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How It Works and Investments [Video]

Personal Finance

A thrift savings plan (TSP) is a retirement investment program open only to federal employees and uniformed service members, including the Ready Reserve. It is a defined-contribution (DC) plan that offers federal employees many of the same benefits that are available to workers in the private sector.

A TSP closely resembles a 401(k) plan offered by private employers.

There are several ways to invest in a Thrift Savings Plan. These can include:

No matter the type of TSP or contribution structure you choose, the contribution limit is $22,500 for 2023 and $23,000 in 2024. Employees aged 50 and over can also make catch-up contributions of $7,500 in either year.

Employees new to federal employment can roll over 401(k) and individual retirement account (IRA) assets into a TSP. Rollovers can also go in the opposite direction if federal employees move to the private sector.

The TSP offers a choice of six funds and a mutual fund option:

The F, S, C, …

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