We sleep easier knowing that we support our employees well into retirement through a comprehensive retirement plan.
Federal Retirement
Although retirement may be in your distant future, our retirement plan will provide you with benefits you’ll want and need when you retire. The Federal Employees Retirement System (FERS) is comprised of three components:
- a basic annuity,
- Social Security Retirement Benefits, and
- a tax-deferred retirement savings and investment plan called the Thrift Savings Plan (TSP).
This three-tiered plan provides benefits for:
- Retirement
- Disability
- Survivors
The Office of Personnel Management (OPM) administers the basic annuity portion of FERS. The Social Security Administration administers Social Security benefits and the Federal Thrift Investment Board administers the TSP. When you retire, you will receive benefits from all three of these agencies.
You can get all the latest information at the OPM web site, just go to http://www.opm.gov/retire/retire_jobseekers.asp.
Thrift Savings Plan (TSP)
The Thrift Savings Plan (TSP), is similar to the 401(k) savings and tax benefits plans available in the private sector. Here’s how you can build your “nest egg”:
- We’ll set up and automatically contribute 1% of your basic pay toward your Thrift Savings Plan account, whether you contribute to it or not.
- If you do contribute to the TSP, we’ll match your contributions dollar for dollar up to 3%, and 50 cents on the dollar for the next 2%.
- All of your contributions will be made from pre-tax dollars, and your investments and earnings will be tax deferred until you withdraw them.
- Various Thrift Savings Plan investment funds are available for you to choose from.
- You may transfer money from other eligible retirement savings plans into your Thrift Savings Plan account.
- In some cases, you can borrow against your Thrift Savings Plan.
- If you change federal employment, your Thrift Savings Plan will go with you.
For more information on the Thrift Savings Plan visit the TSP website at http://www.tsp.gov/.