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The Thrift Savings Plan (TSP) is a defined contribution plan for United States civil service employees and retirees as well as for members of the uniformed services.
For 2025, you’ll be able to increase your annual contribution to your 401(k), 403(b), governmental 457 plans, and the federal government's Thrift Savings Plan to $23,500, up from $23,000.
Employees hired prior to January 1, 2013 contribute 0.8 percent of salaries to their FERS annuity (post-tax, unlike TSP contributions which are pre-tax), while employees hired in 2013 contribute 3.1 percent and employees hired in 2014 and thereafter contribute 4.4 percent (an additional 0.5 percent applies to certain special category positions ...
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 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 ...
The locality pay adjustment is counted as part of the "high-3" salary in calculating Federal Employees Retirement System (FERS) and Civil Service Retirement System (CSRS) annuities, as well as the baseline for individuals having a percentage of salary deducted for deposit into the Thrift Savings Plan.
For example, if your employer matches up to 5% of your salary, contributing at least that amount would double your money. ... Thrift Savings Plan. 2024. $23,000. $30,500. $34,250.
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 ...