Feds Not Taking Full Advantage of Government’s Retirement Matching Contributions

Categories: Retirement

Many federal employees are not taking full advantage of the federal government’s matching contribution to their Thrift Savings Plan (TSP) accounts, said Larry Fink, chairman and CEO of BlackRock, which manages four of the TSP’s five individual funds.

BlackRock officials briefed the Federal Retirement Thrift Investment Board earlier this week. The board expressed the same concern earlier this year that employees are leaving free money on the table. Federal agencies fully match the first 3% of their employees’ contributions to their TSP accounts and match 50% of their contributions up to 5%.

But more than 25% of TSP participants are not receiving the maximum benefit from their agency as they contribute less than 5% of their paychecks to their retirement investment accounts.

Visit the TSP YouTube Channel to learn more.

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