FEDERAL EMPLOYEE BENEFIT PROGRAM

Thrift Savings Plan (TSP):

The Thrift Savings Plan (TSP) offers Civil Service Retirement System (CSRS) and CSRS Offset employees the opportunity to save a percentage of their salary on a tax-sheltered basis, invest the money in one, two, or three investment funds, and have the interest earned on the investment be tax deferred until retirement. They may contribute up to five percent (5%) of basic pay to TSP. There are no automatic or matching contributions. If you are covered by the Federal Employees' Retirement System (FERS), you can contribute up to 10 percent of your basic pay up to the annual IRS limit. Your agency matches your contributions up to three percent (3%) dollar for dollar, and fifty cents (.50) on the dollar for the next two percent (2%) you contribute. Your agency also automatically contributes one percent (1%) of your basic pay whether you contribute or not. Open seasons for TSP take place twice a year. For additional information, please contact Personnel, Payroll, and Benefits, 107 Barre Hall, Clemson University, Clemson, South Carolina, or phone (864) 656-5809.