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.


 
 

 

Air Force creates Installation and Mission Support Center

The Air Force is centralizing its installation support management within a newly created Air Force Installation and Mission Support Center (AFIMSC), Air Force officials announced July 11. The change resulted from a comprehensive effort to reduce overhead costs; increase efficiencies; eliminate redundant activities; improve effectiveness and business processes; and will help meet the Defense Dep...
 
 
U.S. Air Force photo/Katherine C. Gandara

AF introduces Total Force Commissioning Process

U.S. Air Force photo/Katherine C. Gandara University of New Mexico Air Force ROTC cadets take their oath of commission in a ceremony at the Air Force Operational Test and Evaluation Center headquarters at Kirtland Air Force Bas...
 
 

IMPORTANT INCIDENT REPORTING NUMBERS AND PROCEDURES

For 24-hour security assistance, call the Base Defense Operations Center (BDOC) at 655-2981 through 2985. Use if you need immediate security assistance Use to report all criminal activity Use to report Resource Protection issues Use to report traffic accidents To report incidents affecting Protection Level 1, 2 or 3 resources, call the Security Incident Hotline...
 

 
AF-to-Every-airman-grafic

AF to every Airman: Tell us your story

WASHINGTON (AFNS) — Air Force leaders want Airmen to share their stories with the world and designed the 2014 American Airman Video Contest with that purpose in mind. “Every Airman has a story — and smartphone tec...
 
 

Pulse on Air Force force-shaping management

Several factors have resulted in fewer Airmen eligible for current and upcoming involuntary force management boards. Air Force leaders recently decided to bolster manning for nuclear-related career fields, an intention to make adjustments to account for budgetary uncertainties tied to proposed force structure changes. Those actions, coupled with previously approved voluntary applications and re...
 
 
SECAF_DLJones

SecAF says Total force readiness has atrophied

While elements of the Air Force are always prepared to meet the country’s readiness needs, total force readiness has deteriorated, Air Force Secretary Deborah Lee James told the Defense Writers Group June 18. Nearing the six-...
 




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