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    tsp,thrift savings plan

    Definition of thrift savings plan (TSP)

    • It is a kind of retirement investment programme.
    • It is a defined contribution scheme that is available to Federal Employees of the United States.
    • Benefits derived from TSP include automatic payroll contributions and agency matching contributions.

    Funds that One Can Invest in for TSP

    • Government Securities Investment (G) Fund,
    • Fixed-Income Index Investment (F) Fund,
    • Common-Stock Index Investment (C) Fund,
    • Small-Capitalisation Stock Index Investment (S) Fund,
    • International-Stock Index Investment (I) Fund,
    • Specific life-cycle (L) funds.

    Eligibility Criteria

    • The employee must be working full- or part-time in either of the following capacities –
    • FERS employee (hired on or after January 1, 1984)
    • CSRS employee (hired before January 1, 1984 and did not convert to FERS)
    • Member of the uniformed services under active duty or Ready Reserve
    • Civilian in certain other categories of government service
    • Must be in a pay status in order to contribute to the TSP.

    How Does It Work?

    • The individual in question is to use his or her agency’s electronic payroll system to start, change, or stop his or her TSP contributions.
    • He or she will receive annual and quarterly statements of the account activity regarding adjustments, deferrals, forfeitures etc.
    • Federal Retirement Thrift Investment Board is the independent federal government agency that administers the TSP.
    • One has the option of requesting loans from this account too and it will be processed offline and not electronically.
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