Thrift Board Allows Uniformed Personnel in TSP

October 5, 2001( - The Federal Thrift Retirement Board, which oversees the Thrift Savings Plan (TSP), finalized a rule allowing uniformed service members to participate in the program.

The TSP, established by the Federal Employees’ Retirement System Act of 1986 is a tax-deferred retirement savings plan, similar to a 401(k) plan, for federal employees.

The rule follows the passage of a law in 2000, which extending the opportunity to participate in TSP to uniformed service members.

Members of the Army, Navy, Air Force, Marine Corps, Coast Guard, Public Health Service, and the National Oceanic and Atmospheric Administration, are eligible to participate in TSP as of October 9. Contributions will commence in January 2002.