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)
“My plan of instruction is extremely simple and limited. They learn, on week-days, such coarse works as may fit them for servants. I allow of no writing for the poor. My object is not to make fanatics, but to train up the lower classes in habits of industry and piety.”
—Hannah More (1745–1833)