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 is $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. Additional information can be found on the Retirement & Employee Benefits Branch website.
If you have questions, refer them to your Benefits Contact or AskBenefits@nih.gov.