22-118E 22-118E . . . Employee Savings Thrift Plan under which three types of contributions can be made: (a) those permitted under a qualified Cash Or Deferred Arrangement ("CODA") under Section 401(k) of Internal Revenue Code, (b) those made by participating companies matching 40% of CODA contributions, and (c) additional voluntary employee contributions made by participants who elect maximum CODA contribution and wish to save additional amounts out of after-tax dollars
Virginia Employees Savings Thrift Plan
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FAQ
There are multiple advantages to rollover contributions to the TSP, and you can use this option even after you retire. Rollovers allow you to consolidate your retirement savings in one place so it's easier to evaluate whether you're on target to meet your goals with the right asset allocation.
Fees. While they may not have as many funds to choose from, TSP participants do have one big advantage over most 401(k) investors: lower fees. The total expense ratio, which covers both investment and administrative fees, is 0.066% for individual TSP funds.
Many participants choose to keep their money in the TSP because of the TSP's low-cost funds. And you can always move money into your TSP account by making rollovers from eligible employer plans and from traditional IRAs. You always control how your money in the TSP is invested, even if you aren't making contributions.
Regular employee contributions Each pay period, your agency or service will deduct your contributions, also known as deferrals, from your basic salary in the amount or percentage that you chose when you started contributing or were automatically enrolled.
Disadvantages to Investing in the TSP Limited investment choices. There are only 5 investment choices (not counting Life Cycle Funds), which is a benefit and a drawback. ... Limited tracking in money software. ... No matching funds for military. ... Difficult to track gains. ... Inability to contribute after government service ends.
The TSP is a retirement savings and investment plan for federal employees. The purpose of the TSP is to provide retirement income through savings and tax deferred benefits that many private corporations offer their employees. The TSP is similar to private sector 401(k) plans.
As a VA employee, you are part of the Federal Employees Retirement System (FERS). Under FERS, you are eligible for monthly retirement benefits after just 10 years of Federal service. This retirement system is portable. If you leave Federal employment, the Social Security component carries over to your new employment.
If you earn 8% on your money per year (which is historically pretty hard for a combined stock and bond portfolio to do), you can turn that into a million dollars within 25 years. It's no wonder, then, that the average contribution years of a TSP millionaire is over 29 years.
