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.


 
 

 

Technical sergeant promotion release delayed

WASHINGTON (AFNS) — Technical sergeant promotion selection results, originally scheduled for release May 28, will be delayed to enable the Air Force to continue to validate extensive system changes to the Weighted Airman Promotion System (WAPS), officials announced. The 2015 technical sergeant promotion cycle is the first to incorporate recent changes in the enlisted evaluation...
 
 

CAA: Informing, developing the force

JOINT BASE SAN ANTONIO-RANDOLPH, Texas — Life is full of decisions. Whether making the Air Force a career or using experience drawn from service to springboard into a civilian profession, always looking one or two steps ahead can be a good way to keep options open and set oneself up for success. In the journey...
 
 
museum02

Program Offers Museum Visits to Service Members, Families

WASHINGTON – From Memorial Day through Labor Day, service members and their families can visit more than 2,000 museums in all 50 states, Puerto Rico and American Samoa courtesy of collaboration among the Blue Star Museums, th...
 

 

2015 Chiefs vs Eagles Softball Game

(U.S. Air Force photo by Airman 1st Class Chris Massey) The Chiefs, made up of chief master sergeants, and the Eagles, made up of colonels, pose for a photo after a charity softball game in which the Chiefs won 23-12 at Thunderbolt Field, Davis-Monthan, Ariz., May 21. The two teams will collectively donate $355 to...
 
 
(U.S. Air Force photo by Staff Sgt. Adam Grant)

That others may live: AFSOUTH heads to Brazil for Search and Rescue SMEE

Campo Grande — U.S. Airmen traveled to Brazil to participate in a week-long subject matter expert exchange with members of the Brazilian air force, from May 11-15, focusing on Search and Rescue capabilities. The Airmen ...
 
 
(U.S. Air Force photo by Senior Airman Dylan Nuckolls)

D-M A-10s, Airmen complete training in Slovakia as part of TSP

SLIAC AIR BASE, Slovakia — Approximately 40 Airmen and four A-10 Thunderbolt IIs from the 354th Expeditionary Fighter Squadron, deployed from Davis-Monthan AFB, completed a micro deployment to Sliac Air Base, Slovakia, ...
 




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