The Thrift Savings Plan or TSP, administered by the Federal Retirement Thrift Investment Board, was created for U.S. civil service employees and uniformed members of armed services. Under the TSP program, individuals can make contributions to retirement savings.
The TSP is a part of the Federal Employees Retirement System, or FERS. Others include the FERS annuity and Social Security.
It’s designed to closely resemble whats available in the private sector, with tax deferred contributions to 401Ks. It is also open to employees covered under the older Civil Service Retirement System or CSRS.
There are five funds; all can be selected in varying amounts, including a diversified mix in the S&P 500; a mixture of corporate and treasury bonds; an index of developed foreign country markets. and a set share price of a money market fund, tied to intermediate treasury bonds.
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