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Frequently asked questions about the Thrift Savings Plan.
Introduction:
The Thrift Savings Plan (TSP) is a retirement savings and investment plan for Federal employees. Congress established the TSP in the Federal Employees' Retirement Act of 1986. The purpose of the TSP is to provide retirement income. It offers Federal civilian employees the same type of savings and tax benefits that many private corporations offer their employees under so-called "401 (k) plans. The Internal Revenue Code, in 26 U.S.C. § 7701 (j), states that the TSP is to be treated as a trust qualified under 26 U.S.C. § 401 (a) and is exempt from taxation under 26 U.S.C. § 502 (a). Employees covered by the Federal Employees Retirement System (FERS) and the Civil Service Retirement System (CSRS) can contribute to the TSP. The participation rules are different for FERS and CSRS employees.
The TSP is a defined contribution plan. The retirement income that you receive from your TSP account will depend on how much you (and your agency, if you are a FERS employee) have contributed to your account during your working years and the earnings on these contributions. The contributions that you make to your TSP account are voluntary and are separate from you contributions to your FERS Basic Annuity or CSRS annuity.
You are eligible if your employing office has indicated that you are permanent or part-time on your Payroll Authorization Form (temporary or DC interns are not eligible for benefits). You may consult with your Payroll Counselor in the Office of Finance for your designation.
Information regarding the TSP program is available by clicking on the icon at the top of this page. Otherwise, more information can be obtained by contacting a Human Resources Assistant in the Office of Human Resources or by requesting information via the forms request page.
If you had less than a 31-day break in service, your TSP contributions will continue without interruption. If you had more than a 31-day break in service and were eligible to contribute to TSP in a prior open season, you will be eligible to sign up in the next open season. If you had more than a 31-day break in service and were not eligible to contribute to TSP in a prior open season, you will be eligible to sign up in the second open season after your date of reemployment.
Yes. The Office of Human Resources will automatically send all newly hired employees information and the necessary sign up form TSP-1, when they become eligible to contribute.
All participants receive before tax savings and tax deferred investment earnings. Participants have a choice of investing in three funds: Government Securities Investment called the G Fund, Common Stock Investment called the C Fund, and/or Fixed Income Index Investment called the F Fund. Participants are also eligible to receive loans from your own contributions and earnings for any purpose while you are still employed.
FERS participants can contribute up to 10% of their basic pay each period to their TSP account. They receive the following benefits: An amount equal to 1% of their pay is automatically contributed to their account; agency matching contributions up to 4% of their pay; they are vested immediately in thei own contributions, agency contributions, and with 2 years cumulative federal service for the agency automatic 1%.
CSRS participants can contribute up to 5% of their basic pay each pay period to their TSP account. They do not receive any agency automatic contributions or matching contributions.
Account summary for C,F, and G Funds
Open seasons are held biannually: November 15 to January 31, and May 15 to July 31.
The Office of Personnel and Benefits does not maintain your TSP account. To find out the amount in your account or how much is available for a loan, call the ThriftLine at 504-255-8777. This service is available 24 hours a day 7 days a week. You will need your PIN number and Social Security number. If you do not remember your PIN you will have to request a new one via the ThriftLine or by sending a request to the Thrift Savings Plan at the following address: TSP Service Office, National Finance Center, P.O. Box 61500, New Orleans, LA 70161-1500.