Thrift Savings Plan
March 23, 2012 by staff
Thrift Savings Plan, The Thrift Savings Plan (TSP) is a defined contribution plan for United States civil service employees and retirees as well as for members of the uniformed services.
The TSP is one of three components of the Federal Employees Retirement System (FERS; the others being the FERS annuity and Social Security) and is designed to closely resemble the dynamics of private sector 401(k) plans. It is also open to employees covered under the older Civil Service Retirement System (CSRS).
The TSP is administered by the Federal Retirement Thrift Investment Board.
FERS employees are eligible to join TSP immediately upon starting work and may join at any time thereafter. Prior to June 22, 2009, new employees had to wait at least one year before receiving matching contributions (including Agency Automatic Contributions); after this date employees were eligible for automatic contributions from day one of employment, and are immediately eligible for matching contributions once the employee begins contributing to the TSP.
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