The Thrift Savings Plan (TSP) is a retirement savings and investment plan for federal employees and members of the uniformed services. We are a defined contribution plan that offers the same types of savings and tax benefits that many private corporations offer their employees under 401(k) plans. When the TSP received its first participant contributions in April 1987, we could hardly foresee that we would grow to have over 5 million participants and nearly $500 billion in assets. The TSP is now recognized as the largest defined contribution retirement plan in the world. For 30 years we have made it a priority to help each one of our participants make smart retirement choices and save for the retirement that’s right for them.
But that’s our story. What do you want your retirement story to be?
We asked nine participants to tell us what the TSP means to them. We wanted to know who they are, who they were, and how the TSP is helping them to retire with dignity. Each participant has a unique perspective of how the TSP is going to help them reach their retirement goals, but within each story are lessons about saving that we can all benefit from. Watch the videos below to learn from their stories.
I would’ve had a better start, but I’ve caught up.
I really want to be able to give back to them.
Pretty soon that turns into real money.
Live your life and have no worry in the world.
The next opportunity I had, I started contributing.
You just have to know where to put the friendship.
The L Funds seem the easiest way to diversify.
President Reagan signs the Federal Employees’ Retirement System Act into law. This law introduces a new retirement system for federal employees, providing them with three different retirement sources: a Basic Benefit Plan, Social Security, and the Thrift Savings Plan (TSP).1986
Participants begin contributing to the TSP, giving them the opportunity to save for a more secure retirement.1987
The ThriftLine is established, giving participants the opportunity to perform certain account transactions and receive important TSP information over the phone.1994
The TSP launches its website, tsp.gov, allowing it to share timely plan information.1997
Participants are now permitted to transfer funds from their IRAs and other plans into the TSP to consolidate their retirement savings and enjoy more of what they save thanks to the TSP’s low fees.2001
Uniformed services members begin contributing to the TSP, expanding their retirement savings options and helping them to save for retirement in a new way.2002
Open season is eliminated, allowing participants to enroll in the TSP and change how they contribute to the TSP at any time throughout the year.2005
The Lifecycle (L) Funds are introduced as an investment option. The L Funds offer a professionally designed easy way to invest for those who do not have the time, experience, or interest to manage their TSP investments.2005
President Obama signs the Thrift Savings Plan Enhancement Act into law, creating the opportunity to implement additional benefits for TSP employees.2009
Newly hired and rehired FERS and CSRS employees are automatically enrolled in the TSP, making it easier to save for retirement.2010
Participants now have the ability to make
The TSP joins Twitter @tsp4gov and is able to share important information with participants in a new way.2013
The TSP launches its Facebook page, fb.com/tsp4gov, and engages with participants about retirement topics that matter to them.2016
The TSP turns 30!2017