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 photo by Alan Boedeker)

AF to change instructions for oaths

WASHINGTON (AFNS)  — The Air Force has instructed force support offices across the service to allow both enlisted members and officers to omit the words “So help me God” from enlistment and officer appointment oaths ...
 
 

Draft Total Force Training Environmental Assessment available for public review

The revised draft Environmental Assessment for Total Force Training (formerly Operation Snowbird) was released by Air Combat Command here today. The release initiates a 30-day public comment period, which ends October 23.  Substantive public comments submitted by that date will be considered before the Air Force makes any determinations on the proposal.  These comments will...
 
 
(U.S. Air Force photo/Scott Ash)

AF signs Total-Force Aircrew Management charter

WASHINGTON (AFNS) — Senior Air Force leaders signed a Total Force Aircrew Management charter Sept. 18, during the Aircrew Summit at Joint Base Andrews, Maryland. Secretary of the Air Force Deborah Lee James, Chief of Staf...
 

 

Information security part of everything we do

NELLIS AIR FORCE BASE, Nev. — It’s been one of those days. You are super busy and your unit just received another tasking. You are trying to do five jobs at once and don’t even have time to think. You decide to help your unit deployment manager get the word out and forward an email...
 
 
leadership

When leaders earn their keep

JOINT BASE SAN ANTONIO-RANDOLPH, Texas — It’s no secret that a key to being a good leader, military or otherwise, is taking care of your people. I strongly believe Airmen aren’t able to perform at their peak if their ...
 
 
(U.S. Air Force photo by Airman 1st Class Cheyenne Morigeau)

Fuels Management team finds a new home

The 355th Logistics Readiness Squadron held a ribbon cutting ceremony to celebrate the completion of their new Fuels Management facility and Type III Fuels Hydrant System facility at D-M, Sept. 17. The new facilities are equipp...
 




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