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Thrift Savings Plan

Thrift Savings Plan Definition

Thrift Savings Plan is a contribution retirement savings plan for Federal civil service employees and  members of the uniformed services. Being one of the three components of the Federal Employees Retirement System, TSP is similar to the private sector retirement savings plans. Contributions to the plan are automatically deducted from each paycheck. The plan is based on tax-deferred contributions, therefore the contributions will not be taxed until the money is withdrawn, which can be deferred until retirement.







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