What are TSP in service Withdrawals – What is a TSP in service Withdrawal? 1-800-566-1002. What are the best types of ways to take tsp withdrawals for retirement and learn how you can avoid the most common mistakes that individuals have made when looking use a TSP in service withdrawal for their tsp retirement accounts.

Do you know exactly what the Thrift Savings Plan actually is? Also known as the TSP, the Thrift Savings Plan is the retirement savings plan provided by the U.S. government for federal employees and federal retirees as well as current and former members of the U.S. Uniformed Services.

The Thrift Savings Plan is a tax-deferred defined plan of contribution. It is administered and controlled by the Federal Retirement Thrift Investment Board, an independent government agency established in 1986 for this purpose.

The Thrift Savings Plan is very similar to a private sector 401k plan, in that it serves as an investment vehicle for an individual’s retirement funds. These retirement funds are accumulated through participant contributions, agency contributions (if applicable), and earnings through the investment of contributed funds

If you are wondering which civilian employees would be eligible for Thrift Savings Plan participation, they would be those employees that are covered by the Federal Employees Retirement Systems (FERS) or Civil Service Retirement System (CSRS). If you are one of these employees, this would mean that you are eligible, too.

Every participant is eligible to benefit from tax deferred contributions; in-service financial hardship withdrawals from the age 59 and onwards; five available funds to invest in; the opportunity to transfer in monies from other eligible retirement savings account plans; favorable loan programs; and an option of choices in post-separation withdrawal.
The Thrift Savings Plan is an excellent retirement savings benefit that federal employees and the military would be wise to take advantage of.

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