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:
“Loosened from the minor’s tether;
Free to mortgage or to sell,
Wild as wind, and light as feather
Bid the slaves of thrift farewell.”
—Samuel Johnson (1709–1784)
“Planning ahead is a measure of class. The rich and even the middle class plan for future generations, but the poor can plan ahead only a few weeks or days.”
—Gloria Steinem (b. 1934)