TSP BOOKLET, SUMMARY OF THE THRIFT
SAVINGS PLAN QUESTIONS AND
ANSWERS THAT ARE CORRECT AND
VERIFIED
The purpose of this plan is to give you the opportunity to participate in a long-term
savings and investment plan? - correct answer-TSP
There are three sources of TSP contributions what are they? - correct answer-
Employee/Matching/Agency Automatic 1%
These are payroll deductions that any eligible Federal civilian employee or member
of the uniformed services can make from basic pay before taxes are withheld? -
correct answer-Regular Employee Contributions
These are payroll deductions that participants who are age 50 or older may be
eligible to make in addition to regular employee contributions? - correct answer-
Catch-up contributions
If you are a member of the uniformed services you can also contribute from 1 to 100
percent of what pay as long as you elect to contribute from basic pay? - correct
answer-Incentive/Special/Bonus
True or false: you can elect to contribute from incentive pay/special pay/or bonus pay
or even if you are not receiving any? - correct answer-TRUE
You cannot make these contributions from tax-exempt pay/incentive pay/special pay
or bonus pay? - correct answer-Catch-up
If you withdraw prior to the year you turn 55 you may be subject to the ____ early
withdrawal penalty tax? - correct answer-10%
This IRS limit is an additional limit that the IRS imposes on the total amount of all
contributions made to eligible retirement plans in a year? - correct answer-Section
415
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