The Government TSP Thrift Savings Plan is a retirement savings and investment plan for Federal employees and members of the uniformed services. It offers you the same type of tax savings and benefits as private sector 401k plans. The Federal Retirement Thrift Investment Board acts as the plan administrator.
The contribution rules are different for each group.
You can rollover your TSP funds into a Traditional Fixed IRA or Annuity. TSP Rollovers offer you several advantages:
You may make three types of withdrawals from your TSP: In-Service withdrawals, Age-Based withdrawals and withdrawals upon Separation or Retirement.
You can make an age-based in-service withdrawal anytime after you reach age 59½ as long as you are actively employed in Federal service.The following conditions govern age-based withdrawals:
Withdrawals After Leaving Federal Service
When your service ends, you have three withdrawal choices:
TSP loan rules allow for two types of TSP loans.
General Purpose TSP Loans
Residential TSP Loans
Note: You may have one general loan and one residential loan from your TSP account at any one time.
You are eligible for TSP loans if you meet the following criteria: