The Thrift Savings Program offers Federal employees the same type of savings and tax benefits that many employees of private corporations recieve under 401(k) plans. Thrift Savings Program regulations are published in title 5 of the Code of Federal Regulations, Parts 1600–1690, and are periodically supplemented and amended in the Federal Register.
In the civilian component of the Thrift Savings Program, employees covered by the Federal Employees' Retirement System (FERS) and the Civil Service Retirement System (CSRS) can contribute to the Thrift Savings Program. The participation rules are different for FERS and CSRS employees.
The Thrift Savings Program is a defined contribution program. The retirement income that you receive from your Thrift Savings Program account will depend on how much you (and your agency, if you are a FERS employee) have contributed to the program during your working years and the earnings on those contributions. The contributions that you make to your Thrift Savings Program account are voluntary and are separate from your contributions to your FERS Basic Annuity or CSRS annuity.
The Federal Retirement Thrift Investment Board administers the Thrift Savings Program and contracts with the U.S. Department of Agriculture's National Finance Center (NFC) to serve as the Thrift Savings Program record keeper. Your employing agency also plays an important role in Thrift Savings Program administration.
Your agency is responsible for determining your retirement coverage and reporting to the record keeper the dollar amount of contributions to your account each pay period. Your agency also distributes Thrift Savings Program materials and answers your questions about the Thrift Savings Program. While you are employed, your agency is your primary Thrift Savings Program contact.
For more information on the Thrift Savings Program, visit http://www.tsp.gov.