Current employees covered by the Federal Employees Retirement System (FERS) or the Civil Service Retirement System (CSRS and CSRS-Offset) are eligible to contribute to the TSP.
What does my Agency contribute to my TSP account?
Only employees covered by the Federal Employees Retirement System (FERS) are eligible to receive Agency contributions. If you are a FERS employee, your agency makes two types of contributions to your TSP account:
Here's how it works:
|Percent of Basic Pay Contributed to your TSP Account (FERS Employees Only)|
|You contribute:||Your agency contributes:||The total Contribution is:|
Amounts that you contribute above 5% are not matched, however, you will still benefit from before-tax savings and tax-deferred earnings on your contributions.
If you are a new employee hired or rehired with a break in service of more than 30 days, on or after August 1, 2010, you will be automatically enrolled in TSP and will have 3% of your basic pay withheld from your salary beginning your first pay period. The contributions will be invested in the G Fund until you make elect to change your fund allocation, complete an interfund transfer, and/or elect to receive a refund.
You may elect to stop contributing to your TSP account by submitting a completed TSP-1, TSP Election Form, electing to terminate contributions to the Human Resources Office by fax at (612) 336-3545, or by mailing the form to: USDA APHIS MRPBS HRD, Benefits Section, Butler Square, 100 N. 6th St., Minneapolis, MN 55403-1588. If your TSP-1, electing to terminate your contributions, is received in Minneapolis by the end of your first pay period you will not have any contributions withheld.
If you have contributions withheld, you will receive a TSP Welcome Letter once your account is opened at the TSP office. You may apply for a refund of contributions by submitting a completed TSP-25, Request for Automatic Enrollment Refund, to the TSP Office no later than the refund deadline provided in the letter.
What is the difference between Traditional and Roth contributions?
To learn more about choosing which type of contributions may be right for you, check out the AgLearn course, Plan Your Savings Strategy with the New TSP.
Additional information may also be found at https://www.tsp.gov/PDF/formspubs/
The total amount that you may contribute is capped by the Internal Revenue Service's annual elective deferral limit: $17,500 in 2013.
FERS employees who are eligible for government matching contributions should be sure to contribute to TSP every pay period.
The pay year for for 2013 begins December 16, 2012, (pay period 26/12) and ends on December 14, 2013 (pay period 24/13). For example, if you want to contribute the maximum contributions in 2013, and if you will be paid every pay period, you will want to divide your TSP contributions ($17,500) by 26 pay periods, and make your TSP contribution election of $674 per pay period effective beginning pay period 26/12.
Calculator Instructions (PDF)
You can enroll, change, or stop your Thrift Savings Plan (TSP) contribution amount at any time, but you may make only ONE transaction per pay period. You may choose one of the following ways to process your transaction:
Use NFC's Employee Personal Page. This is an automated system accessible 24 hours a day, 7 days a week, and we encourage you to use this efficient method of processing your TSP change. If you have misplaced your NFC password, you may request another one at the NFC EPP web site.
Or complete a TSP-1, TSP Election Form (PDF) . Please note that you must indicate an amount for both the Traditional and Roth Contributions on the form. A space left blank is considered 0% and your form will be processed to reflect no contributions for a blank item.
Complete the form, print it, sign it, and FAX it to (612) 336-3545, or mail it to:
USDA MRPBS Human Resources
Butler Square, 100 N. 6th Street
Minneapolis, MN 55403-1588
DO NOT mail the TSP-1 form if you have FAXED it. DO NOT complete a TSP-1 form if you used NFC's Employee Personal Page for the same transaction. You may make only one transaction per pay period.
TSP elections generally become effective at the beginning of the following pay period, however, transactions processed through NFC EPP may be effective in the pay period it is processed.
You are required to review your Statement of Earnings and Leave whenever you request a change which affects your salary withholdings, and to report any errors to your servicing Benefits Specialist (PDF) immediately. Your Statement of Earnings and Leave is available on your NFC Employee Personal Page.
When am I eligible for Agency Contributions?
All FERS employees are immediately eligible for Agency contributions. H.R. 1256 enacted into law on June 22, 2009, eliminated the waiting period.
CSRS employees are not eligible for agency contributions.
What is TSP Catch Up?
If you will be age 50 or older this year, and if you will contribute the maximum limit to the TSP ($17,500 in 2013), you may be able to make an additional $5,500 in catch up contributions to the TSP in 2012. For more information, go to https://www.tsp.gov/planparticipation/eligibility/contributionLimits.shtml
TSP Catch Up elections do not carry over from year to year. To participate, you must make a new TSP Catch Up election at NFC's Employee Personal Page, or by using the TSP-1-C form.
TSP-1-C, TSP Catch Up Contributions Election Form (PDF).
|G Fund||Government Securities Investment Fund|
|F Fund||Fixed Income Index Fund|
|C Fund||Common Stock Index Fund|
|S Fund||Small Capitalization Stock Index Investment Fund|
|I Fund||International Stock Index Investment Fund|
|L Funds||Lifecycle Funds|
Read about the TSP investment funds on https://www.tsp.gov/investmentfunds/investmentFunds.shtml
You may invest in any or all of the TSP investment funds. You may use one of the following ways to change the investment of future contributions to your TSP account (contribution allocations) or to change the investment of money already in your account (interfund transfer):
When do Investment Allocations become effective?
The TSP Service Office will send you a confirmation of your investment allocation request when it has been processed. You are required to review your quarterly TSP Participant Statement and report any errors within 30 days.
Link to the Thrift Savings Plan web site for complete information on the Thrift Savings Plan, including TSP forms and publications, current rates of return, access to your own TSP account, on-line calculators to estimate future account balances and TSP annuities, a retirement savings planner, and how the TSP is changing. Find out about the new Lifecycle Funds!
(For employees of USDA Marketing and Regulatory Programs and the Merit Systems Protection Board)