Changes

As of December 31, 2018, TSP has approximately 5.5 million participants (of which approximately 3.3 million are actively participating through payroll deductions), and more than $558 billion in assets under management<ref>https://www.frtib.gov/ReadingRoom/FinStmts/TSP-FS-Dec2018.pdf</ref>; it purports to be the largest defined contribution plan in the world.

As of December 31, 2018, TSP has approximately 5.5 million participants (of which approximately 3.3 million are actively participating through payroll deductions), and more than $558 billion in assets under management<ref>https://www.frtib.gov/ReadingRoom/FinStmts/TSP-FS-Dec2018.pdf</ref>; it purports to be the largest defined contribution plan in the world.

All employees and uniformed members may enroll and withdraw from the TSP at any time, as often as desired.  However, only civilian employees under FERS and new uniformed service enlistees under the Blended Retirement System (BRS) are eligible for matching contributions.<ref>The law allows the Department of Defense to designate any military position as eligible for matching contributions; none has been so designated.  A small pilot program, operated by the Army during the later 1980's, allowed for matching contributions for enlistees.  The program has since ended and as of December 31, 2017 only six Soldiers are still serving and receiving matching contributions.</ref>

All employees and uniformed members may enroll and withdraw from the TSP at any time, as often as desired.  However, only civilian employees under FERS and new uniformed service enlistees under the Blended Retirement System (BRS) are eligible for matching contributions.<ref>A prior law allowed the Department of Defense to designate any military position as eligible for matching contributions; none was so designated.  A small pilot program, operated by the Army during the later 1980's, allowed for matching contributions for enlistees.  The program has since ended and as of December 31, 2018 only five Soldiers are still serving and receiving matching contributions under that law.  The BRS requires the enlistee to serve for two years before receiving matching contributions.</ref>

New FERS employees are automatically enrolled upon hire and have 3% of their pay automatically deducted, unless they choose to withdraw.  Employees are automatically established a TSP account with 1% of their pay deposited (even if not participating, this does not stop), and are additionally matched at dollar-for-dollar up to the first 3% of pay, then at $0.50/$1 for the next 2% (thus, at 5% of pay, with automatic and matching contributions an additional 5% is deposited).  Employees may contribute above that (in terms of whole percentages or whole dollar amounts only) up to IRS limitations, but those contributions are not matched.  Also, "catch-up" contributions are allowed for employees age 50 or older<ref>Under IRS rules, an employee needs only to turn 50 sometime during the year to begin catch-up contributions, so an employee with a December 31 birthday can begin contributing on January 1 of the year s/he turns 50.</ref> up to IRS limitations (whole dollars only), but those contributions are also not matched.

New FERS employees are automatically enrolled upon hire and have 3% of their pay automatically deducted, unless they choose to withdraw.  Employees are automatically established a TSP account with 1% of their pay deposited (even if not participating, this does not stop), and are additionally matched at dollar-for-dollar up to the first 3% of pay, then at $0.50/$1 for the next 2% (thus, at 5% of pay, with automatic and matching contributions an additional 5% is deposited).  Employees may contribute above that (in terms of whole percentages or whole dollar amounts only) up to IRS limitations, but those contributions are not matched.  Also, "catch-up" contributions are allowed for employees age 50 or older<ref>Under IRS rules, an employee needs only to turn 50 sometime during the year to begin catch-up contributions, so an employee with a December 31 birthday can begin contributing on January 1 of the year s/he turns 50.</ref> up to IRS limitations (whole dollars only), but those contributions are also not matched.