The Thrift Savings Plan (TSP) is a retirement savings and investment plan for federal government employees and uniformed services members, including the Ready Reserve. Established by Congress in the Federal Employees’ Retirement System Act of 1986, the TSP offers the same types of savings and tax benefits that many private corporations offer their employees under 401(k) plans.
The TSP is a defined contribution plan, meaning that the retirement income you receive from your TSP account will depend on how much money you put into your account during your working years and the earnings accumulated over time (and, if you’re eligible, agency or service contributions and their earnings). The TSP is administered by federal employees, who are also TSP participants, at the Federal Retirement Thrift Investment Board (FRTIB).
What we do
At the TSP, we take pride in serving millions of federal employees who serve our country. From day one, our mission has been to put the best interest of you and your beneficiaries at the core of everything we do. We’ve grown over the years, and we remain committed to providing you with the right investment choices, tools, and information to define and achieve your specific retirement goals.
Today we have more options and features to enhance your TSP experience than ever before: enhanced account access and security account access and security, streamlined online transactions to save you time and reduce paperwork, expanded support options, and more.
Advantages of your TSP account
The purpose of the TSP is to give you a long-term retirement savings and investment plan. Saving for your retirement through the TSP provides many advantages, including the following:
- automatic payroll deductions
- a diversified choice of investment options, including individual funds; professionally designed lifecycle funds, which mix the individual funds with an eye toward specific target dates; and a mutual fund window to give you greater investment flexibility
- a choice of tax treatments for your contributions
– traditional (pre-tax) contributions with tax-deferred investment earnings
– Roth (after-tax) contributions with tax-free earnings at retirement if you satisfy the IRS requirements - low administrative and investment expenses
- agency/service contributions if you’re an employee covered by FERS or a uniformed services member covered by BRS
- under certain circ*mstances, access to your money while you are still employed by the federal government
- death benefits for your spouse in the event of your death
- a variety of distribution options in retirement
The TSP is one part of your retirement benefit package, and benefits differ depending on your retirement system (FERS, CSRS, BRS, or non-BRS uniformed services). See how the TSP fits into your retirement.
Regardless of your retirement system, participating in the TSP can significantly increase your retirement income, and starting early is important. Contributing early gives the money in your account more time to increase in value through compound earnings.
Explore your TSP
Whether you’re new to the TSP or looking for a refresher, we’re here to help.
Get started
You can manage your TSP savings and investment choices online in My Account. To get started, you need to create a username, password, and ThriftLine PIN to access your account. It takes just a few minutes to follow step-by-step prompts to verify your identity, update your contact information, and set up your account security.
Note: We launched a new version of My Account on June 1, 2022, and all TSP participants must set up login credentials to this new system, even if they had access to My Account prior to June 1, 2022. (Login credentials set up prior to June 1 will not work.)
TSP contributions are payroll deductions. You must make a contribution election through your agency or service to start, stop, or change your employee contributions. If you’re a FERS or BRS participant, maximize your savings by contributing at least 5% of your basic pay. That way you’re not missing out on any matching money from your agency or service.
Learn about matching
The TSP individual funds give you a variety of investment options, from a short-term U.S. Treasury security to index funds made of domestic and international stocks. Or you can choose one of our Lifecycle Funds (L Funds), which use a professionally determined investment mix designed to deliver a balanced approach to investing based on when you’ll need your money. Diversifying investments creates the potential for portfolios to succeed in a variety of market conditions.
Learn about TSP funds
To make the most of your TSP account, take advantage of these resources we’ve created for you:
- Use our calculators to make sure you’re on track to achieve your goals.
- Download the official TSP Mobile App and keep your TSP at your fingertips.
- Register to attend free TSP online webinars on topics that matter most to you.
- Stay up to date with the latest news and announcements about the TSP.
- Download and read the Summary of the Thrift Savings Plan (461kb), a comprehensive booklet about your TSP benefits.
