Retirement & Savings Programs
The Office of the Comptroller of the Currency (OCC) offers many ways to save for retirement including federal retirement plans, federal Thrift Savings Plan and the agency 401(k) Plans.
OCC 401(k) Plan*
Eligible employees can save and invest through a pretax account, and/or a Roth or non-Roth Voluntary After-Tax account. Employees receive a discretionary biweekly OCC contribution up to four percent of adjusted base salary and can receive up to one percent of salary in matching contributions. Eligible employees may contribute up to $19,500 (indexed for inflation), which is the IRS combined TSP and 401(k) annual elective deferral limit. Employees age 50 or older may contribute an additional combined total of $6,500 (indexed for inflation) to their 401(k) and TSP accounts.
Thrift Savings Plan (TSP)
The TSP is a tax-deferred retirement savings and investment plan for federal employees. Employees in the Federal Employees Retirement System (FERS) receive an automatic annual OCC contribution of one percent of their adjusted base salary and can receive up to four percent of their adjusted base salary in matching contributions from the OCC each year. The combined investment limit is $19,500 (indexed for inflation), and employees age 50 or older may contribute an additional combined total of $6,500 (indexed for inflation) to their TSP and 401(k) accounts.
Federal Employees Retirement System (FERS)
FERS is a three-part retirement plan consisting of a defined benefit from the Office of Personnel Management (OPM), a tax-deferred retirement savings plan (TSP), and Social Security benefits. Most newly-hired employees are automatically covered under FERS.
* Denotes OCC specific programs.