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The catch-up contributions are tax-deferred and allow age eligible participants to defer up to $30,000 for 2023 in their TSP account. Civilian employees may only contribute from regular pay (the standard pay for their grade plus applicable locality pay); they cannot contribute from bonuses or any overtime.
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 ...
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 ...
The Thrift Savings Plan (TSP) is a defined contribution plan that is available only to military service members and federal employees. It is similar to the 401(k) plans offered by many private ...
Most new federal employees hired on or after January 1, 1987, are automatically covered under FERS. Those newly hired and certain employees rehired between January 1, 1984, and December 31, 1986, were automatically converted to coverage under FERS on January 1, 1987; the portion of time under the old system is referred to as "CSRS Offset" and only that portion falls under the CSRS rules.
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Thrift Savings Plan (TSP) (if the member is a participant) Mid month pay Most members receive their money two times per month, on the 15th of the month (known as mid month pay) and on the 1st of the following month (known as end of month pay). The mid month pay is also listed in the deductions section.
The Federal Retirement Thrift Investment Board was created by the United States Congress in 1986 to manage the Thrift Savings Plan, the retirement plan for members of the uniformed services and Federal Government employees.