members of the Ready Reserve.
Is the Thrift Savings Plan the same as a 401k?
No, although they look similar, the TSP is a government sponsored and managed program.
Can I withdraw money from my Thrift Savings Plan?
Withdrawals are available if the employee resigns or for hardship purpose if under 59 ½. Upon retirement money is available without penalty.
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Not used
How long can you leave your money in TSP?
There is not a maximum time, except a minimum required distribution must occur in the year you turn 70 ½.
What qualifies for a hardship withdrawal?
There are many things which may qualify for a hardship withdrawal, but here are some basic rules. Must have recurring negative cash flow, medical expense, personal casualty loss, or legal expenses.
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