Retirees have the same choices under FERCCA that active employees have.
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, FERCCA is not an Open Season. Most employees are unaffected by FERCCA because they were never put in the wrong retirement plan. If you were ever put in the wrong retirement plan, please see the questions under Eligibility to see whether FERCCA applies to you.
Yes. FERCCA does not give you a choice about your retirement plan if:
You also do not have a choice about your retirement coverage if:
You are in:
And you belong in:
Your coverage must be corrected to:
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