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This summary is based largely on the summary provided by the Congressional Budget Office, as ordered reported by House Committee on Oversight and Government Reform on March 12, 2014. This is a public domain source. [5] H.R. 4193 would change the default investment fund in the Thrift Savings Plan (TSP) for government employees.
The Thrift Savings Plan is a tax-deferred defined contribution plan similar to a private sector 401(k) plan. The Thrift Savings Plan is one of the three parts of the Federal Employees Retirement System, and is the largest defined contribution plan in the world. As of August 2021, the board manages $794.7 billion in assets on behalf of 6.4 ...
A participant may leave their funds in the TSP, but if the employee does not withdraw the entire balance (or receive monthly payments or purchase an annuity) by April 1 of the year following the year the member turns age 72 (or, if the member separated from Federal service after age 72, the year following separation; unlike IRA rules which ...
State and local government employers rarely provide matches on 457(b) plans to employees. With 401(k) and 403(b) plans , the annual contribution limit applies only to employee deferrals, not any ...
The Trump administration has unveiled a novel plan offering financial incentives to 2 million civilian full-time federal workers to quit their jobs as part of a planned cull of the government ...
Most working people have access to a retirement plan through their employer. Federal government employees may have a Thrift Savings Plan, while those working for companies might have a 401(k ...
Employees hired after 1983 are required to be covered by the Federal Employees Retirement System (FERS), which is a three tiered retirement system with a smaller defined benefit (pension), Social Security, and a 401(k)-style system called the Thrift Savings Plan (TSP). The defined benefits of both the CSRS and the FERS systems are paid out of ...
If you’re close to retirement, ... Thrift Savings Plan. 2025. $23,500. $31,000. $34,750. Traditional and Roth IRA. ... giving you peace of mind knowing your savings are protected by the Federal ...