Air Force

October 5, 2012

Roth contributions to open to all active duty troops

By Terri Moon Cronk
American Forces Press Service

WASHINGTON, D.C. — Active duty members of the Army, Navy and Air Force are now 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 Thrift Savings Plan 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 did not 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 Federal Retirement Thrift Investment Board’s 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 when contributing to Roth TSP.




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


 
 

 
U.S. Air Force photo/Senior Airman Russell S. McMillan

Commander shows off Team March at Capitol Hill

U.S. Air Force photo/Senior Airman Russell S. McMillan (From left to right) U.S. Rep. Mark Takano, who represents the 41st District of California, and Julia Steinberger, senior legislative assistant to Takano’s office, discus...
 
 
U.S. Air Force photo/Master Sgt. Megan Crusher

Yellow Ribbon program supports Airman inspired by family history

U.S. Air Force photo/Master Sgt. Megan Crusher Almira Pasic and her youngest son, Memsudin, participate in an activity during the Warrior Support Forum, at a Yellow Ribbon Reintegration Program, held in Chandler, Ariz., July 26...
 
 
Courtesy photo

Through the glass: Veteran remembers his past

Courtesy photo Retired Lt. Col. Bruce Sooy receives a demonstration flight at Nut Tree Airport, Calif., July 2015. It had been 56 years since he had last flown an aircraft. (This feature is part of the “Through Airmen’s Eye...
 

 
Brigade3

News from the 304th Sustainment Brigade’s Facebook page

Army Reserve Pvt. 2nd Class Kiet Duong, a culinary specialist with the 387th, sifts flour through a sieve during the competition. Duong, a Garden Grove, Calif., native, used the flour in the baked wheat rolls and Boston cream c...
 
 
Courtesy photo of Marine Maj. Bridget Guerrero (ret.)

Marine vet honors fallen female troops with 160-mile run

Courtesy photo of Marine Maj. Bridget Guerrero (ret.) Marine Maj. Bridget Guerrero (ret.) ran 160 miles around the Puget Sound in Washington from July 23-26, 2015. Each mile represented a female service member who lost her life...
 
 
150725-F-RK887-023

Swarz assumes command of 452nd Security Forces Squadron

The 452nd Security Forces Squadron held an Assumption of Command ceremony at the Cultural Resource Center here on Saturday, July 25, 2015. During the ceremony Lt. Col. Arthur J. Rodi, deputy commander, 452nd Mission Support Gro...
 




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=""> <s> <strike> <strong>