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Thrift Savings Plan – The Concept

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Introduction

The Thrift Saving Plan is a retirement savings program, designed especially for military members and civilian federal employees.

It is basically a defined contribution plan, designed to give federal employees the same retirement savings-related as enjoyed by the private sector workers with 401(k) plans.

It is primarily a tax-deferred fund, which means that the money contributed to the account is directly deducted from the person’s taxable income. The money deposited in the fund is not taxed until it is withdrawn at retirement, usually after the age of 59 ½, making it a significant amount of tax deduction.

Features and Benefits

The Thrift Savings Plan or TSP offers lucrative benefits and options to its investors. The main amongst these include tax deferral on contributions, a choice of 5 investment funds, a loan program, in-service withdrawals for financial hardship or after age 59, an option of post-separation withdrawal options and the ability to transfer money from other eligible retirement savings plans into your TSP account.

The Thrift Savings Plan offers six different funds in which employees can invest. These include:

• Government security fund
• Fixed-income fund
• Common stock fund
• Small cap stock fund
• International stock fund
• Life cycle fund

However, it is has to be noted that the Thrifts Saving Plan is meant for long-term retirement benefits. The system includes penalty charges for early withdrawals, which need to be avoided as far as possible.

For further understanding of the concept, here we’ve listed the main features and provisions of the concept of Thrifts Savings Plan. These include:

• Immediate member contribution
• Before tax savings and tax-deferred investment earnings
• Daily valuation of accounts
• Low administrative and investment expenses
• A vast choice of investment funds
• Ability to make contributions and interfund transfers with great ease
• Loans from your own contributions and attributable earnings while you are still in service
• Ability to designate beneficiaries for your account balance.
• Spouses’ rights protection for loans and withdrawals and recognition of qualifying court orders.

In addition, the service also offers a website that gives all the general information, capability for requesting contribution allocations and interfund transfers,, the option of initiating loan and withdrawal requests online, up-to-date TSP materials and information, on-line participation statements, calculators to estimate account growth, loan payments, along with an elective deferral calculator.

The Thrifts Savings Plan is one of the best facilities available in the sector of military services to facilitate savings at the best possible rate and terms, at the same time offering easy-to-use and practical systems for its users.
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