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.


 
 

 
DoD

Air Force offers assistance to PII hack victims

WASHINGTON (AFNS) — The Air Force maintains its commitment to protect personal information from cyber threats by continuing efforts with the Defense Department and the Office of Personnel Management to assist those impacted by the recent cyber incident involving federal background investigation data. OPM and an interagency response team, including investigators from the FBI and the Depa...
 
 
DoD

Final rule puts more teeth into Military Lending Act

  WASHINGTON – The Defense Department today closed loopholes to protect U.S. men and women in uniform from predatory lending practices, President Barack Obama said this morning at the 116th Veterans of Foreign Wars National Convention in Pittsburgh, Pennsylvania. The heightened level of financial and consumer-rights protection against unscrupulous practices, called the final rule of...
 
 
DoD

OPM acts to protect federal workers, others from cyber threats

WASHINGTON (AFNS) — U.S. Office of Personnel Management officials announced July 9, the results of the interagency forensics investigation into a recent cyber incident involving federal background investigation data and the steps OPM is taking to protect those affected. In late May, as a result of ongoing efforts to secure its systems, OPM discovered an...
 

 
DoD
(U.S. Air Force photo illustration by Senior Airman Michael Smith)

Working group to study implications of transgender service

WASHINGTON – A Defense Department working group will study the policy and readiness implications of welcoming transgender persons to serve openly in the military, and its work will presume they can do so unless objective and ...
 
 
DoD

Dempsey releases national military strategy

  WASHINGTON – The chairman of the Joint Chiefs of Staff cannot predict exactly where the next threat to the United States and its interests may come from, but he knows it will happen faster than in the past and the U.S. military must be prepared. The National Military Strategy released today by Army Gen....
 
 
DoD

New ‘peer’ consultation service debuts at Military OneSource

WASHINGTON – A “peer-to-peer” specialty consultation service that began June 15 offered by Military OneSource is the newest resource to support and connect service members and their families with professionals who understand the military life, a Defense Department personnel and readiness official said. In an interview with DoD News, Air Force Lt. Col. Tammy S....
 




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=""> <s> <strike> <strong>