"...Federal employees overall are satisfied with their 401(k)-style retirement savings plan, but many don’t understand its key features, according to an employee survey released Monday.
The Thrift Savings Plan governing board heard at its monthly meeting Monday that nearly a fifth of employees under the Federal Employees Retirement System — which generally covers those hired starting in 1984, more than 80 percent of the federal workforce — don’t understand the potential for employer contributions into their accounts...
in a survey conducted last fall whose full results were released Monday, 6 percent said they do not invest because they do not understand the TSP and 18 percent of FERS-covered employees did not know that they could receive up to 5 percent in employer contributions.
When FERS employees don’t invest from their salaries, “basically, they’re leaving free money on the table,” TSP Executive Director Greg Long said..."
The Thrift Savings Plan governing board heard at its monthly meeting Monday that nearly a fifth of employees under the Federal Employees Retirement System — which generally covers those hired starting in 1984, more than 80 percent of the federal workforce — don’t understand the potential for employer contributions into their accounts...
in a survey conducted last fall whose full results were released Monday, 6 percent said they do not invest because they do not understand the TSP and 18 percent of FERS-covered employees did not know that they could receive up to 5 percent in employer contributions.
When FERS employees don’t invest from their salaries, “basically, they’re leaving free money on the table,” TSP Executive Director Greg Long said..."
