Thrift Savings Plan (Federal): Who Qualifies and What You Get
Learn if you qualify for the Thrift Savings Plan (Federal) and how this low-cost retirement investment option works for federal employees.
The Thrift Savings Plan (Federal) is a retirement savings and investment plan designed specifically for federal employees. It functions as a federal version of a 401k to help workers prepare for their future.
Who it's for
This plan is designed for federal employees. In some cases, a spouse of a qualifying federal employee may also have the opportunity to participate in the plan.
What you get
Participants gain access to a variety of low-cost retirement investment options. These options are intended to provide a way to build savings for the long term using investment vehicles that typically have lower costs than many private sector alternatives.
What it costs you
To build your savings, the money is taken directly from your earnings via a payroll deduction. This means a portion of your paycheck is set aside automatically for your retirement fund.
The catch to know
The most important thing to understand is that this is not a universal benefit. It is not available to employees working in the private sector. Only those meeting the specific federal employment criteria can access these specific investment options.
How to apply
- Verify your eligibility through your current federal employment status or as a spouse of a federal employee.
- Coordinate with your payroll department to set up your preferred payroll deductions.
- Visit the official portal to manage your account and select your specific investment options.