What is TSP?

The thrift savings plan, or TSP, is a retirement plan for federal workers. Federal employees benefit from TSP over time, as it generates wealth for them to enjoy. Representatives can not utilize this before retirement. TSP offers representatives various types of speculations to browse. The thrift savings plan guarantees the appropriate investment of federal employees' savings. All retired employees can live a secure life after retirement thanks to TSP.

How can I access my TSP account?

Go to the TSP's official website.
You can use your Thrift Savings Plan account number or the TSP employee user ID and password to log into your TSP account.

Thrift Savings Plans Advantages:

Thrift Savings Plans (TSP) is a characterized commitment plan like the 401K plans presented in the confidential area or conventional IRA plans. Representatives add to the TSP by finance derivation. Both the cash that is contributed and the premium procured in a TSP account are charge conceded. The Internal Revenue Service has set a maximum annual employee contribution limit for any tax-deferred retirement savings plan. $17,500 is the IRS's contribution limit for 2013.

Contributions to the Federal Employees Retirement System (FERS) are allowed up to the annual limit set by the Internal Revenue Service. The business, through a matching project, may contribute up to 5 percent of essential compensation to the representative's record. When you are hired, there is no longer a waiting period before you can get agency matching contributions.

Workers under the Common Help Retirement Framework (CSRS) or CSRS Offset are qualified to contribute up to the yearly sum restricted by IRS, however are not qualified for any matching assets.

Representatives are quickly vested in the TSP for their own commitments in addition to profit, and for any Administration match in addition to profit. After three years, FERS employees are entitled to an automatic 1% contribution from the Agency.

Employees over 50 who contribute the maximum amount allowed by the IRS to a TSP, traditional IRA, or eligible tax-deferred employer plan during the year are eligible to make additional TSP Catch-up contributions. TSP Get up to speed commitments likewise have a yearly most extreme sum restricted by the IRS. $5,500 is the maximum TSP Catch-up contribution for 2013. Catch-up contributions are not subject to employer matching contributions.