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 Staff Sgt. Krystie Martinez)

Summer burnout

Langley Air Force Base, Va. — Some of the very things we enjoy during the summer can also wear us down. Juggling work, family schedules, vacation times, and outdoor squadron activities can take a toll. The chronic engagem...
 
 

Who receives your SGLI proceeds – your spouse or your former spouse?

JBSA-FORT SAM HOUSTON — Payment from a Servicemember’s Group Life Insurance policy may be the largest sum of money that your family receives if you die while on active duty. That’s why it’s important to make sure that your SGLV 8286 form – the SGLI Election and Certificate – is accurate and up to date....
 
 

Voting now open for American Airman Video Contest

JOINT BASE SAN ANTONIO-LACKLAND, Texas (AFNS) — Voting for the 2014 American Airman Video Contest is now open and runs until Aug. 22 at 3 p.m. CDT. The contest launched July 1 for all total force Airmen to showcase their Air Force stories in short selfie videos. “Every Airman has a story — and smartphone...
 

 
(U.S. Air Force photo by Johnny Saldivar)

Proper flag display honors nation’s history, ultimate sacrifices

JOINT BASE SAN ANTONIO-RANDOLPH, Texas — From front yards to the top of the White House, people have flown U.S. flags as emblems for sacrifice and independence. But to honor Old Glory, they must display it with proper eti...
 
 

AETC commander: 162 FW’s contribution ‘cannot be overstated’

The Tucson Air National Guard 162nd Wing hosted Gen. Robin Rand, Air Education and Training Command commander, Aug. 2-3 during the August Unit Training Assembly. Rand said he gained more knowledge of the unit’s diverse mission outside of the its F-16 schoolhouse to include the 162nd Wing’s support to the Air Force Reserve Test Center,...
 
 
(U.S. Air Force photo by Airman 1st Class Betty R. Chevalier)

Davis-Monthan gets mentally fit to fight

The 355th Fighter Wing participated in the Comprehensive Airman Fitness Day, Aug. 11. CAF is a lifestyle taught to strengthen an Airman with four domains: mental, physical, social and spiritual. This quarter’s CAF Day focuses...
 




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