The Thrift Savings Plan (TSP) is a retirement savings and investment plan for Federal employees and members of the uniformed services. If you are covered under the Federal Employees Retirement System (FERS, FERS-RAE, and FERS-FRAE), contributing to the TSP is extremely important, as the TSP will be a very large part of your retirement income. To learn about the importance of contributing to the TSP, take a few minutes to view the following short, informative videos:
- How the TSP Fits into the Federal Employees Retirement System
- How Can Compound Earnings Work For Me?
The 2024 IRS annual contribution limit for regular TSP contributions is $23,000. In addition to regular TSP contributions, you may also make TSP Catch-up contributions, if you are age 50 or older (or will be turning age 50 in 2024). The 2024 IRS annual limit for TSP Catch-up remains at $7,500. In order to receive the full 4% Agency Matching contributions, you must be contributing at least 5% of your bi-weekly salary to your TSP account. You may start, stop, or change your TSP contributions at any time by using myPay. For additional detailed information, go here.
If you have questions, refer them to your Benefits Contact or AskBenefits@nih.gov.