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.
The TSP is one of three components of the Federal Employees Retirement System (FERS; the others being the FERS annuity and Social Security) and is designed to closely resemble the dynamics of both private sector 401(k) and Roth 401k (new Roth TSP implemented in May 2012) plans. It is also open to employees covered under the older Civil Service Retirement System (CSRS).
The TSP is administered by the Federal Retirement Thrift Investment Board.
Read more about Thrift Savings Plan: Eligibility
Famous quotes containing the words thrift and/or plan:
“Avarice is more directly opposed to thrift than generosity is.”
—François, Duc De La Rochefoucauld (1613–1680)
“Make a plan and you will find she has something else in mind;”
—Alan Jay Lerner (1918–1986)