Does BLS offer a retirement program?
Yes. The Federal Employees Retirement System (FERS) is the Federal retirement system for employees hired after December 31, 1983. FERS is a three-tiered retirement plan. The three components are: • Social Security Benefits • Basic Retirement Benefit Plan • Thrift Savings Plan (TSP) The Thrift Savings Plan (TSP) is an optional, tax deferred retirement savings plan. An employee receives an immediate tax deduction for each year in which money is deposited in the account. The employee gets an additional tax break under the savings plan because money comes out of the employee’s pay before federal, and, in most cases, state or local income taxes, are computed. Employees may contribute up to 10 percent of their basic pay per pay period to the plan, and the employee receives agency matching contributions of up to 5 percent of their basic pay contributed each pay period. The employee receives agency automatic (1 percent) contributions whether or not they contribute to their TSP accounts. Employ
