"...Newly hired federal employees participating in the $313 billion Thrift Savings Plan, Washington, would have automatic escalation of their contributions under legislation introduced in the Senate.
Since 2009, federal employees have been automatically enrolled in TSP at a default employee contribution rate of 3% of salary. The employer contribution for the $412 billion Federal Employees Retirement System is capped at 5%...
The proposal, introduced Monday by Sen. Daniel Akaka, D-Hawaii, would authorize the Federal Retirement Thrift Investment Board overseeing TSP to add auto escalation of 1% per year for at least two consecutive years, to reach a savings goal of 5%. Employees could opt out of either feature..."
Since 2009, federal employees have been automatically enrolled in TSP at a default employee contribution rate of 3% of salary. The employer contribution for the $412 billion Federal Employees Retirement System is capped at 5%...
The proposal, introduced Monday by Sen. Daniel Akaka, D-Hawaii, would authorize the Federal Retirement Thrift Investment Board overseeing TSP to add auto escalation of 1% per year for at least two consecutive years, to reach a savings goal of 5%. Employees could opt out of either feature..."
