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 by Airman 1st Class Cheyenne Morigeau)

Don’t become a target

Considering recent threats against Americans and the exponential growth of social media use, becoming a target of an adversary is easier than ever. Operations Security is a process that identifies unclassified, critical informa...
 
 
BreastCancerAwareness_pict

An Airman’s story: My mother didn’t fight alone

MOODY AIR FORCE BASE, Ga. – His green eyes frantically searched the crowd for his dying mother. During his final pass and review at basic military training (BMT) he saw her in the stands, cheering him on. A year later, ...
 
 

Fire Prevention Week 2014

(U.S. Air Force photo by Airman 1st Class Chris Drzazgowski) Sparky the Fire Dog, National Fire Protection Association spokesdog, and members from the 355th Fire Emergency Services flight taught children from the Child Development Center how to stop, drop and roll at Davis-Monthan, Oct. 8. The 355th FES conducted several events in conjunction with Fire...
 

 

Troops to Teachers helps Airmen serve after separation

NELLIS AIR FORCE BASE, Nev. – For many service members who are separating from the military, finding employment that utilizes prior training or skills gained while serving can be difficult. For Airmen who are honorably discharged from their military commitment and have an interest in ‘serving’ again as an educational instructor, the Troops to Teachers program is...
 
 

Military Tuition Assistance Program implements changes for FY15

HOLLOMAN AIR FORCE BASE, N.M. – Air Force active duty Airmen who want to take advantage of the military assistance programs for voluntary education in the coming academic year can expect several changes that were implemented on Oct. 1, 2014. The new Air Force Credentialing Opportunities Online, also referred to as AF COOL, will take the place...
 




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