Air Force

October 4, 2012

Roth contributions open to all active-duty service members

Terri Moon Cronk
American Forces Press Service

WASHINGTON (AFPS) — Beginning Oct. 1, active-duty members of the Air Force, Army and Navy will be able to contribute to the Roth Thrift Savings Plan as part of their investment planning, Defense Financing and Accounting Service officials said Sept. 28.

The after-tax contributions will be electronically deducted from service members’ pay accounts.

Active-duty service members also can start their Roth TSP contributions now through their online MyPay accounts, which offer the fastest, easiest and most secure method to manage both Roth and traditional TSP contributions. The second option open to service members is to submit a TSP-U-1 form to their finance office.

Active-duty Marines, guardsmen, reservists and civilians paid by DFAS were able to begin making contributions to the program in June, officials said.

Additionally, the other branches of the National Guard and Reserve will be able to make Roth TSP contributions by mid- to late 2013.

The timeline difference between active-duty and other service members resulted from an interim solution for Reserve component members, which didn’t meet Federal Retirement Thrift Investment Board requirements, according to DFAS.

While work continues for options that will be available more quickly and satisfy the law and FRTIB requirements at the same time, the new schedule will allow time to make systems changes and electronic deductions that meet all requirements, DFAS officials said.

To begin making Roth TSP contributions, service members should determine how much of their pay is eligible. A Roth TSP worksheet can help make the calculations.

Military members are required to contribute an amount equaling 1 percent of their eligible pay to begin TSP contributions. For those who are not participating in traditional TSP investments, the initial Roth TSP election must meet this 1 percent requirement. The IRS maximum contribution to Roth TSP is $17,000 per year, DFAS officials said.

Military members can use pay earned in combat zones, and are excluded from federal taxes to contribute to Roth TSP.




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


 
 

 
headstones-with-flags-300-dpi

This Memorial Day, honor those who gave all

Courtesy photo   Memorial Day. A long weekend, barbeques, parades, door busting sales at the mall, and the un-official start of summer . . . With all the excitement of warmer weather and fun in the sun that come with Memor...
 
 
(U.S. Air Force photo by Airman 1st Class Chris Drzazgowski)

Memorial Day weekend safety tips

Memorial Day weekend is coming up, for most service members that means getting on the road and traveling for the first long weekend of the summer. During this holiday weekend more people will be traveling, which makes it import...
 
 
(U.S. Air Force photo by Airman 1st Class Chris Drzazgowski)

D-M law enforcement recognizes National Police Week

Law enforcement agencies at Davis-Monthan celebrated National Police Week here during the week of May 11-15. National Police Week focuses on remembering law enforcement officials who have lost their lives in the line of duty. T...
 

 

Final Total Force Training Environmental Assessment released

The final Environmental Assessment for Total Force Training, released here today by Air Combat Command, concludes a “Finding of No Significant Impact.” The Air Force will implement the proposed action alternative which places a cap on Total Force Training (formerly Operation Snowbird) flights at Davis-Monthan Air Force Base at 2,326 annual flights.  Officials state that...
 
 

Commissaries continue rolling out in-store Wi-Fi

FORT LEE, Va. – Sixteen more stores will offer Wi-Fi access for commissary patrons between June and September, according to the Defense Commissary Agency’s follow-up schedule. Through the Commissary Patron Internet Mobile System, DeCA is gradually opening customer Wi-Fi access at all stateside commissaries to include Alaska, Hawaii and Puerto Rico. The latest schedule covers the...
 
 

The difference between Memorial and Veterans Day

FORT GEORGE G. MEADE, Md. (AFNS) — There are lots of reminders out there that Memorial Day is about more than a day off or barbecue. It’s also about more than thanking everyone who served or waving flags. The truth is, many people confuse this day with Veterans Day. This day is about one thing...
 




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