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No. Whether you are retiring (with a corrected or uncorrected retirement coverage error) or leaving government service, FERCCA has no bearing on your eligibility under the VSIP.
TSP stands for the Thrift Savings Plan. The TSP is an important benefit designed to help you save for your future. The TSP is comparable to a private-sector tax-deferred 401(k) plan. You can participate in the TSP if you are covered by FERS, CSRS, or CSRS Offset.
The TSP offers all participants:
The TSP is especially important for FERS employees because it is one of three parts of your retirement coverage. Beginning July 1, 2001, FERS employees can contribute as much as 11% of basic pay each pay period, up to the IRS annual limit. (The IRS limit for 2001 is $10,500.) As a FERS employee, you can receive 2 types of agency contributions to your TSP account, which together can equal as much as 5 percent of your basic pay.
CSRS employees do not receive any Government contributions in their TSP accounts. However, CSRS employees can still take advantage of the TSP to provide a source of retirement income in addition to your CSRS retirement benefit. Beginning July 1, 2001, CSRS employees can contribute up to 6% of basic pay each pay period.
No. Once an employee is correctly placed under FERS (except those employees who were erroneously put in CSRS/Offset and were already corrected to FERS), the individual will always have FERS coverage in the future, unless excluded from retirement coverage because of the nature of the appointment.
If you currently work for the Federal Government, you should contact your Human Resources office for help. Your agency has all of your employment records and can verify whether your retirement coverage is correct. Please don't contact OPM as we normally don't receive your employment records until you separate from the Government.
If you are a separated employee, retiree, or survivor of an employee who was in the wrong retirement plan, contact OPM on 1-888-767-6738.
When your agency corrected your retirement coverage to FERS, it also should have contributed make-up agency contributions and lost earnings on those contributions to your TSP account.
If you now choose CSRS Offset, no adjustments will be made to your TSP account. Instead, OPM will find out how much of your TSP account is based on what your agency contributed (this includes the earnings on those contributions). That dollar amount will form the basis for an actuarial reduction in your CSRS Offset retirement benefit.
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