LANGLEY AIR FORCE BASE, Va –
Thrift Savings Plan Enhancement Act of 2009 eliminates the waiting period of
Federal Employees Retirement System (FERS) employees to receive agency
automatic and matching TSP contributions.
For Department of Defense employees, the effective date of this change was July 5. New FERS employees will be immediately eligible for agency automatic one-percent contributions; they will be eligible for agency matching contributions as soon as they begin contributing to TSP.
On pay date July 24, FERS employees who are currently waiting to become eligible for agency contributions will begin receiving them (agency automatic one percent if they are not contributing to TSP; agency automatic one percent and matching if they are contributing).
New FERS employees who have delayed enrolling in TSP because they were in
the waiting period are encouraged to make their TSP election as soon as
possible to take advantage of the new provision in the law.