Thrifts Saving Plan

Category: Education

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References : 

References TSP.GOV National Archives and Record Administrations Code of federal regulations Title 5 Chapter 6

Definition : 

Definition The Thrift Savings Plan (TSP) is a Federal Government-sponsored retirement savings and investment plan.  Congress established the TSP in the Federal Employees' Retirement System Act of 1986.  The purpose of the TSP is to provide retirement income. On October 30, 2000, the Floyd D. Spence National Defense Authorization Act for Fiscal Year 2001 (Public Law 106-398) was signed into law.  One provision of the law extended participation in the TSP, which was originally only for Federal civilian employees, to members of the uniformed services.   The TSP is a defined contribution plan.  The retirement income that you receive from your TSP account will depend on how much you have contributed to your account during your working years and the earnings on those contributions. The TSP offers the same type of savings and tax benefits that many private corporations offer their employees under "401(k)" plans.  TSP regulations are published in title 5 of the Code of Federal Regulations, Parts 1600 — 1690, and are periodically supplemented and amended in the Federal Register