Federal Employees Retirement System
NSWCDD employees are covered by a three-part retirement package that includes a basic annuity, the Thrift Savings Plan (TSP), and Social Security.
Basic Annuity
NSWCDD pays part of the Basic Benefit and Social Security and withholds the employee’s share as payroll deductions. After retirement, employees receive annuity payments each month for the rest of their lives.
For additional information about FERS, including retirement eligibility requirements and survivor benefits, please see the Office of Personnel Management FERS website.
Thrift Savings Plan (TSP)
The federal government’s Thrift Savings Plan (TSP) is a long-term retirement savings and investment plan similar to 401(k) plans offered by private companies. NSWCDD deposits into your account an amount equal to 1% of the basic pay you earn for the pay period. You can also make your own contributions to your TSP account and we make a matching contribution of up to 5% of your pay. For more information on TSP, visit the Thrift Savings Plan website.
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Employee Contribution
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Automatic 1% Contribution
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Agency Matching Contribution
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Total TSP Contribution
|
|
0%
|
1%
|
0%
|
1%
|
|
1%
|
1%
|
1%
|
3%
|
|
2%
|
1%
|
2%
|
5%
|
|
3%
|
1%
|
3%
|
7%
|
|
4%
|
1%
|
3.5%
|
8.5%
|
|
5%
|
1%
|
4%
|
10%
|
|
More than 5%
|
1%
|
4%
|
Employee Contribution + 5%
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