FERS employees must invest at least 5 percent of salary to capture the maximum employer share. Image: Chernika 888/Shutterstock.com
By: FEDweek StaffA record percentage of federal employees under the FERS retirement program, 87.3 percent, now are investing enough of their own money to receive the maximum employer contribution for them into their accounts, the TSP has said.
FERS employees must invest at least 5 percent of salary to capture the maximum employer share. That share consists of an automatic contribution equal to 1 percent of salary, a dollar-for-dollar match on the first three percent of salary personally invested and 50 cents on the dollar match on the next two percent.
Account holders under the CSRS system get no employer contributions but the average CSRS account balance meanwhile crossed the $200,000 mark in February, ending just shy of $204,000. There are some 250,000 CSRS account holders, the large majority of them retirees who have kept their accounts in place. That compares to nearly 4.1 million active and retired persons under FERS, whose average account balance is about $181,000.
“February also saw the largest dollar amount of roll-ins ever recorded, totaling more than $241M. While 2023 was a record year for roll-ins, the first two months of 2024 represent the first time the TSP has ever received more than 5,000 roll-ins per month,” said material presented at the March meeting of the TSP governing board.
Investors using the TSP mobile app now have the ability to use biometrics on a mobile phone to log into their accounts, it added.
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