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TSP: Enrollment, Contributions, and Allocations

Enrollment

You may enroll in the TSP at any time via myPay. If you are a new employee and do not have a myPay PIN, you may complete a TSP Election Form (TSP-1) (.pdf) and submit it to the Benefits and Payroll Liaison Branch in Building 31, Room B3C23 .

Once your TSP account has been established, changes in your contributions can be done at any time through myPay. Changes to your allocations must be done through TSP Account Access on the TSP web site or by calling the ThriftLine (1-877-968-3778).

A Note about managing your TSP account

  1. myPay web site
    • Start, stop, or change your contribution amount.
    • Use your myPay PIN.
    • If you are a new employee your myPay PIN will be mailed to you.
    • If you have forgotten your myPay PIN you may request a new PIN.
  2. Account Access on the TSP web site
    • Perform all other account management activities including: changing your allocations; viewing your account balance and statements.
    • Use your TSP password and account number.
    • If you are a new employee your TSP password and account number will be mailed to you.
    • If you have forgotten your TSP password you may request a new password.
  3. ThriftLine (1-877-968-3778)
    • Also perform account management activities including: changing your allocations; viewing your account balance and statements.
    • Use your TSP PIN and account number.
    • If you are a new employee your TSP PIN and account number will be mailed to you.
    • If you have forgotten your TSP PIN you may request a new PIN.

Contributions

You may contribute to TSP by designating an amount to be withheld from your paycheck. These contributions are tax-deferred. You will not be taxed on this money until you begin to withdrawal from your account. You can designate your contribution as either:

  1. A fixed whole dollar amount (starting with $1.00 per pay period)
    • The fixed dollar amount remains the same unless you change the amount through myPay; OR
  2. A percentage of your bi-weekly gross basic pay.
    • The percentage rate will be based on your bi-weekly gross basic pay. Therefore, when the bi-weekly gross basic pay changes, the TSP amount will change proportionately.

There are several differences between the TSP options for FERS and CSRS employees.

  Agency Matching
FERS

After a mandatory waiting period employees are:

  • Eligible for the Agency automatic 1%
  • Eligible for Agency matching contribution
CSRS or CSRS-Offset
  • Employees are NOT eligible for any Agency funds

Contribution Limits

The Internal Revenue Service (IRS) limits the amount you are allowed to contribute to tax-deferred retirement accounts. The limit for 2009 is $16,500. If you are covered by FERS, you could lose valuable matching Agency TSP contributions by reaching the IRS limit before the end of the calendar year. The TSP fact sheet regarding Annual Limits on Tax Deferral (.pdf) will provide additional information and the Elective Deferral Calculator can help in calculating your contributions.

If you are age 50 or older and contributing the maximum amount of regular TSP contributions, you are also eligible to make catch-up contributions. The 2009 limit is $5,500.

Related Information

Allocation of Contributions

You may invest your contributions in any of the six TSP investments funds. Funds include:

Changing the Investment of Your Account Balance

All contributions to your TSP account will be invested in the G-Fund until you make a contribution allocation. A contribution allocation applies to all future contributions and specifies the way those contributions will be invested among the TSP funds. An interfund transfer is the movement of some or all of your current account balance (i.e., money already in your account) among the TSP funds.

Changes can be made at any time by going to Account Access on the TSP web site or calling the ThriftLine (1-877-968-3778). If you want to change the investment of both your current account balance and future contributions to your account, you must request both an interfund transfer and a contribution allocation. Please note there is a limit on the number of unrestricted interfund transfers you can make. For each calendar month, your first two interfund transfers can redistribute money in your account among any or all of the TSP Funds. After that, for the remainder of the month, your interfund transfers can only move money into the Government Securities Investment (G) Fund.

If you are a new employee, you will receive a TSP account number, PIN, and password once your account has been established. You must wait until your account is established before you can request a contribution allocation.

Interfund Transfer changes the investment of current TSP account balance request changes through TSP Account Access
Contribution Allocation changes the investment of future TSP contributions request changes through TSP Account Access

Additional Resources