On payday, you will get a statement showing your gross and net salary as well as the amount taken out for each payroll deduction. This is a contributory 3-tier plan providing retirement income from a Federal pension, Social Security, and a Thrift Savings Plan. You are eligible for disability retirement after completion of 18 months of creditable civilian service. Certain survivor benefits are payable after completion of 18 months of creditable civilian service. Other benefits require completion of 10 years of creditable service.
Qualified children are eligible for a monthly annuity.
If the employee dies in service, the surviving spouse would be eligible for the Basic Death Benefit described above, plus a monthly annuity. Qualified children are eligible for a monthly annuity. The TSP is a defined contribution plan similar to the 401K plans offered in the private sector. Contributions are made by payroll deduction. Both the money that is contributed and the interest earned are tax-deferred.