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/Megan Crusher

‘The Spirit of Ronald Reagan’ gets nose art

U.S. Air Force photo/Megan Crusher Col. Russell Muncy, commander, 452nd Air Mobility Wing, March Air Reserve Base, California, and U.S. Congressman Ken Calvert, California’s 42nd district, unveil C-17 original nose art, creat...
 
 
AFN courtesy photo

Hollywood’s Oscar shout outs for U.S. military

AFN courtesy photo From left, Eric Gabriel, Army Maj. Rosy Poulos, Patrice “Rock” Grant, Air Force Staff Sgt. Rob Harden and Fabian Montgomery, American Forces Network employees, work the red carpet at the Oscars to provide...
 
 

452 AMW QUARTERLY AWARD WINNERS

2nd Lt. Jim Lambert, 452nd Aeromedical Evacuation Squadron Company Grade Officer of the Quarter Senior Airman Anahi Ledezma, 452nd Communications Squadron Airman of the Quarter Staff Sgt. Paul Bugar, 729th Airlift Squadron NCO of the Quarter Master Sgt. John R. Hershey Jr., 752nd Aircraft Maintenance Squadron SNCO of the Quarter
 

 
U.S. Air Force photo / Megan Crusher

March Field FES hosts Riverside County Chief’s Association meeting

U.S. Air Force photo / Megan Crusher Eliot M. Cooper (center), assistant fire chief and C. Christianson (left), assistant chief of training, give Patrick Reitz, fire chief, Idyllwild Fire Protection District, a tour of the Marc...
 
 
163rd Security Forces Squadron courtesy photo

March Airmen respond to helicopter crash

163rd Security Forces Squadron courtesy photo A UH-60 Blackhawk helicopter rests on its side at Ramona Airport, Ramona, California, Jan. 20, 2015, after crashing. Seven Airmen from the 163rd Reconnaissance Wing’s Security For...
 
 
Figure-2

Dietary supplements: How safe are they really?

Walk into a health food store today and you can be overwhelmed by shelves piled with dietary supplements. What’s going on? For the past ten years the popularity of dietary supplements has increased steadily. Supplements are a...
 




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