Take Advantage of Gov't "401K" Match

[Kevin Phu]

I have an idea but I'm not sure it'll work legally or if I'm missing some information.

I work for the government and currently contribute 5% (tax deferred) into my Thrift Savings Plan (TSP) since my agency matches up to 5% (100% of first 3% then 50% of other 2%). This account has been growing steadily (but not as fast as I'd like). There aren't many investment vehicles in a TSP aside from the funds the few funds they have.

Would it be possible or even legal (I know, seek professional legal advice yada yada) to continue contributing 5% (or more) into my TSP to take advantage of the "free money" being matched by the government and then roll the balance every year into a tax deferred SD-IRA so I can invest that money freely?