Recognizing the importance of your future, the Federal government created a retirement program that helps provide financial security for you and your family.
Most new NNSA employees are covered under the Federal Employees Retirement System (FERS). This is one of the most important benefits you will receive as an NNSA employee.
FERS benefits are provided from three different sources – a Basic Benefit Plan (annuity), Social Security and the Thrift Savings Plan (TSP):
- The Basic Benefit Plan and Social Security each provide a monthly retirement annuity based on specific criteria. Employee participation is not optional. Both you and NNSA contribute to these benefits.
- The TSP is a tax-deferred savings plan similar to a 401(k) plan. Your TSP account will automatically be set up when you become an NNSA employee. NNSA will deposit an amount equal to 1 percent of the basic pay you earn each pay period into your TSP account whether you contribute or not. You can make optional contributions up to the limit set by the Internal Revenue Service for the current year. NNSA will match your contributions up to 5 percent of your salary. It pays to save!
These three FERS components work together to give you a strong financial foundation for retirement. Should you decide to leave Federal service before retirement, two of the three parts of FERS (Social Security and the TSP) go with you to your next job. You will also have the option to withdraw the money that you have personally contributed to the Basic Benefit part of FERS.