F e d e r a l R e t i r e m e n t T h r i f t I n v e s t m e n t B o a r d

2021 Participant 

Satisfaction Survey
2

CONTENTS

Introduction........................................................................................................................................................ 3

Satisfaction With the TSP.................................................................................................................................. 5

Contributions ................................................................................................................................................... 12

Retirement Fund Plans.................................................................................................................................... 15

Communications Channels.............................................................................................................................. 22

ThriftLine ......................................................................................................................................................... 25

Annual Statement............................................................................................................................................ 27

Usefulness of Communications Channels........................................................................................................ 27

TSP Services................................................................................................................................................... 28

Key Findings and Recommendations .............................................................................................................. 33

APPENDIX A: Methodology............................................................................................................................. 35

APPENDIX B: 2021 Active Participants Survey ............................................................................................... 40

APPENDIX C: 2021 Separated Participants Survey ........................................................................................ 48
3

Introduction

The Federal Retirement Thrift Investment Board (FRTIB), created by the Federal Employees' 

Retirement System Act of 1986 (FERSA), administers the Thrift Savings Plan (TSP), a defined 

contribution plan similar to private sector 401(k) plans. The TSP provides Federal civilian employees 

and members of the Uniformed Services the opportunity to save for retirement security. As of May 

2020, the TSP, with over 6.3 million participants with approximately $762 billion in assets, is the 

largest defined contribution plan in the world.

The FRTIB's mission is to administer the TSP in the best interest of participants and beneficiaries. To 

meet its mission, it is important that the FRTIB has a clear understanding of participant satisfaction, 

expectations, perceptions of service, behaviors and preferences. The FRTIB selected Gallup to 

administer the 2021 Participant Satisfaction surveys to build upon previous participant surveys from 

2006-2020, and the 2019 Participant Behavior and Demographics Report.

Participants within the TSP fall under one of the four distinct Federal retirement systems. The TSP 

has approximately 4.389 million Active1 participants. Of those, approximately 2.73 million are covered 

under the Federal Employees Retirement System (FERS), 37,000 are covered under the Civil Service 

Retirement System (CSRS), and 748,000 are Uniformed Services Legacy (US-Legacy) participants 

who do not receive matching contributions. In 2018, DOD implemented a new retirement system for 

Uniformed Service members known as the "Blended Retirement System" (BRS), where new service 

members are auto-enrolled into the plan and existing members with 12 or fewer years of service had 

the options of joining the plan. Both auto-enrolled and those opting into the BRS system receive 

matching contributions. Approximately 865,000 Active TSP participants are covered under the BRS.

Throughout the report, results are shown by retirement system subgroups, FERS, Uniformed 

Services (US-Legacy), and Blended Retirement System (BRS).

2

The topics on the 2021 survey focused on satisfaction with the features of the plan. FRTIB will use 

the 2021 results as a tool to assist in understanding the behaviors and perceptions of TSP 

participants to aid strategic planning, focus educational and communication materials, as well as in 

the consideration of new plan features. 

Methodology Summary

In March 2021, Gallup sent a hard-copy of the 8-page survey as well as, for those participants with 

email addresses, a URL to the online survey. Respondents were allowed to fill out their surveys prior 

to mid-May, 2021, and reminders were sent to non-responders.

When responses with unusable results were excluded, the final sample size was 5,062, for a 

response rate of 14.9%. The total sample was allocated optimally across different strata to ensure an 

adequate sample size for different groups and subgroups of interest to FRTIB. 

1 Active participants are defined here as those who have an TSP account and are able to make contributions. Active participants do not include 

separated or beneficiary accounts.

2 Starting in 2020 and continuing in 2021, CSRS system participants were not included the survey since they are a small and rapidly declining population 

within the TSP. CSRS participants represent less than 5% of all TSP participants. 
4

Retirement system Total sample size Number of 

completed surveys Response rate (%)

Total 34,006 5,062 14.9

FERS 10,692 3,823 17.9

US-Legacy 9,145 1,057 11.6

BRS 3,476 182 5.2

Throughout this report, references of a subgroup (e.g., system) being higher or lower than another 

group are noted only if the difference is statistically significant. See the full methodology report 

included in Appendix A for more detail.
5

Satisfaction With the TSP

89% of TSP participants are extremely satisfied (40%) or satisfied (40%) with the TSP overall

Overall satisfaction with the TSP has increased by two percentage points since the 2020 survey 

administration. Note that the 2020 satisfaction score was two percentage points lower what was 

reported in 2017, which was likely attributed to the fielding of the survey during the COVID-19 

pandemic and resulting market dip. 

The overall TSP satisfaction level of 90% among Active participants is an increase over the 86% 

measured in 2020, while the 86% satisfaction among Separated participants in 2021 is a decline from 

the 88% measured in 2020; this is likely a meaningful decrease not just caused by the fielding period. 

Satisfaction amongst both BRS (88%) and US-Legacy (84%) participants has increased since the 

2020 survey. Like previous years, both groups’ rates still remain below FERS satisfaction which has 

now increased to 91%; however, the gap is closing.

FIGURE 1.

Note: Results for 2017 and 2020 are weighted, prior data are unweighted.

TSP satisfaction rates continue to perform favorably compared to the most recent EBRI retirement 

confidence survey3 which reported 84% of employees are satisfied with their current retirement plan. 

Furthermore, TSP satisfaction continues to move in correlation with key benchmarks within the 

financial services/retirement market. 

3 https://www.ebri.org/retirement/retirement-confidence-survey

87% 88%

84%

87% 86% 89% 90% 88% 90% 90% 87% 90%

77%

81%

86% 89% 88% 91% 88%

84%

90%

86%

Total FERS BRS US Legacy Active Separated

% Satisfied/Extremely Satisfied

How satisfied are you with the TSP overall?

2013 2017 2020 2021

35% Extremely Satisfied

40% Extremely Satisfied

35% Extremely Satisfied

42% Extremely Satisfied

22% Extremely Satisfied

34% Extremely Satisfied

31% Extremely Satisfied

37% Extremely Satisfied

34% Extremely Satisfied

40% Extremely Satisfied

39% Extremely Satisfied

41% Extremely Satisfied
6

FIGURE 2.

Correlation of Overall Satisfaction to Third-Party Metrics

Pearson R Correlation Investor & Retirement Optimism 

Index

Consumer Economic 

Confidence Index Dow Jones Industrial Average

Overall Satisfaction with TSP .61 .81 .65

Auto-enrolled participants are less satisfied overall with the TSP than are those who are not 

part of the auto-enroll program

Overall, satisfaction levels of opt-in FERS participants continue to remain higher than those who are 

auto-enrolled.4 Specifically, FERS participants who are not auto-enrolled report higher satisfaction 

with the TSP (93%), compared to 86% of auto-enrolled FERS. BRS auto-enrolled and opt-in 

participants report the same levels of satisfaction (88%), even though there was a gap in satisfaction 

in 2020 (with auto-enrolled participants being less satisfied). It must be noted that the small sample 

size among auto-enrolled BRS participants (only 24 respondents) makes comparisons with BRS 

directional rather than statistical.

4 All new FERS and BRS employees are currently automatically enrolled in the TSP with a 5% contribution rate.

85%

81%

86%

87%

89%

87%

89%

-80

-60

-40

-20

0

20

40

60

80

100

120

76%

78%

80%

82%

84%

86%

88%

90%

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Satisfaction With TSP Tracks National Economic and Investment Confidence

Satisfied or extremely satisfied with the TSP overall

Wells Fargo/Gallup Investor and Retirement Optimism Index (May of each year)

Gallup Consumer Economic Confidence (April of each year)

Dow Jones (March of each year)
7

FIGURE 3.

n= (814) (3,005) (*24) (153) (*1,066)

*NOTE: Extremely small sample size for BRS;interpret results with caution

More than half (56%) of participants would be extremely likely to recommend TSP

Overall, when asked how likely they were to recommend the TSP to an eligible associate or friend,

56% of participants say they are extremely likely to recommend TSP to a friend or eligible 

colleague— a significant increase from the 52% in 2020. This increase was driven mostly by USLegacy participants, 57% of whom said they are extremely likely to recommend the TSP, which was a 

13 percentage point increase over 2020. Both US-Legacy and FERS are the two systems most 

extremely likely to recommend TSP (57% of both). BRS participants are the least likely to recommend 

the TSP, though this ratio has improved from prior years - 50% are extremely likely to recommend (up 

five percentage points from 2020). As in 2020, auto-enrolled participants (48%) are less likely to say 

they would recommend TSP than those who are pre-auto-enrolled (61%).

A “Net Promoter Score” (NPS) was developed from this question. NPS ranges between -100 to +100 

and is calculated as the percent of promoters (i.e., those extremely likely to recommend) minus the 

percent of all detractors (i.e., those neutral or unlikely to recommend). When it comes to classifying 

NPS, the following guidelines are used: 0-30 indicates good performance, 30-70 indicates great 

performance, and above 70 is considered world-class.

The overall TSP NPS score for 2021 is 42, which is a 4-point increase from 2020. This compares 

favorably to the Gallup NPS database average score collected for investment service providers

(average score 33). Amongst the systems, FERS participants continue to have the highest NPS score 

at 44; followed by US-Legacy at 40 and BRS at 37.

86% 88% 93% 88% 84%

FERS BRS US Legacy

% Satisfied/Extremely Satisfied

How satisfied are you with the TSP overall?

Auto-enrolled Not Auto-enrolled
8

FIGURE 4.

How likely are you to recommend TSP to a friend or associate who is eligible?

2020 

Extremely 

Likely

Net 

Promoter 

Score*

52% 42

57% 44

44% 40

45% 37

Note: ↑↓ indicate significant increase/decrease from 2020; Percentages shown when greater than 4%; may not total 100% due to rounding; *Net Promoter 

Score calculated as % extremely likely minus % extremely unlikely, not likely, and neutral.; NPS scores range from -100 to +100

Factors most affecting overall satisfaction with the TSP include access to account, variety of 

investment options, flexibility of withdrawal options and the TSP website (tsp.gov)

Gallup undertook statistical analysis to identify which attributes of TSP interactions most influenced 

overall satisfaction. Gallup segmented FRTIB participants into two groups:

• Participants extremely satisfied with TSP overall

• Participants not extremely satisfied with TSP overall

Figure 5 shows the mean scores for these two participant groups on each of the potential 

transactional drivers measured with TSP. The larger the difference between the two groups, the 

greater the impact that the driver has on overall satisfaction. The analysis identified that overall 

satisfaction with the TSP is primarily driven by four key drivers: 

• Account access

• Investment options

• Flexibility of withdrawal options

• Plan information on TSP website

The drivers were identified by comparing the size of the differences between the mean scores for 

overall satisfaction. This difference is the largest between participants who are extremely satisfied 

(e.g., give a “5” rating) with these options and those who are not extremely satisfied (e.g., give ratings 

11%

11%

10%

12%

30%

31%

27%

37%

56%↑ 

57%

57%↑ 

50%

Total (n=5,071)

FERS (n=3,825)

US Legacy

(n=1,066)

BRS (n=180)

Extremely unlikely Unlikely Neither likely nor unlikely Likely Extremely likely
9

of 1-4). For example, the mean score5for overall satisfaction is 1.02 basis points higher for those who 

are extremely satisfied with access to their account than those who are not extremely satisfied (4.61 

vs. 3.59, respectively). Thus, perceptions of account access have a large influence on overall 

satisfaction. Satisfaction is also highly driven by variety of investment options (1.00 difference), 

flexibility of withdrawal options (.99 difference) and the TSP website (.98 difference).

FIGURE 5.

Participant satisfaction with aspects of TSP

Participant satisfaction with various aspects of the TSP such as variety of investments, flexibility of 

withdrawal options and plan information on TSP website have remained the same or have slightly 

increased since the previous survey administration. However, the most impactful aspect of 

participant’s overall satisfaction (see prior section) - access to their account - has meaningfully 

dropped from 84% in 2020 to 78% in 2021. Furthermore, while satisfaction with flexibility of 

withdrawal options has remained the same since 2020, it remains a relatively low satisfaction score 

compared to other aspects of the TSP. 

Overall, participants continue to report the highest satisfaction with the security of their account on 

tsp.gov (89%) and the annual account statement (88%).

5 Mean scores are used to derive drivers of satisfaction as they are less volatile than percentages.

Extremely 

Satisfied 

with the TSP

NOT 

Extremely 

Satisfied 

with the 

TSP

Mean Mean Difference Mean

Key Drivers Overall TSP Satisfaction

Access to My Account 4.61 3.59

Investment Options 4.58 3.58

Flexibility of withdrawal options 4.43 3.43

TSP website (tsp.gov) 4.67 3.69

Ability to transfer money out of the TSP 

into IRA/other eligible retirement plans 4.26 3.34

Ability to transfer money from IRA/other 

eligible retirement plans into the TSP 4.31 3.44

Annual account statement 4.76 3.90

Ability to take loan 4.55 3.72

Security of account on tsp.gov 4.76 3.98

1.02

1.00

0.99

0.98

0.93

0.86

0.86

0.83

0.78
10

FIGURE 6.

How Satisfied Are You With Each of the Following? Net Satisfied

(Sat/Ext Sat)

2021 2020 2017

The Thrift Savings Plan overall 89%↑ 87%↓ 90%

Investments/Withdrawals

Security of your account on tsp.gov 89% 89% 87%

Variety of investment options** 77% 76% 77%

Ability to take a loan from TSP account (Active only) 74% 72%↓ 75%

Flexibility of withdrawal options** 67% 67%↑ 62%

Ability to transfer money FROM other retirement plans 61% 63% 64%

Ability to transfer money TO other retirement plans 56% 58% N/A

Communication

Annual account statement 88% 89% 89%

Plan Information on TSP website (tsp.gov)** 82% 80% 83%

Access to My Account** 78%↓ 84% 81%

Note: ↑↓ indicate significant increase/decrease from prior year

**Indicate top drivers of satisfaction

FERS participants continue to be generally more satisfied with the TSP offerings

When comparing the satisfaction of TSP aspects by system, Uniformed Services participants 

continue to be less satisfied with many offerings. Specifically, these participants reported lower 

satisfaction than their counterparts with account access, flexibility of withdrawals, ability to take a 

loan, and plan information on the TSP website. 

While FERS participants continued to display higher satisfaction compared to their peers in other 

systems, there were several aspects where satisfaction dropped from 2020. Specifically, FERS 

participants reported meaningfully lower satisfaction with flexibility of withdrawal options (70% down 

from 78%), ability to transfer money into the TSP from other IRA/other eligible retirement plans (61%

vs. 64%), account access (82%vs. 85%) and plan information on the TSP website (84% vs. 87%).

BRS participants have lower satisfaction than other participants in access to MyAccount (71% vs.

78% overall), and the ability to take a loan (67% vs.74% of all participants). 

49%

44%

47%

37%

40%

36%

34%

47%

50%

43%

40%

45%

30%

37%

27%

25%

22%

41%

32%

35%

Satisfied Extremely Satisfied
11

FIGURE 7.

Considering all aspects of your experience, how satisfied are you with each of the following?

(Among Participants Who Have Used Each)

% Satisfied/Extremely Satisfied FRTIB 

OVERALL FERS US-Legacy BRS

The Thrift Savings Plan overall 89%↑

(n=5,062)

91%

(n=3,819)

84%

(n=1,066)

88%

(n=177)

Security of your account on tsp.gov 89%

(n=4,873)

90%

(n=3,663)

87%↓

(n=1,036)

88%

(n=174)

Variety of offered investments 77%

(n=4,817)

80%

(n=3,625)

75%

(n=1,021)

72%

(n=171)

Ability to take a loan from TSP account 

(Among active participants)

74%

(n=2,014)

76%

(n=1,715)

70%

(n=230)

67%

(n=69)

Flexibility of withdrawal options 67%

(n=3,559)

70%↓

(n=2,813)

59%

(n=641)

65%

(n=105)

Ability to transfer money from IRA/other eligible 

retirement plan into the TSP

61%

(n=2,348)

61%↓

(n=1,794)

59%

(n=474)

66%

(n=80*)

Ability to transfer money out of the TSP into IRA/other 

eligible retirement plan

56%

(n=2,211)

57%

(n=1,690)

53%↓

(n=443)

53%

(n=78*)

Annual account statement 88%

(n=5,014)

90%

(n=3,785)

87%

(n=1,054)

83%

(n=175)

Access to My Account 78%↓

(n=4,971)

82%↓

(n=3,739)

74%

(n=1,054)

71%

(n=178)

TSP website (tsp.gov) 82%

(n=4,786)

84%↓

(n=3,591)

77%↓

(n=1,023)

82%

(n=172)

Note: ↑↓ indicate significant increase/decrease from 2020; shading denotes lower ratings relative to other groups; *small sample size interpret with 

caution

Active and Separated participant satisfaction is largely similar

Like previous years, there are relatively small differences between Active and Separated participants’

satisfaction with different aspects of the TSP. Separated participants are slightly less satisfied with 

both the ability to transfer money into (56% vs. 63%) and out of the TSP (53% vs. 57%); plan 

information on TSP website (77% vs. 84%); and security of their tsp.gov account (87% vs. 90%). 
12

FIGURE 8.

Considering All Aspects of Your Experience, How Satisfied Are You With Each of the Following?

** indicate top drivers of satisfaction

% Extremely Satisfied/Satisfied

(n) 2021

(n=5,062)

Active

(n=2,917)

Separated

(n=2,145)

Overall The Thrift Savings Plan Overall 5,062 89%↑ 90%↑ 86% Investments/ Withdrawals

Security of your account on tsp.gov 4,873 89%↑ 90% 87%↓

Variety of offered investments** 4,817 77% 78% 76%

Ability to take a loan from TSP account (among active 

participants) 2,014 74% 74% N/A

Flexibility of withdrawal options** 3,559 67% 68%↑ 66%↓

Ability to transfer money from IRA/other eligible 

retirement plan into TSP 2,348 61% 63% 56%↓

Ability to transfer money out of the TSP into IRA/other 

eligible retirement plans 2,211 56% 57%↓ 53%

Communication

Annual account statement 5,014 88% 88% 88%

Plan information on TSP website (tsp.gov) 4,786 82% 84%↑ 77%

Access to My Account** 4,971 78%↓ 79%↓ 77%↓

Contributions

Seven in 10 participants contribute at least 5% of basic pay to the TSP

Similar to the results from the 2020 survey administration, seven in 10 (71%) Active TSP participants 

report that they contribute at least 5% of their basic pay towards the TSP. While the number of those 

who are contributing less than 5% has slightly increased from the previous survey (10% vs. 8% 

previously), there was a meaningful 4 percentage point decrease in those who are not contributing, 

which now at 7% (vs.11%) is back to the 2017 rate. This rebound can be attributed to increased 

participation among US-Legacy participants. Specifically, compared to the 38% who reported not 

contributing in 2020, only 13% of US-Legacy now report not contributing in 2021. Furthermore, USLegacy participants are now the most likely to contribute more than 5% (63%) while contribution rates 

just slightly increased for BRS and FERS participants. 

Overall, the TSP participation rates continue to compare favorably to the industry. Specifically, the 

most recent PSCA6 survey reported an average 401K participation rate of 86.5%.

All three contribution level groups increased in their satisfaction levels over 2020. Participants who 

contribute more than 5% continue to be overall the most satisfied with the TSP. Specifically, 44% 

contributing more than 5% of basic pay are extremely satisfied, vs. 36% of those contributing lower 

amounts. 

6 Plan Sponsor Council of America, 2020 63rd Annual Survey of Profit Sharing and 401K Plans.
13

FIGURE 9.

Self-Reported Contribution Amount to TSP*

(Among Active Participants)

FERS

(n=2,262)

US-Legacy

(n=449)

BRS

(n=152)

Not contributing 7% 13%↓ 3%

< 5% basic pay 10% 8% 14%

5% of basic pay 35% 14%↑ 22%↓

> 5% of basic pay 45%↓ 63% 58%

Unsure of amount 3% 2% 3%

Note: ↑↓ indicate significant increase/decrease from 2020; *Contribution amounts were self-reported and asked only of Active participants; Shading denotes 

higher-rated items than other groups.

FIGURE 10. 

Which of the following best describes how much 

you contribute to the TSP? *

(Among Active Participants)

How satisfied are you with the TSP overall?

By self-reported contribution amount

(Among Active Participants)

Note: *Contribution amounts are self-reported & asked only of Active participants; ↑↓ indicate significant increase/decrease from 2020

3%

51%

29%

10%

7%

Don't Know

More Than 5%

Contribute 5%

Less Than 5%

Not Contributing

33% 37% 44%

53% 53%

50%

Contribute

less than 5%

Contribute 5% Contribute

more than 5%

Satisfied

Extremely 

Satisfied

7%

3%

10%

20%

51%

More than 5% of basic pay

5% of basic pay

Less than 5% of basic pay

Don't know how much or

percentange of pay

Not contributing

80%

86% 90% 94%
14

Affordability and inertia remain the top reasons for contributing less than 5% of basic pay 

Similar to previous years, participants cite affordability (43%) and inertia (not changing their deferral 

rates since their original enrolment) (31%) as the two primary reasons for contributing less than 5% of 

basic pay. However, affordability is trending downwards since 2017, when 53% reported they couldn’t 

afford to save 5%. This decrease can be attributed to FERS participants; 52%cited affordability as a 

reason in 2020, and only 48% did in 2021. Conversely, BRS participants are the most likely to cite 

inertia as the reason for contributing less than 5% of basic pay (63%).

When looking at reasons for not contributing by total household income of participants, there are 

some specific patterns between low-income participants and affordability and inertia. Low-income 

participants are the most likely to cite affordability as a reason for not contributing at a higher rate

(versus 2020, when higher income participants were most likely to cite affordability as a reason for 

lower deferrals). Note that given the smaller sample sizes, these changes must be interpreted with 

caution. Furthermore, low contributors with lower incomes are more likely than their high-income 

peers to report that they just never changed the contribution amount from the default deferral rate. 

Higher income participants are the most likely to cite the use of other investments outside of the TSP 

as the reason for contributing less than 5%. However, these results by income group should be 

interpreted with caution due to small sample sizes.

Career stage does not play an impactful role in why participants contribute less than 5% of their basic 

pay. 

FIGURE 11.

Please explain why you are currently contributing less than 5% of your basic pay?

(Active Participants who do not contribute at least 5%)

Total Household Income

TOTAL 

Contribute 

<5%

<$60,000

(n=43*)

$60,000-

<$100,000

(n=74*)

>$100,000

(n=95*)

Currently cannot afford to save that much 43% 60% 39% 40%

Never changed from when originally enrolled 31% 30% 43% 14%

Use other investments outside the TSP 11% 3% 3% 24%

Didn’t know agency contributed a matching 5% 12% 12% 9% 19%

Other 8% 9% 10% 8%

Process to change contributions is too difficult 9% 5% 13% 10%

Don’t need that much to meet retirement goals 5% 0% 9% 6%

Note: *Small sample size interpret with caution; Shading denotes higher-rated items than other groups

4%

4%

9%

10%

13%

26%

47%

5%

9%

8%

12%

11%

31%

43%

2021 2020
15

A majority of Active participants have not thought about or don’t have an opinion about reenrollment following opt out

More than four of ten (42%) Active participants report having not thought about or having no opinion 

as to whether or not the TSP should re-enroll a participant who chose to opt out and the number of 

times that should occur. Specifically, FERS participants are the most likely group to have no opinion 

or have not thought about re-enrollment (44% as compared to 36% of BRS). Participants are 

generally split between never (19%), yearly (18%) or just one-time (14%) re-enrollment. BRS 

participants are more open to multiple re-enrollments (10% vs. 6% FERS and US).

FIGURE 12.

In your opinion, how many times, if any, should the TSP re-enroll a participant who chose to opt out? 

(Among Active Participants, n=2,887)

FERS

(n=2,228)

US-Legacy

(n=446)

BRS

(n=153)

Don’t know/Have not thought about 44% 40% 36%

Never/Don’t re-enroll 17% 24% 20%

Each year indefinitely/Re-enroll annually 18% 17% 21%

One time after one year 14% 13% 14%

Two times annually 6% 6% 10%

Note: Shading denotes higher-rated items than other groups

Retirement Fund Plans

One in six Separated participants have already started to withdraw their TSP balance

Overall, 17% of Separated participants report that they have begun to withdraw their TSP balance for 

their retirement. Twice as many FERS participants (22%) than US-Legacy participants (10%) report 

withdrawing. 

Of the Separated participants who have begun withdrawal, over half report using specified recurring 

monthly payments (52%) as the withdrawal option. Furthermore, 26% report using partial withdrawals 

as needed. The least reported measured withdrawal method is using one’s TSP balance to purchase 

a TSP annuity (4%). Note that annuitizing is the least used withdrawal option used by TSP 

participants; actual annuity withdrawals have comprised under 1% of all withdrawals for the past 2 

years.

7%

14%

18%

19%

42%
16

FIGURE 13

Have you started to withdraw your TSP balance for 

your retirement?

(Among Separated Participants)

Which one or combination of the following 

withdrawal options did you use to make 

withdrawals? 

(Among Separated Participants who have begun 

withdrawal process)

Specified recurring 

payments

Partial withdrawals 

as needed

Installment payments based 

on life expectancy

A full withdrawal

Transfer or rollover into 

eligible retirement plan

Use TSP balance to 

purchase a TSP annuity

Active and Separated participants who have not begun withdrawal process plan to use 

recurring withdrawals

Gallup also asked participants who had not begun the withdrawal process how likely they would be to 

use the different withdrawal options when they did begin to withdraw. Both Active (79%) and 

Separated (74%) participants indicated that they were most likely to use recurring withdrawals. 

Furthermore, half or more of both Active (60% and 49%) and Separated (51% and 56%) participants 

indicated that they would be likely to use installment payments and partial withdrawals, respectively. 

Active participants are more likely to report planning to transfer their TSP funds into another eligible 

plan (42%) or to purchase a TSP annuity (38%) than their Separated peers (28% and 27%,

respectively). 

17%

22%

10%

Total (n=2,145) FERS (n=1,502) US Legacy (n=616)

% Yes

4%

5%

6%

15%

26%

54%
17

FIGURE 14.

% Extremely/Likely to Use Withdrawal Option

(Among Active and Separated participants who have not begun withdrawal process)

%Likely/

Extremely 

Likely

Recurring withdrawals Separated (n=1,309)

Active (n=1,973)

74%

79%

Installment payments based 

on life expectancy

Separated

Active

51%

60%

Partial withdrawals as 

needed for expenses

Separated

Active

56%

49%

Transfer or rollover into 

eligible plan

Separated

Active

28%

42%

Purchase a TSP annuity with 

balance

Separated

Active

27%

38%

Full withdrawal Separated

Active

20%

25%

Separated participants most likely to use TSP account to pay living expenses

Separated participants who had not retired were asked how they planned to use their TSP account 

after retiring from all employment. Nearly half (48%) of Separated participants plan to use their TSP 

account to pay living expenses, followed by 41% who report they would do nothing and allow their 

balance to accrue. One in seven (14%) report that they would transfer their funds to another eligible 

account. 

US-Legacy participants were the most likely to report that they would pay living expenses with their 

funds (53% vs. 48%) or pay college tuition/student loans (10% vs. 7%). FERS participants are more 

likely than their US-Legacy and BRS peers to transfer their money into another account/IRA (17%). 

BRS participants are more likely than others to invest the money elsewhere (24% vs. 11% overall), 

buy a home/pay off a mortgage (12% vs. 7%), and pay for medical expenses (8% vs. 4%).

13%

11%

25%

21%

23%

17%

32%

43%

35%

31%

39%

40%

12%

9%

13%

6%

19%

11%

17%

13%

25%

20%

40%

34%

Likely Extremely likely
18

FIGURE 15.

How do you plan to use your TSP account after retiring from all employment?

(Among Separated but not retired participants)

Total

(n=862)

FERS

(n=412)

US-Legacy

(n=425)

BRS

(n=25*)

Pay living expenses 48% 44% 53% 43%

Nothing/allow it to accrue 41% 40% 43% 41%

Transfer to another account/IRA 14% 17% 13% 4%

Invest the money elsewhere 11% 12% 9% 24%

Pay college tuition, student loans 7% 4% 10% 4%

Buy a home/pay off a mortgage 7% 8% 5% 12%

Take a vacation 6% 5% 8% 8%

Pay down other debt 6% 6% 6% 8%

Increase TSP assets with other eligible retirement assets 6% 6% 6% 4%

Pay for medical expenses 4% 4% 4% 8%

Note: Shading denotes higher-rated items than other groups; *BRS extremely small sample size, interpret with caution

Nearly half of active participants plan to withdraw from only Traditional TSP account balances

Among the 35% of Active participants who have thought about their withdrawal source, nearly half 

report they are likely to withdraw from only their Traditional account balance (47%), 24% report they 

are likely to withdraw from only ROTH, and 29% indicate they would withdraw equally from both 

balances. Participants with both ROTH and Traditional balances are most likely to withdraw equally 

across both accounts.

At a system level, FERS participants are much more likely to only withdraw from their Traditional

account balance (69%). Conversely, Uniformed Services participants are more likely to either 

withdrawal equally across both accounts or withdraw only from their ROTH accounts.

FIGURE 16

When you begin to withdraw from your TSP, how likely are you to...?

(Among 35% of Active participants who have thought about it, n=1,052)

FERS

(n=766)

US-Legacy

(n=218)

BRS

(n=68*)

Withdraw only from your 

traditional (pretax) account 

balance

69% 20% 17%

Withdraw equally across 

both ROTH and Traditional 

account balances

21% 38% 42%

Withdraw only from 

your ROTH (after-tax) 

account balance

10% 42% 41%

Note: Shading denotes higher-rated items than other groups; *BRS extremely small sample size, interpret with caution.

24%

29%

47%
19

One in four Active participants plan to transfer

One in four (24%) active participants plan to transfer money from their TSP into another eligible 

retirement account after leaving Federal service—a 7 percentage point decrease from 2020. This 

decrease is represented across all three system groups, with BRS having the largest decrease from 

2020 (43% to 28%). US-Legacy participants are the most likely to transfer into another eligible 

retirement account (33%, down from 49% in 2020). 

Similar to 2020, better/more investment choices (80%), consolidation of retirement accounts (79%),

and higher investment returns elsewhere (74%) remain the most popular reasons for Active 

participants to transfer money out of the TSP. In 2021, active participants are more likely than they 

were in 2020 to name better investment choices (+5 percentage points), higher returns (+10 

percentage points) and financial planning services (+8 percentage points) as reasons for transferring 

money out of the TSP. Furthermore, about four of 10 participants say lower fees and better customer 

service are primary reasons for transferring. 

FIGURE 17.

How likely are you to transfer money from 

your TSP account into another eligible 

retirement account after you leave 

Federal service?

(Active Participants)

What reason do you plan to transfer money from your

TSP account into other eligible account?

(Active Participants Likely to Transfer)

Better/More 

investment choices

Consolidate retirement

accounts

Higher investment 

returns elsewhere

More flexible withdrawal

options

Financial planning services

elsewhere

Financial planning tools

elsewhere

Lower fees

Better customer service

Note: ↑↓ indicate significant increase/decrease from 2020 

Participants desire transaction fund source choice

Nearly all TSP participants report that they desire the ability to specify from which investment funds 

dollars are moved or taken from for three TSP transactions of: 1) changing account distribution 

(interfund transfer) (76% strongly agree), 2) taking a withdrawal (74% strongly agree), 3) taking out a 

loan (active participants only; 71% strongly agree). 

Furthermore, three-quarters of participants strongly agree they want the ability to specify which types 

of balances, Traditional or Roth, are used for loans (78% strongly agree) and interfund transfers (76% 

strongly agree).

24%↓ 

20%↓ 

33%↓ 

28%↓ 

Total Active

(n=2,907)

FERS

(n=2,309)

US Legacy

(n=449)

BRS (n=149)

% Extremely/Somewhat Likely

42%

46%

64%

64%

66%

74%

79%

80%

2021 (n=656)
20

FIGURE 18.

How much do you agree or disagree that you 

want the ability to specify from which investment 

fund(s) dollars are moved or taken for:

(Among those to which this applies / with opinion)

How much do you agree or disagree that you want 

the ability to specify from which fund balances 

(Traditional or ROTH) you want moved or taken for:

(Among those to which this applies / with opinion)

Changing account 

distribution 

(interfund transfer)

Taking out a loan 

(Active Only)

Taking a withdrawal

Changing account 

distribution 

(interfund transfer)

Taking out a loan 

(Active Only)

Nearly half of participants have other qualified retirement plans

Just under half of TSP participants (47%) report having another qualified retirement plan or 

Traditional IRA outside of the TSP. This is most prevalent among US-Legacy participants at 58%, 

followed by BRS (50%) and FERS (43%). Furthermore, Separated participants (58%) report having 

another qualified plan/account at a higher rate than Active participants (42%). 

Participants who have an outside plan were asked the primary reason that they have not considered 

rolling their qualified plan funds into the TSP. Just under half of participants either have just never 

considered it (31%) or didn’t know they could (15%). Other participants report that other plans offer 

more flexibility (17%), higher returns (9%) or the process to roll over is too complicated (7%). Active 

participants (19%) are more likely than Separated (14%) to cite that other plans offer more flexibility. 

Furthermore, BRS participants are more likely than their peers to report that the process for rolling 

into TSP is too complicated (13% vs. 6% of US and FERS).

15%

16%

18%

76%

74%

71%

4-Agree 5-Strongly Agree

13%

15%

78%

76%

4-Agree 5-Strongly Agree
21

FIGURE 19.

Do you have any other qualified 

retirement plans or Traditional IRAs 

outside of the TSP?

What is the primary reason you have not considered 

rolling these qualified plan funds into the TSP?

(Among those with outside plan)

Just never considered it

Other plans offer more types 

of funds

I didn’t know I could do this

Other plans have higher 

return/better matching

Roll-ins are too complicated

Other plans have easier 

access to funds

“Diversification”/Don’t want 

everything in one place

Other

Converting Traditional TSP into ROTH

Nearly half (48%) of participants report they would be likely to convert some or all their Traditional

tax-deferred TSP balance into a ROTH (after-tax) TSP balance. Active participants (54%) are much 

more likely than Separated participants (35%) to say they would utilize this option if provided. BRS 

are the most likely to say they would use this potential feature (73%), followed by US-Legacy (58%) 

and FERS (37%).

FIGURE 20.

If the option were available, how likely is it that you would convert some or all of your Traditional 

(tax-deferred) TSP balance into a ROTH (after-tax) TSP balance?

Total Participants 

(n=3,466)

Extremely 

likely/Likely

48%

Active (n=1,853) 54%

Separated (n=1,613) 35%

FERS- (n=2,540) 37%

US-Legacy (n=807) 58%

BRS (n=119) 73%

Note: Shading denotes higher ratings relative to other groups

26%

29%

20%

25%

25%

29%

22%

25%

15%

12%

33%

44%

Likely Extremely likely

47%

43%

58%

50%

Total participants FERS US Legacy BRS % Yes

3%

4%

4%

7%

9%

15%

17%

31%
22

Interest in TSP roll-in service

Over half of TSP participants (55%) with outside retirement plans report they would likely consider 

using a TSP offering that would personally assist them with rolling qualified retirement funds into the 

TSP. Of these participants, 22% would be extremely likely to use it. No major differences exist 

between active and separated groups and between system groups.

FIGURE 21.

If the TSP were to offer a service to personally assist you in rolling qualified retirement funds into the 

TSP, how likely would you be to consider using it?

(Among those with other qualified retirement plans)

% Likely/

Extremely Likely

Overall (n=1,899) 55%

BRS (n=75*) 59%

FERS (n=1,274) 54%

US-Legacy (n=1,274) 55%

Active (n=898) 56%

Separated (n=1,001) 53%

Note: *BRS small sample size, interpret with caution; Percentages shown when greater than 4%.

Communications Channels

TSP.gov: Account Access & Usage

Self-reported participant usage of account access on tsp.gov has increased since 2020 (from 79% to 

83%), but still remains below the 86% rate in 2017. Conversely, participant usage of tsp.gov to 

access information is similar to 2020 with 75% or respondents reporting using it within the past 12 

months.

Participants view information on TSP.gov as less extremely useful than account access, but nearly all 

participants find both account access and information at least somewhat useful (95% and 94% 

respectively).

13%

14%

19%

10%

15%

14%

17%

16%

14%

19%

14%

16%

16%

14%

12%

17%

13%

15%

31%

35%

35%

32%

34%

33%

22%

21%

21%

22%

25%

22%

Extremely Unlikely Unlikely Neither likely nor unlikely Likely Extremely Likely
23

FIGURE 22.

Considering each of the following ways you have heard from or interacted with the TSP 

in the past 12 months, rate the overall usefulness of each

(Among past-year users of each service)

Used % Extremely 

Useful 2020 2021 2020

Account 

access on tsp.gov 83%↑ 79%↓ 67%

Information on 

tsp.gov 75% 74% 50%

Note: ↑↓ indicate significant increase/decrease from 2020; Percentages shown when greater than 4% 

A majority of participants have used and are satisfied with the TSP Website

Of the 83% of participants who have accessed the tsp.gov site, 82% are satisfied with tsp.gov overall; 

this is a decline from 2020. This decline can be attributed to decreases in satisfaction amongst FERS 

(84% from 87%) and US-Legacy (77% from 81%) participants. 

Participant satisfaction with My Account access (78%) has also significantly decreased since 2020;

FERS had the largest decline (82% satisfaction, versus 85% in 2020). FERS participants (82%) are 

more satisfied overall with access to My Account than Uniformed Services participants, particularly 

among BRS participants (71%), but also US-Legacy (74%). 

Overall satisfaction with security of tsp.gov accounts has remained the same since 2020. While FERS 

and BRS participants satisfaction with security has grown or remained the same, US-Legacy

participants display a significant decrease in satisfaction (from 91% to 87%).

FIGURE 23.

Considering All Aspects of Your Experience, How Satisfied Are You With Each of the Following?

% Satisfied/Extremely Satisfied

Total FERS US-Legacy BRS

2021 2020 2021 2020 2021 2020 2021 2020

(n=4,971) (n=4,986) (n=3,739) (n=3,424) (n=1,054) (n=1,094) (n=178) (n=278)

TSP website (tsp.gov) 82%↓ 84% 84%↓ 87%↑ 77%↓ 81%↑ 82% 76%

Access to My Account 78%↓ 80%↓ 82%↓ 85% 74% 75%↑ 71% 63%

Security of your account on tsp.gov 89% 89%↑ 90% 90%↑ 87%↓ 91% 88% 82%

Note: ↑↓ indicate significant increase/decrease from 2020; Shading denotes higher-rated items than other groups 

5%

27%

44%

68%

50%

Not at All Useful Not Very Useful

Somewhat Useful Extremely Useful
24

One in four participants had difficulties logging into their "My Account"

Similar to 2020, three-quarters of participants across all systems had no difficulties logging into their 

“My Account” or did not attempt to log in. US-Legacy participants report slightly higher difficulty, with 

57% having problems (26% did not try). 

Those who reported any login difficulties cite the primary issues as remembering user ID/account

(nick) name (60%) and difficulty retrieving forgotten passwords (46%) — which is in line with the 

primary difficulties noted in 2020. BRS participants are the most likely to have issues remembering 

user ID or account name (69%), while FERS (47%) and US-Legacy (51%) participants are more likely

than BRS participants (37%) to have issues with retrieving forgotten passwords. Furthermore, FERS 

and US-Legacy appear to face more issues on average — a pattern which is not tied to career stage.

FIGURE 24.

What, if any, difficulties have you had logging in to your My

Account in the past 3 months?

(Among those with difficulties n=1,199)

FERS

(n=777)

USLegacy

(n=343)

BRS

(n=79)

Hard to remember 

my user ID/account 

(nick) name

58% 57% 69%

Forgotten 

password difficult 

to retrieve

47% 51% 37%

Did not receive a 

code or access 

code timed out

18% 16% 17%

Did not have 

access to phone for 

authentication 

when accessing

18% 20% 9%

Could not access 

from home 14% 7% 8%

Could not access 

from work 10% 13% 7%

Access is 

cumbersome 

process

5% 5% 8%

Note: Shading denotes higher-rated items than other groups

6%

10%

10%

17%

17%

46%

60%
25

ThriftLine

Nearly one-third of participants now use the ThriftLine to either access an automated system 

or speak to a live representative

Participants continue to increasingly use the ThriftLine automated (30%) and live representative (31%) 

resources within the last 12-month period. Both of these usage numbers are up in 2021, continuing a trend of 

increased usage since 2017. Similar to previous years, ThriftLine users continue to find access to live 

representatives (57% extremely useful) more useful than the automated system (45% extremely useful). 

However, since 2020, extremely useful ratings of the automated system dropped from 2020 (45% from 48%), 

while usefulness of live representatives is statistically similar (57% extremely useful vs. 59% in 2020). 

FERS participants find both ThriftLine resources more useful than Uniformed Services participants. There were 

no significant differences in usefulness between separated/active status or career stage.

FIGURE 25.

If you have used in the past 12 months, rate the overall usefulness of each

% Used

2021 2020 2017

% Extremely 

Useful 2020

ThriftLine to 

access automated 

system (Among 

27% who used, 

n=1,330)

30% 27% 25% 48%↑

Thriftline to speak 

live to a 

representative 

(Among 28% who 

used, n=1,412)

31% 28% 27% 59%

Note: ↑↓ indicate significant increase/decrease from previous year

Live ThriftLine Three-Month Use and Satisfaction

Gallup also asked participants about recent (in the past three months) use of the ThriftLine to speak 

to a live representative. Only 5% of participants report having called and spoken to a live 

representative on the ThriftLine in the past three months. This call rate is similar across the different 

systems, Active/Separated participants and career stage. Over 80% of recent ThriftLine users report 

being at least somewhat satisfied with the time it took for their call to be answered; this is similar to 

ratings from 2020 respondents who had called in the last 12 months. Separated and US-Legacy

participants are the least satisfied with ThriftLine calls (75% each).

Only 5% of participants have alerted TSP about a problem or issue in the past three months. This 

reporting rate is similar between Active and Separated participants, but higher for BRS (8%) and USLegacy (6%) than for FERS (4%). Half of participants who contacted TSP about a problem are at 

least somewhat satisfied with the amount of time it took to resolve their problem. However, these 

scores vary greatly between groups, with Active (57%) and FERS (62%) participants much more 

satisfied than Separated participants (36%) and US-Legacy (34%) participants.

5%

4%

12%

8%

38%

31%

45%

57%

Not at All Useful Not Very Useful Somewhat Useful Extremely Useful
26

14%

15%

12%

8%

6%

18%

22%

10%

18%

13%

32%

35%

26%

45%

21%

Sill working on resolving Somewhat satisfied Extremely satisfied

FIGURE 26.

Satisfaction with the amount of time it took for your call to be answered

(Among the 5% Past 3 Month Callers to ThriftLine)

% 

Somewhat/

Extremely

Total called 81%

Active 83%

Separated 

(n=85*) 75%

FERS 89%

US-Legacy

(n=50*) 75%

Note: *Small sample size, interpret with caution

FIGURE 27.

How satisfied were you with the amount of time it took for your issue to be resolved?

(Among the 5% Who Brought Issue to TSP in Past 3 Months)

% 

Somewhat/

Extremely

Total Contacted 50%

Active 57%

Separated (n=78*) 36%

FERS 62%

US-Legacy (n=41*) 34%

Note: *Small sample size, interpret with caution; Shading denotes higher ratings relative to other groups

20%

17%

28%

18%

28%

61%

66%

47%

71%

47%

Somewhat satisfied Extremely satisfied
27

Annual Statement

Just over three in four participants read their annual statement, and half or more are extremely 

satisfied with the information provided

Overall, 78% of TSP participants report that they have read their annual statement. US-Legacy (82%) 

and mid-career 7(83%) participants are the most likely to have read their TSP annual statement —

while only 69% of auto-enroll participants have read their annual statement. 

Half or more of the participants who have read their annual statement report being extremely satisfied 

with all aspects of information provided. These include the usefulness of information in the statement 

(57%), the ability to track how TSP investments perform over time (56%), the usefulness of estimated 

monthly retirement income (55%) and the ability to see how other investment options within the plan 

are performing (49%). Overall net satisfaction with the information in the annual statement is stable 

relative to 2020 (92% vs. 94%).

FIGURE 28.

How satisfied are you with each of the following on your annual statement?

(Among 78% of respondents who have read their annual statement)

Somewhat /Extremely 

Satisfied

2021 2020

Usefulness of information in 

annual statement (81% used, 

n=2,805)

92% 94%↑

Ability to track how TSP 

investments have performance 

over time 

(79% used, n=2,713)

90% 89%

Usefulness of your estimated 

monthly retirement income on 

statement 

(69% used, n=2,373)

88% 87%

Ability to see how other investment 

options within the plan are 

performing (71% used, n=2,458)

86% 85%

Note: ↑↓ indicate significant increase/decrease from prior year; Percentages shown when greater than 4%

Usefulness of Communications Channels 

Annual statements, My Account access and TSP.gov continue to be the most used and useful

amongst participants

Participants continue to find annual statements (96%), account access on tsp.gov (95%) and general 

plan information on tsp.gov (94%) as the most useful communication channels provided by the TSP. 

7 Mid-career participants: 35-49 years old

8%

9%

5%

6%

37%

33%

34%

35%

49%

55%

56%

57%

Extremely Dissatisfied Somewhat Dissatisfied

Neither Satisfied nor Dissatisfied Somewhat Satisfied

Extremely Satisfied
28

While used by smaller proportions of participants, secure emails/e-messaging (90%) and live 

ThriftLine interactions (88%) are also useful for nine of 10 participants. 

The majority of channels were overall seen as slightly less useful in 2021 than in 2020, with the 

largest drop for information from the TSP on social media. The recent drop may be explained by a 

strategic curtailment of social media postings in the early stages of the pandemic, which lasted

through the 2021 survey fielding period.

In addition, it is also important to note that social media responders (i.e. Facebook responders) are 

often limited in what they can do for participants since they are often asked about account specific 

issues. Social media responders can only direct participants to the ThirftLine or other TSP resources 

for assistance. This may be what is driving the low usefulness scores for social media. 

At a system level, US-Legacy participants are less likely to find ThriftLine, emails and social media 

channels useful compared to FERS and BRS. There are no significant differences between career 

stage or age with regard to usefulness of TSP communication channels.

FIGURE 29.

Considering each of the following ways you have heard from or interacted with the TSP 

in the past 12 months, rate the overall usefulness of each: Net Useful

% used 2021 2020

Annual statement 90% 96%↓ 97%

My Account access on tsp.gov 83% 95%↓ 96%

General plan information on 

tsp.gov 75% 94%↓ 96%

Secure emails/e-messaging 38% 90%↓ 92%

ThriftLine to speak live to 

a representative 31% 88%↓ 91%

Informational emails from 

the TSP 64% 86%↓ 91%

TSP booklets/brochures 58% 84%↓ 88%

ThriftLine to access automated 

telephone system 30% 83%↓ 86%

Information from the TSP on 

social media 21% 65%↓ 78%

Note: ↑↓ indicate significant increase/decrease from prior year; Percentages shown when greater than 4%

TSP Services

A majority of TSP participants are extremely satisfied with transaction timeliness 

In the past 12 months, most TSP participants are extremely satisfied with the timeliness of taking 

loans (73%) and changing investment allocations (67%) — both of which have significantly 

rebounded from drops in 2020 (63% and 56% in 2020, respectively). Over half of participants are 

extremely satisfied with the timeliness of taking a withdrawal using the online form wizard (53%) and 

making account updates (57%). However, less than half of participants are extremely satisfied with 

15%

5%

20%

12%

12%

10%

8%

7%

5%

37%

38%

48%

51%

31%

39%

44%

27%

30%

29%

45%

36%

36%

57%

51%

50%

68%

66%

Not at All Useful Not Very Useful Somewhat Useful Extremely Useful
29

rollovers or transfers both from the TSP to another eligible retirement plan and vice versa (39% and 

40%, respectively — though these ratings are similar to 2020). It can also be noted that the number of 

participants who made account updates has significantly increased since 2020, from 36% to 42%.

FIGURE 30.

If done within the last 12 months, please rate your overall satisfaction with the time 

it took to complete the following transactions: 2020

Use Completed % Extr. 

Satisfied

Took out loan 

(active participants)

681

(19%) 20% 63%↓

Changed current investments 

(reallocated fund balances or 

contributions; active 

participants)

1,497

(49%) 46% 56%↓

Took withdrawal using online 

form wizard

492

(9%) 11% 53%↓

Made account updates (e.g., 

name change, beneficiaries, 

password, etc.)

2,180

 (42%)↑

36% 53%↓

Rolled over/transferred other 

eligible retirement plan account 

balances into the TSP

259

(5%) 8% 37%↓

Rolled over/transferred money 

out of the TSP into other eligible 

retirement plan accounts

291

(6%) 7% 38%↓

Note: ↑↓ indicate significant increase/decrease from prior year; Percentages shown when greater than 4%

Participants most likely to use combined benefit statement summaries and a tool to estimate 

withdrawals to last through retirement if available

Gallup also asked participants how likely they would be to use various services and tools if they were 

to be provided in the future by the TSP. At least half of participants reported they would be likely to 

use at least one of the offerings. An estimate of social security/pension/TSP benefits in one statement 

(84%), a tool to estimate withdrawals to last through retirement (84%) and tailored modeling or 

calculator tools (77%) were cited by participants as the most likely to be utilized. 

Active participants were much more likely to say they would use all offerings than their Separated 

peers, who may have found outside sources to support their needs. Uniformed Services participants, 

particularly BRS, are more likely to use the majority of offerings if offered. Further, late-career 

participants are least likely to say they would use most offerings. 

13%

7%

7% 28%

33%

7%

19%

6%

13%

15%

29%

18%

26%

17%

39%

40%

57%

53%

67%

73%

Extremely Dissatisfied Somewhat Dissatisfied

Neither Satisfied nor Dissatisfied Somewhat Satisfied

Extremely Satisfied

↑

↑
30

FIGURE 31.

How likely would you be to use the following if offered by the TSP?

% Likely/Extremely likely Total

(n=4,277)

Active

(n=2,488)

Separated

(n=1,789)

FERS

(n=3,190)

USLegacy

(n=933)

BRS

(n=154)

Estimate of SS/Pension/TSP benefit in one statement 84% 90% 70% 83% 83% 89%

Tool to estimate withdrawals to last through retirement 84% 89% 74% 85% 82% 86%

Tailored modeling or calculator tools 77% 86% 59% 75% 77% 89%

TSP mobile app 62% 71% 44% 56% 66% 86%

Automatically adjust acct. allocation 69% 74% 57% 67% 71% 73%

Download acct. info to use in other tools 55% 61% 42% 49% 61% 73%

Convert TSP tax-deferred balance to ROTH 52% 59% 38% 41% 63% 78%

Broader range of investment options 59% 66% 45% 56% 63% 69%

Online financial advice 48% 56% 31% 47% 48% 56%

Online financial advisory tool 57% 61% 47% 53% 62% 62%

Note: Shading denotes higher-rated items than other groups

Separated participants continue to seek information to assist draw-down process

Similar to 2020, most Separated participants desire more information on withdrawal considerations 

(71%) to help ease draw down decisions. 40% of participants would also like an investment option 

which would protect them from outliving retirement; this is particularly important to US-Legacy

participants (44%). Far more participants were interested in 2021 than in 2020 in paid financial 

advisory services (from 12% to 16%).

FIGURE 32.

What, if anything, can the TSP provide that will help make decisions on when and 

how to draw down TSP balances easier?

(Asked of Separated Participants)

More information on withdrawal 

considerations

An investment option which protects you 

from outliving your retirement savings

Financial advisory service (for a fee)

12%

40%

73%

16%

40%

71%

2021 (n=1,778) 2020 (n=1,549)
31

Majority of participants find TSP fees among lowest compared to other plans

Three-quarters (74%) of responding participants believe that the TSP’s fees are among the lowest 

compared to other 401k/DC plans, while 22% believe TSP fees are in line with other plans. Only 4% 

of participants think that TSP fees are among the highest compared to other 401k/DC plans, 

indicating that fees or perceptions of fees are not driving participation. Specifically, FERS participants 

are most likely to view TSP fees as among the lowest compared to other plans (76% vs. 69% and 

71% of US and BRS respectively)—while BRS and US-Legacy participants are more likely to view 

TSP fees as among the highest (7% each vs. 2% FERS). These opinions on fees do not vary 

significantly between Active and Separated participants.

FIGURE 33.

How do you think TSP administration fees compare to those of other 

401k/Defined Contribution (DC) retirement plans? 

(Among 40% with an opinion, n=2,122)

Active

(n=1,099)

Separated 

(n=1,023)

FERS

(n=2,228)

USLegacy

(n=446)

BRS

(n=153)

TSP fees are among the 

lowest compared to other 

401k/DC plans

74% 73% 76% 69% 71%

TSP fees are in line with 

other 401k/DC plans 22% 21% 21% 23% 22%

TSP fees are among the 

highest compared 

to other 401k/DC plans

4% 6% 2% 7% 7%

Note: Shading denotes higher-rated items than other groups

Participants desire more instructions/information to better meet their retirement planning 

needs

Participants were also asked what one thing the TSP could do to better to meet their retirement 

planning needs. Of the 38% of participants with an opinion, the most requested item was for better 

instructions/information/tutorials (14%) from the TSP, while 9% requested technological adjustments 

to the TSP platform such as easier access/log-ins, CAC capability, and easier password resets. 

FERS participants with a suggestion for the TSP to better meet their retirement needs most wanted 

better instructions/information/tutorials (19%). While US-Legacy participants most desire the ability to 

participate after retirement (9%) and BRS most want improvements to the TSP website (11%) such 

as a more user-friendly interface. 

4%

22%

74%
32

FIGURE 34.

What ONE thing could the TSP do to better meet your retirement planning needs?

(Among 38% with comment; n=1,958)

FERS

(n=1,340)

USLegacy

(n=532)

BRS

(n=86*)

Better instructions/information/tutorials 19% 10% 7%

Easier access/log-in/CAC capability/easier 

password re-set 6% 11% 17%

More investment options 7% 8% 6%

Provide investment advice/retirement plan 10% 3% 8%

Have more tools/calculators/

prediction capabilities 7% 5% 5%

Improve website/interface/make it more 

user-friendly 5% 5% 11%

Better/easier roll-over capabilities (ROTH) 3% 8% 12%

More transaction 

availability/transfers/deposits/withdrawals 6% 5% 4%

Be able to participate after retirement 2% 9% 2%

More flexibility with 

contributions/amounts/sources/better matching 3% 4% 5%

Offer a mobile app 2% 4% 7%

Better return 3% 3% 2%

Better/clearer statements/receive more often 4% 2% 1%

Other 5% 9% 1%

Note: Only responses of 3% or greater are shown; Shading denotes higher-rated items than other groups 

14%

9%

7%

7%

6%

6%

6%

5%

4%

4%

3%

3%

3%

6%
33

Key Findings and Recommendations 

Survey results from the 2021 Participant Satisfaction survey yield insights into areas that FRTIB 

should consider to better meet the needs of plan participants. 

Participant engagement

BRS and US-Legacy groups have lower overall satisfaction rates with account access.

• A TSP mobile app and new authentication methods will be part of future enhancements which 

will address account access concerns.

Majority of participants find TSP fees among the lowest compared to those of other 

401k/DC plans. 

• Continue educational campaign using TSP “Scorecard” and other materials emphasizing how 

TSP fees compare and highlighting the benefits of lower fees. 

Contributions

Participants cite affordability and inertia as the two leading reasons for not contributing 

5%. Roughly a third (31%) cite never changing from the default deferral rate.

• While the increase in the default deferral rate to 5% will help address this issue, FRTIB should 

continue outreach and targeted messaging, emphasizing the importance and advantages of 

saving at least 5% of income to all participants. .

New Features

Participants want the ability to designate specific fund balances for allocation, loans and 

withdrawals. Similarly, participants want to designate Traditional or ROTH balances for 

account allocation and loan withdrawals.

• Evaluate providing these desired options after the implementation of the new record keeper. 

• If these options are implemented in the future, consider providing messaging around new 

options so all participants are aware of their availability. 

Nearly half of all participants and almost 60% of US-Legacy and Separated participants say 

they have an IRA/401k outside of the TSP. Over half also say they would be likely to use 

roll-over assistance.

• After implementation of the new record keeping system, emphasize new concierge roll-in 

service; continue messaging around the benefits of consolidating retirement accounts and low 

TSP fees.

Sixty-two percent of participants want a mobile app.

• After implementation of the new record keeping system, increase awareness of the new TSP 

mobile app that will be available. 
34

APPENDIX A: Methodology

Sample design

Gallup employed a stratified sample design to meet the objectives of the FRTIB Participant 

Satisfaction Survey to reach a representative sample of participants from the Federal Employees 

Retirement System (FERS), Uniformed Services Legacy (US-Legacy) and Blended Retirement 

System (BRS) populations as of early 2021. The primary goal of the sample design was to increase 

the agency's understanding of participants' retirement planning behavior and satisfaction with TSP 

(Thrift Savings Plan) services. The TSP participant pool8 was used as the sampling frame. The total 

of 5,103 returned surveys (paper and online) resulted in an overall response rate of around 15.0%. 

When respondents who provided unit-missing data leading to unusable results are excluded, the final 

sample size was 5,062, with a response rate of 14.9%. The total sample was allocated optimally 

across different strata to ensure adequate sample size for different groups and subgroups of interest 

to FRTIB. The main steps of the sampling process follow. 

Sample stratification

FRTIB set the overall sample size of 34,006 based on the expected response rate as achieved in the 

2020 survey and the goal to achieve at least 5,000 completed surveys. The sample design included 

disproportional stratified sampling across the three systems based on expected response rates of 

respondents by the level of available contact information (if email was available), work status and 

enrollment of system. 

The three major TSP populations of FERS, US-Legacy and BRS are of special interest to FRTIB and 

were chosen as the primary stratification variables. Within each of these populations (primary strata), 

additional stratification was used to ensure sufficient sample sizes for different subgroups of interest, 

primarily employment status (Active/Separated) and enrollment status (auto-enroll, opt-in, pre-autoenroll). Results from the 2020 survey effort indicated that response rates were three to four times 

higher among participants with email addresses (as these participants were more likely to have 

registered on the TSP website, and they received multiple communications points for the survey).

Thus, the substrata were further stratified by the availability of email contact information in the FRTIB 

database. The sample plan included a total of 24 strata:

8 While FRTIB still has participants in the Civil Service Retirement System (CSRS), that participant base represents a small (about 3%) and diminishing proportion of 

participants, and as such was not included in this or the 2020 survey.
35

Table 1: Strata Definitions

Strata Retirement 

system Employment status Enrollment type Email

1 BRS Active Auto-enroll Email

2 BRS Active Auto-enroll No Email

3 BRS Separated Auto-enroll Email

4 BRS Separated Auto-enroll No Email

5 BRS Active Opt-in without prior Email

6 BRS Active Opt-in without prior No Email

7 BRS Separated Opt-in without prior Email

8 BRS Separated Opt-in without prior No Email

9 BRS Active Opt-in with prior Email

10 BRS Active Opt-in with prior No Email

11 BRS Separated Opt-in with prior Email

12 BRS Separated Opt-in with prior No Email

13 FERS Active Auto-enroll Email

14 FERS Active Auto-enroll No Email

15 FERS Separated Auto-enroll Email

16 FERS Separated Auto-enroll No Email

17 FERS Active Pre-auto-enroll Email

18 FERS Active Pre-auto-enroll No Email

19 FERS Separated Pre-auto-enroll Email

20 FERS Separated Pre-auto-enroll No Email

21 US-Legacy Active Email

22 US-Legacy Active No Email

23 US-Legacy Separated Email

24 US-Legacy Separated No Email

Sample allocation

Gallup carried out sample allocation across different strata and sub-strata while keeping in mind the 

sample size requirements at different levels. Instead of allocating the sample proportionally across 

strata (i.e., assigning sample size based on the size of strata), Gallup determined it was necessary to 

use disproportional sample allocation across strata and sub-strata to ensure a minimum sample size 

for each stratum and sub-stratum and to achieve the highest response rate possible given known 

participant information. The expected response rates derived from past TSP surveys were taken into 

account to determine the sample size to be assigned at different levels, with a higher sample 

selection of participants with email addresses. FRTIB sent Gallup the requested sample records for 

each of the 24 strata following internal cleaning protocols (including removing records with known bad 

addresses — defined as two return USPS mailers to FRTIB over the prior year).

Table 2 provides the sample size and the corresponding number of completed surveys for the three 

primary sampling strata (or populations). Respondents who returned a survey with all missing data 

have been excluded from the table. 
36

Table 2: Sample Size and Number of Completed Surveys by Retirement System

Retirement system Total sample size Number of 

completed surveys Response rate (%)

Total 34,006 5,062 14.9

FERS 10,692 3,823 17.9

US-Legacy 9,145 1,057 11.6

BRS 3,476 182 5.2

Sample selection

Sampling was carried out independently within each sampling stratum and sub-stratum. Once Gallup 

finalized the sample size to be allocated to a particular sub-stratum, FRTIB staff selected a simple 

random sample of the specified size that was drawn from each sub-stratum and sent to Gallup for 

processing. The probability of selection was, therefore, the same for all cases within a sub-stratum. 

Data collection

The survey field period lasted from March 2 to May 10, 2021.

Data collection involved a multimode invitation (email and mail) and survey mode (web and paper)

protocol. Gallup mailed pre-notification postcards to all sampled participants on March 2, 2021, via

the United States Postal Service (USPS). The postcard explained the purpose of the upcoming 

survey and contained the URL and access code to complete the survey online. On March 11, 2021,

Gallup mailed a survey packet in a flat envelope that contained a cover letter and an eight-page color 

survey booklet asking participants to complete and return the survey back to Gallup. In addition to the 

mail survey packet, all participants with an email address (63% of sample) were also sent an email 

invitation with a personalized link to take the survey online.

Gallup sent a reminder/thank-you postcard to all sampled participants on March 18. Gallup also sent 

seven email reminders between March 24 and May 6 to all participants with email addresses who had 

not yet completed the survey. All mail communications included the URL and access code for 

completing the survey online if desired.

Gallup scanned received paper surveys throughout the field period, combined the information with 

completes from the web and provided weekly response rate reports to FRTIB. At the end of the 

survey field period, Gallup scanned all final paper surveys and processed the combined data. In 

cases where a respondent completed both a mail and web survey, the data from the web survey was 

retained, and the mail survey data was not included in the data set. A total of 5,103 participants 

returned a survey (web or mail) and were included in the initial data set. Forty-one participants either

progressed to the end of the survey and submitted it but did not provide a response to any of the 

questions or returned a blank paper survey. If these respondents are excluded, 5,062 participants 

provided non-missing data. 

Sixty-eight percent of respondents completed the survey via web and 32% via mail. The following 

table provides the number of returns by mode and by retirement system.
37

Table 3: Number of Completed Web Surveys by Retirement System

Total 

members

Mail ONLY invite and

reminders

Mail and web invite and 

reminders

Total 

SM9

Total 

CM10

Resp. 

rate11

% of SM 

w/ 

emails

% of 

CM 

via 

web

Total SM Total 

CM

Resp. 

rate

% of 

returns 

via web

Total SM Total 

CM

Resp. 

rate

% of 

returns 

via web

Total 34,006 5,103 15% 58% 69% 10,079 664 7% 77% 23,927 4,439 19% 68%

BRS 3,476 180 5% 30% 78% 1,209 12 1% 25% 2,266 168 7% 82%

FERS 21,385 3,854 18% 67% 66% 7,103 610 9% 79% 14,283 3,244 23% 64%

USLegacy 9,145 1,069 12% 49% 76% 1,766 42 2% 50% 7,379 1,027 14% 77%

While sending only mail invites is sufficient for FERS participants (who are generally older and more 

established), mail and web invites are necessary to reach BRS and US participants. Among 

participants who received only mail communications, 77% completed the survey via web (but just 

25% of BRS and 50% of US) compared with 68% web returns from respondents who received mail 

and email communications (two-thirds or more of each system).

Overall, response rates were higher from respondents who received both mail and email 

communications. This is, in part, undoubtedly because respondents with email were contacted using 

more than one method and received more reminders than those who received only mail 

communications. However, TSP members who provided the TSP with an email address may also be 

more engaged members and, therefore, more likely to complete the survey, which may have also 

contributed to the higher response rates from this group. 

Weighting of sample data

Sample data were weighted to minimize bias in sample-based estimates. The final weight assigned to 

each respondent in any sub-stratum was equal to the ratio of (i) the total number of participants in 

that sub-stratum and (ii) the number of completed surveys obtained from that sub-stratum. The 

weighting process corrected for (i) unequal probability of selection across sub-strata, and (ii) unit-level 

non-response or the failure to obtain participation from the sampled respondents. Using the final 

weights, the results obtained from participants within a sub-stratum can be projected to all 

participants of that sub-stratum. Data were weighted by the following strata:

• Retirement system

• Employment status

• Enrollment type

• Email availability

9 SM = sampled N

10 CM = completed surveys N

11 Response rate = %CM/SM
38

Precision of estimates

Ignoring design effect, the margin of error associated with the estimate of a population proportion (P) 

for the three retirement systems combined (n=5,062) is roughly ±1.4% at 95% level of confidence. 

The margin of error after taking into account design effects due to disproportional sample allocation 

will be around ±2.1%.

The precision of estimates for any subgroup will depend on the number of completed surveys 

obtained for that subgroup. As shown in Table 1, the numbers of completed surveys for the three 

populations (FERS, US-Legacy and BRS) are 3,823, 1,057 and 182, respectively. Ignoring design 

effect, the margin of error associated with estimates of a population proportion (P) for the three 

retirement systems, for example, will be roughly ±2.3%, ±4.3% and ±10.3%, respectively, at the 95% 

level of confidence. The corresponding values of margins of error after taking into account design 

effects due to disproportional sample allocation will be around ±3.3%, ±6.6% and ±12.6%,

respectively, for the three retirement systems (FERS, US-Legacy and BRS).

Profile of plan participants

Similar to the participant satisfaction survey in 2020, FRTIB employed a disproportional, stratified 

sample design to ensure a sufficient sample size of key target groups. As noted, the data were 

weighted post-stratification by demographics and plan characteristics to reflect the known population 

profiles of the TSP's participant groups. Thus, the weighted profile of respondents is an accurate 

depiction of TSP plan participants.

Table 4: TSP Participants by Retirement System

Retirement system Number of completed surveys Percentage of all TSP participants

Total 5,062 100%

FERS 3,823 63%

US-Legacy 1,057 25%

BRS 182 12%

Table 5: TSP Participants by Employment

Federal employment 

status

Number of completed 

surveys

Percentage of all 

TSP participants FERS US-Legacy BRS

Separated 2,158 32% 2,340 452 27

Active 2,945 68% 1,514 617 153

Total 5,062 100% 3,549 1,125 289
39

APPENDIX B: 2021 Active Participants Survey
40
41
42
43
44
45
46
47

APPENDIX C: 2021 Separated Participants Survey
48
49
50
51
52
53
54