The Thrift Savings Plan (TSP) is a tax-deferred retirement savings and investment plan for federal employees and members of the uniformed services, including the Ready Reserve. Established by Congress in the Federal Employees’ Retirement System Act of 1986, the TSP is similar to what is offered to employees of private sector corporations in form of 401(k) plans. Federal employees who participate in the TSP can put part of their federal salary in savings for retirement, receive matching contributions from their employing federal agency, and get a reduction in their current income taxes.
Below is a list of the most commonly used Thrift Savings Plan forms available at TSP.gov:
Thrift Savings Plan Election Form: TSP-1
Use this form to start, stop, or change the amount of your contributions to the Thrift Savings Plan (TSP). Return the completed form to your personnel or benefits office.
2 pages
Designation of Beneficiary Form: TSP-3
Name a person or persons to receive your account balance after your death. Civilians, uniformed service members, and beneficiary participants can use this form.
8 pages
Request for a Transfer Into the TSP Form: TSP-60
Request to have an amount transferred or rolled over into the TSP from an IRA or other eligible plan.
4 pages
Request for a Roth Transfer Into the TSP Form: TSP-60-R
Request a transfer of Roth money from an applicable retirement plan into the Roth balance of your Thrift Savings Plan (TSP) account.
4 pages
TSP Loan Payment Coupon Form: TSP-26
For use by TSP participants who would like to make loan payments in addition to payments made through payroll deductions.
Change in Address for Separated Participant Form: TSP-9
Use this form to change your TSP account address if you are separated from Federal service. If you are separated, you may also request a change of address online using My Account. You will need to enter your TSP account number and your Web password to make this change.
2 pages
SEE ALSO:
List of all Thrift Savings Plan Forms from TSP.gov
As a defined contribution plan, the retirement income a participant receives from the TSP depends on how much they (and the employee’s agency, if eligible to receive agency contributions) put into their account during the years of federal service — plus the accumulated earnings over that time.
The Thrift Savings Plan and FERS
If a civilian employee is covered by the Federal Employees’ Retirement System (FERS), the TSP is one part of a three-part retirement package that also includes the FERS basic annuity and Social Security.
The Thrift Savings Plan and CSRS
If federal employee is covered by the Civil Service Retirement System (CSRS) or are a member of the uniformed services, the TSP is a supplement to their CSRS annuity or military retired pay.
Low Fees
TSP participants pay very low investment and administrative expenses.
According to TSP.gov, the fees in 2016 for each TSP fund are are listed below:
2016 Net Administrative Expenses
According to the TSP.gov, net expenses are offset by the forfeitures of Agency Automatic (1%) contributions of FERS employees who leave Federal Service before they are vested, other forfeitures, and loan fees.
Income Tax Reduction through Traditional (pre-tax) or Roth (after-tax) Contributions
Traditional TSP contributions come out of the employee’s federal pay before taxes, and the investment earnings from the TSP account are tax-deferred. Roth TSP contributions are deducted from the employee’s federal pay after taxes and the withdrawals in retirement are are tax-free. Also, earnings from Roth contributions are paid tax-free as long as certain IRS rules are met.
Agency Automatic Contributions for FERS-covered employees
Federal employees in the FERS system automatically receive 1% of their basic pay from your agency each pay period. The TSP participant receives the agency contributions even if the employee does not contribute on their own to their TSP account.
Additional Agency Matching Contributions
FERS employees covered by FERS and also contribute 5% of their basic pay to the TSP each pay period, will get an additional 4% of your basic pay added to their TSP account from agency contributions.
After Age 50 Catch-Up Contributions
TSP participants that are age 50 or older can contribute an amount that exceeds (catch-up contributions) the annual TSP contribution limits.
Multiple Fund Investment Options
TSP participants have a choice of diversified investment funds and lifecycle funds.
Ability to Transfer Other Employee Plans Into TSP
For federal employees who already have tax-deferred money in a traditional IRA or another eligible employer plan, they can transfer those accounts into their TSP account. Participants may also transfer in Roth money from an eligible employer plan.
TSP Loans
Under certain circumstances, participants may be eligible to borrow from TSP account.
In-Service Withdrawals
Under certain circumstances, TSP participants may be eligible to access their TSP savings while they are still employed by the federal government.
Multiple Withdrawal Options
Participants have a variety of TSP withdrawal options when you leave federal service.
Participants in the Thrift Savings Plan have a variety of funds to choose from, as outlined in the comparison chart below. Click here for the latest TSP fund returns.
** Each of the L Funds is invested in the individual TSP funds (G, F, C, S, and I). The proportion of your L Fund balance invested in each of the individual TSP funds depends on the L Fund you choose.
*** Income from interest and dividends is included in the share price calculation. It is not paid directly to participants’ accounts.
**** Net expenses are offset by the forfeitures of Agency Automatic (1%) contributions of FERS employees who leave Federal Service before they are vested, other forfeitures, and loan fees.
To learn more about the Thrift Savings Plan go to http://www.tsp.gov. You can reach them by telephone on 1-877-968-3778 or write to them at the following addresses
General Forms and Correspondence:
Fax Number: 1-866-817-5023
Mailing Address:
Thrift Savings Plan
P.O. Box 385021
Birmingham, AL 35238
Court Orders and Legal Process Actions (only):
Fax Number: (703) 592-0151
Mailing Address:
TSP Legal Processing Unit
Fairfax Post Office
CODIS – P.O. Box 4390
Fairfax, VA 22038-9998
Overnight Delivery:
SI International, Inc.
Fair Oaks Facility
ATTN: CODIS/TSP Legal Processing Unit
Suite 700
11781 Lee Jackson Memorial Highway
Fairfax, VA 22033
Death Benefits Claims (only):
Fax Number: (703) 592-0170
Mailing Address:
TSP Death Benefits Processing Unit
Fairfax Post Office
DEDIS – P.O. Box 4450
Fairfax, VA 22038-9998
Overnight Delivery:
SI International, Inc.
Fair Oaks Facility
ATTN: DEDIS/TSP Death Benefits Processing Unit
Suite 700
11781 Lee Jackson Memorial Highway
Fairfax, VA 22033
