What is tsp account

Box Fairfax, VA It may take up to eight weeks to process a withdrawal after all properly completed withdrawal forms and separation data have been received by the TSP Service Office. Further, the TSP Service Office cannot process a withdrawal election until they receive an Employee Data Record from your payroll office indicating that you have separated.

Your employer will provide you with information about your withdrawal options and the option to keep your money in the TSP. If you choose not to withdraw your funds, in the event of your death the TSP Service Office would pay the funds based on your written designation form on file.

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Create a personalised content profile. Measure ad performance. Select basic ads. Create a personalised ads profile. Select personalised ads. Apply market research to generate audience insights. Measure content performance. Develop and improve products. List of Partners vendors. A thrift savings plan TSP is a type of retirement investment program open to federal employees and members of the uniformed services, including the Ready Reserve.

The TSP is a defined-contribution plan that offers federal employees many of the same benefits that are available to workers in the private sector.

It closely resembles a k plan. TSP benefits can include automatic payroll contributions and agency matching contributions. Participants can choose to make tax-deferred contributions into a traditional TSP, which means the money that flows into the account will not be taxed until it is withdrawn. However, participants may also choose to invest in a Roth TSP. This option allows employees to make after-tax contributions into their plans so that they'll owe nothing in taxes when they withdraw the money after retiring.

Employees new to federal employment can roll over k and individual retirement account IRA assets into a TSP and vice versa if they move to the private sector. A thrift savings plan TSP is a defined-contribution retirement plan that has many of the advantages of private-sector plans.

The TSP offers a choice of six funds to invest in.