Thrift Savings Plan (TSP) Rollover Options & Access

Government employees have a pension plans that are known as thrift savings plans. They are used by the federal government and many military departments. Thrift savings plans, or TSPs, are one of the least expensive ways to grow your post-retirement pensions.

Gaining Access to the Account

If you have left the federal service, you will need to contact the plan administrators. If you are still working, you should be able to speak to your finance department about any questions. Once you have access to your TSP account, you will need to decide if you have sufficient assets and whether you want to transfer the funds or keep the money in your account.

Rolling Over to an IRA

You may decide that you want your thrift savings moved to another retirement plan account, such as an IRA. Be sure to look for an IRA that has a low expense ratio. The IRA offers you more control of your money. You will need to open up an IRA account, and then directly transfer your money. You can also get a check for the money. Direct transfers are better than checks because you are not taxed on the money.