.Financial_Planning_Res { width: 250px; height: 250px; } The financial statements of the Board of Governors for 2013 and 2012 were audited by Deloitte & Touche LLP, independent auditors. .FRN_Link_Responsive { width: 265px; height: 200px; } The TSP offers all participants: The TSP is especially important for FERS employees because it is one of three parts of your retirement coverage. The Plan allows you to save on a pre-tax and/or after-tax basis. The Federal Reserve offers a generous retirement plan to its employees. Federal Reserve System employees transferred pursuant to this part shall continue to be eligible to participate in the Federal Reserve System Retirement Plan and Federal Reserve System Thrift Plan through any period of continuous employment with the Bureau, unless the employee makes an election under subparagraph (A)(vi) or (B). See resources for additional tax information. Federal employees should consider contributing the maximum amount if you are age 55 or older in the year you separate or retire, the 10% early withdrawal penalty tax does not apply. catch up contributions over age 50. Customized Thirft plan for Board employees, with more varied investment options than the Thrift Plan available to the rest of government. The If and your future instead of giving the government an interest free loan in order to get back a large refund check annually after Employees of the Board may also participate in the Federal Reserve System’s Thrift Plan. What are the tax consequences? The Federal Reserve Thrift Plan is the System's defined contribution plan comparable to the government's Thrift Savings Plan (TSP). Federal Reserve 401(a) and 401k Thrift Plan… and if you are over age 50 add an additional $6,000 catch up contribution is possible. In addition to the pension and 401 (k) plans, the Federal Reserve provides employees and their dependents with valuable medical, dental, prescription drug and vision benefits, as well as flexible spending accounts, a host of personal protection plans and an identity theft protection program. Related Content Living in a … TSP to Roth Conversion: Is a Roth in Your Future? If you receive a TSP withdrawal payment before you reach age 59½, in addition to the regular income tax, you may have to can now contribute a significant portion of their basic pay each pay period, up to the IRS annual limit. Consumer Financial Protection Bureau Benefits - New Employees - Retirement/Thrift Plan-Federal Reserve System. Plus, our Thrift 401(k) Plan makes it easy to save for your retirement on a pre-tax basis—and we’ll help you by matching your contributions up to the first 6% of your salary per pay period. Return to Home Page. 514. The Thrift Savings Plan (“TSP”) is a retirement saving and investment plan for Federal employees and members of the uniformed services, including the Ready Reserve. TSP A person age 50 or their employees under "401(k)" plans. The TSP offers Federal employees the same type of savings and tax benefits that many private corporations offer The Thrift Savings Plan (TSP) is a retirement savings and investment plan for Federal employees. @media(min-width: 800px) { .Financial_Planning_Res { width: 728px; height: 90px; } } Federal to make the change effective in pay period 26 to affect the first pay period in January, 2017. My Account. 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thrift plan for employees of the federal reserve system