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. Individuals can make contributions to retirement savings.
The program is a part of the Federal Employees Retirement System, or FERS. Others include the FERS annuity and Social Security.
TSP is designed to closely resemble what’s available in the private sector with tax deferred 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. ( See the Earl J Weinreb NewsHole® comments.)
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