All eligible employees may begin making contributions to TSP immediately. As of August 1, 2010, enrollment in TSP is automatic for newly hired Federal civilian employees. The government automatically deducts 3% from each bi-weekly paycheck and places this in the G Fund. The employee must specifically request a change in this status.
All FERS employees automatically receive a 1% contribution of the employee’s basic pay from the agency. The agency will make matching contributions of up to 5%.
CSRS employees will not receive agency contributions.
Maximum contributions are determined by the IRS. The current Elective Deferral Limit is $18,000. Employees may contribute up to this limit.
Catch-up contributions are supplemental contributions made via payroll deduction by participants who are age 50 and older who are contributing the maximum amount. The maximum amount that one can contribute to “catch-up" remains at $6,000.