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.


 
 

 
hb

Mental health services available for all Team March members, families

March Field offers mental health services through Elaine Valentine, 452nd Air Mobility Wing, director of psychological health and a licensed clinical social worker with more than 15 years of experience in the mental health care...
 
 
Courtesy photo

Women can succeed in a man’s world

Courtesy photo Pamela Hann, March Base Civil Engineer, surveys a consturction project at March Air Reserve Base, California. Hann became the first female BCE in Air Force Reserve Command on May 15, 2005, and is responsible for ...
 
 
NWH3

National Women’s History Month: Weaving the Stories of Women’s Lives

(Final in a 4-part series) The National Women’s History Project’s 2015 theme is “Weaving the Stories of Women’s Lives.” In this ongoing series, we highlight individual women who made a difference in the fabric or our ...
 

 
Miracles

Retired Air Force Reservist finds inspiration through loss

Courtesy of Evan Money (First in a three-part series chronicling Angela Alexander’s incredible story which led to a book, a ministry and now, a documentary.) MIRACLE: “An unusual or wonderful event that is believed to be ca...
 
 
U.S. Air Force art by Master Sgt. Elizabeth Concepcion/Released

Airmen stay focused in DOD competition

U.S. Air Force art by Master Sgt. Elizabeth Concepcion/Released Digital painting created in Adobe Photoshop. This artwork was created to depict the US Army occupation in Vietnam and was inspired by the story of a Vietnam war ve...
 
 
Photo: Air Force
Ninth Chief Master

Former CMSAF Binnicker passes away at 76

Photo: Air ForceNinth Chief Master Sgt. of the Air Force James Binnicker died on March 21. Former Chief Master Sgt. of the Air Force James Binnicker, who was the service’s top enlisted man from 1986 to 1990, passed away in Ca...
 




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