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Thrift Savings PlanWhat is a Thrift Savings Plan (TSP), and why would you want one? A Thrift Savings Plan is a retirement savings plan for civilians employed by the United States Government and members of the uniformed services. Its purpose is to provide retirement income. A TSP offers Federal employees the same type of savings and tax benefits as 401(k) plans. How much you receive depends on how much you and DCMA have put in. The earlier you begin to contribute, the better. Regardless of whether you contribute, the government will, each pay period, put in an amount equal to 1% of your basic pay. If, in addition, you contribute up to 5% of your pay, the government will also match this. The total can really add up. For many employees, a TSP is an integral part of their retirement package. For more information visit: https://www.tsp.gov/index.shtml |
