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 what’s 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. (See the Earl J. Weinreb
NewsHole® commentaries.)
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