PERMISS

Thrift Savings Plan (TSP)

Federal employees have the opportunity to participate in the Thrift Savings Plan (TSP), a retirement savings plan similar to 401(k) plans offered to private sector employees. The purpose of the TSP is to give employees the ability to participate in a long-term retirement savings and investment plan. Saving for their retirement through the TSP provides many advantages, such as:

  • automatic payroll deductions
  • a diversified choice of investment options, including professionally designed lifecycle funds
  • A choice of tax treatments for their contributions:
    • Traditional (pre-tax) contributions and tax deferred investment earnings, and
    • Roth (after-tax) contributions with tax-free earnings at retirement if they satisfy the Internal Revenue Service requirements

  • agency contributions, if an employee is covered by the Federal Employees’ Retirement System (FERS)
  • under certain circumstances, access to their money while they are employed by the Federal Government, e.g. TSP loans.
  • a variety of withdrawal options

If employees are covered by FERS, the TSP is one part of a three-part retirement package that also includes their FERS basic annuity and Social Security. If employees are covered by the Civil Service Retirement System (CSRS) the TSP is a supplement to their CSRS annuity.

Employees may make their TSP election electronically via the Employee Benefits Information System (EBIS) web site at ( https://www.abc.army.mil), or Interactive Voice Response System (IVRS) automated telephone system at 1-877-276-9287 (see the Army Benefits Center-Civilian (ABC-C) telephone MENU on the ABC-C web site for OCONUS phone numbers). If employees need assistance with their election they should contact ABC-C at 1-877-276-9287. ABC-C counselors are available Monday-Friday, 6 a.m. - 6 p.m., Central time.

Additional information regarding TSP and the capability for employees to access/manage their TSP account is on the TSP’s website: https://www.tsp.gov

Content last reviewed: 9/18/2012-VOH

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This page was last revised: 9/18/2012