DoD

July 26, 2012

Civilians contribute to Roth options

Kathryn Iapichino
Air Force Personnel Center

JOINT BASE SAN ANTONIO-RANDOLPH, Texas — Department of Defense civilian employees eligible for the Thrift Savings Plan may begin to contribute to the Roth TSP. This new feature allows members to contribute on an after-tax basis and receive tax-free earnings when they withdraw funds from their TSP accounts.

Air Force serviced civilians may make elections through the Employee Benefits Information System, which can be accessed through the myPers website at https://mypers.af.mil. Elections made on or before June 30 were effective July 1 and will be reflected on the July 20 Leave and Earnings Statement.

Civilians may contribute to traditional and Roth TSP accounts as long as they do not exceed the elective deferral limit. Agency automatic and matching contributions must continue to be tax deferred and will be deposited as regular TSP contributions.

Roth TSP elective deferral limits are $17,000 for regular contributions and $5,500 for catch-up contributions, which is identical to traditional TSP limits. The Roth TSP is not the same as a Roth Individual Retirement Account. In some instances, contributing to the Roth TSP may make a civilian ineligible to contribute to a Roth IRA because of income limitations.

For more information, contact a financial adviser or review the information found on the Internal Revenue Service’s webpage at http://www.irs.gov/retirement/participant/article/0,,id=211358,00.html. Currently, military personnel are being phased into the program until October. Air Force Personnel Center officials will notify Airmen when they may begin to contribute to Roth TSP.

For more information about TSP, visit http://www.tsp.gov.




All of this week's top headlines to your email every Friday.


 
 

 
(U.S. Air Force illustration/Senior Airman Micaiah Anthony)

AF begins testing phase for women in combat roles

WASHINGTON (AFNS) — In April 2015, the Air Force will begin conducting the physical evaluations required to explore opening the last six career fields currently closed to women. When the law prohibiting women in ground co...
 
 
DoD

New tuition assistance tool attuned to troops’ educational needs

WASHINGTON – The Defense Department continues to invest in its service members and has introduced a new online informational tool tailored to their unique school programs and educational needs, the Defense Department’s chief of voluntary education said in a DoD news interview this week. Dawn Bilodeau discussed a new online tool called “Tuition Assistance DECIDE.”...
 
 

D-M Airmen freefall into the blue

BUCKEYE, Ariz. — You’re standing in an open door of an aircraft soaring 12,000 feet above the ground. You have put your full trust into the person strapped to your back, who you’ve known for less than two hours, to bring you back down to Earth safe and sound. The count begins. “Out…in…out.” The floor of the...
 

 

Enlisted members selected for promotion to get EPR on “select” grade closeout date

JOINT BASE SAN ANTONIO-RANDOLPH, Texas (AFNS) — In line with a recent update to the Air Force policy on enlisted performance report static closeout dates (SCOD), effective immediately, all future EPRs for promotion-selectees will close out on the date of the promotion-select grade. At the direction of Headquarters Air Force, Airmen promoted to technical sergeant...
 
 
(U.S. Air National Guard photo by 2nd Lt. Lacey Roberts)

First Yellow Ribbon Reintegration Program event a success

The 162nd Wing’s Air Wing Integrator hosted her first Yellow Ribbon Reintegration Program event on April 10 at the Hilton Garden Inn Tucson International Airport. Christina Desiato began working here last September with a pur...
 
 

Make time to mentor your Airmen

LUKE AIR FORCE BASE, AZ — The Air Force is comprised of Airmen with many skills and talents. The backbone to our continued success is our men and women who strive to be excellent on a daily basis. However, there are times when our focus is derailed by our own personal and professional guidelines. I was taught...
 




0 Comments


Be the first to comment!


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>


Directory powered by Business Directory Plugin