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 THRIFT SAVINGS PLAN (TSP) - CHANGING OR STOPPING EMPLOYEE CONTRIBUTIONS

You may change or stop your employee contributions at any time. You may restart TSP contributions at any time; there is no waiting period.

If you are covered by the Federal Employees Retirement System (FERS) and you stop your employee contributions, your agency matching contributions will also stop; however, you will continue to receive agency automatic (1%) contributions.

If you make a financial hardship withdrawal from your TSP account while still employed by the Federal Government, you cannot contribute to your TSP account for 6 months. If you are a FERS employee, you will not receive any agency matching contributions for the period during which you are not making employee contributions; however, you will continue to receive agency automatic (1%) contributions. At the end of the 6-month period, your contributions will not resume automatically; you must elect to contribute.

 ACTION REQUIRED

  1. If you want to change or stop your TSP employee contributions, you must make an election in the Employee Benefits Information System or by contacting the Benefits Line.

  2. If you change the amount of your contributions, it will be effective at the beginning of the next pay period following your election.

  3. If you stop your contributions, it will be effective at the end of the pay period in which you made your election.

  4. You should review the biweekly Leave and Earnings Statement you receive from your payroll office to ensure correct deductions have been withheld for your election and to avoid errors for which you could be indebted. Refer to the Effective Date Chart to determine when your election should be reflected in your pay check.

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