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.


 
 

 

55th Electronic Combat Group

The 55th Electronic Combat Group provides combat-ready EC-130H Compass Call aircraft, crews, maintenance and operational support to combatant commanders. The group also plans and executes information operations, including information warfare and electronic attack, in support of theater campaign plans.
 
 

AF focuses fourth round of VERA/VSIP on headquarters reductions

WASHINGTON (AFNS) – In an effort to lead its force management actions with voluntary programs, the Air Force announced a fourth round of civilian workforce shaping measures beginning July 21. This follows the recent Air Force announcement on headquarters organization and staffing reductions. Those changes are designed to eliminate redundant activities and improve efficiencies while also...
 
 

Tattoos: Good, bad, permanent

NELLIS AIR FORCE BASE, Nev.  – Tattoos are becoming more commonplace in today’s society and therefore in the Air Force, which makes it important for Airmen to know what they are getting into before making a decision that will last a lifetime. Getting a tattoo can be a great way for someone to commemorate a moment in...
 

 

Wanted: Airmen selfie videos

WASHINGTON (AFNS) – Do you have a unique story about the path that led you to the Air Force? Are you proud of your job and how it impacts the bigger Air Force mission? Do you work in an exceptional unit? If so, the Air Force wants to hear from you! The 2014 American Airman Video Contest,...
 
 
(U.S. Air Force photo/Senior Airman Brett Clashman)

“Solicit help; don’t hide”

Over the years, the term “Wingman” has evolved in the Air Force. The traditional military definition of a Wingman refers to the pattern in which fighter jets fly. There is always a lead aircraft and another which flies off ...
 
 

Air Force announces changes to headquarters organization

Air Force leaders announced changes to headquarters staff manning and organization today. The Air Force will create efficiencies by deactivating and realigning organizations at Headquarters Air Force, Major Commands, Numbered Air Forces and Field Operating Agencies, resulting in savings of $1.6 billion across the Air Force in the next five years. “I will work to...
 




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