Air Force

October 12, 2012

Roth contributions open to all active-duty service members

WASHINGTON (AFPS) — Beginning Oct. 1, active-duty members of the Army, Navy and Air Force can now contribute to the Roth Thrift Savings Plan as part of their investment planning, Defense Financing and Accounting Service officials have announced.

The after-tax contributions will be electronically deducted from service members’ pay accounts.

Active-duty service members can start their Roth TSP contributions 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. Instructions and links are available at the DFAS website, http://www.dfas.mil/militarymembers/rothtspformilitary.html.

Active-duty and reserve Marines and federal civilian employees paid by DFAS were able to begin participating in the program earlier this summer, officials said. Roth TSP participation will be available to other branches of the National Guard and reserves by mid-to-late 2013.

The timeline difference between active-duty and reserve or National Guard service members resulted from an interim solution for reserve-component members that didn’t meet Federal Retirement Thrift Investment Board requirements, DFAS officials said.

While work continues for options that will be available more quickly and satisfy the law and FRTIB requirements at the same time, DFAS officials said, the new schedule will allow time to make systems changes and electronic deductions that meet all requirements.

Before selecting Roth TSP contributions, service members should determine how much of their pay is eligible. A Roth TSP worksheet, also available on the DFAS website can help make the calculations.

Military members are required to contribute a minimum amount equaling 1 percent of their basic 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 eligible tax-exempt pay earned in combat zones to contribute to Roth TSP.

Payroll deductions for Roth TSP contributions begin the month following members’ selections via myPay or the TSP-U-1 form submission to their military finance office.




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


 
 

 
U.S. Air Force photo by Master Sgt. Kevin J. Gruenwald

40 years of Red Flag at Nellis

U.S. Air Force photo by Master Sgt. Kevin J. Gruenwald A flight of F-15 Eagles and F-16 Fighting Falcons Aggressors fly in formation over the Nevada Test and Training Ranges June 5, 2008. The proposal for Red Flag came in early...
 
 

True inteGRITy

AL UDEID AIR BASE, Qatar — Your homework after reading this article is to turn to the closest Airman and ask him to define ‘integrity.’ Wait while he rattles off some version of, “integrity means doing the right thing even when no one is watching,” and then say “stop telling people that; you sound like...
 
 

Diversity is Biomedical Sciences Corps strength

NELLIS AIR FORCE BASE, Nev. — The Biomedical Sciences Corps will celebrate the 50th anniversary of Special Order CA-5, which established the Air Force Medical Services Biomedical Sciences Corps, here Jan. 28. Many Airmen, new and seasoned, are unfamiliar with the five distinct branches of the U.S. Air Force Medical Service corps, which includes the...
 

 
U.S. Air Force photo by Staff Sgt. Siuta B. Ika

Airman pulls woman from burning vehicle

U.S. Air Force photo by Staff Sgt. Siuta B. Ika Tech. Sgt. Justin Mahana, 823rd Maintenance Squadron support section chief, poses in front of an HH-60G Pave Hawk at Nellis Air Force Base, Nev., Jan. 20. On Jan. 6, Mahana pulled...
 
 
U.S. Air Force photo by David Bedard

Former Airman sentenced to 18 years in drunken–driving death tells story

U.S. Air Force photo by David Bedard Former Airman 1st Class Lane Wyatt recounts the night of June 30, 2013, when he killed Citari Townes-Sweatt in a drunken-driving accident. Wyatt was sentenced Dec. 19, 2014, to 18 years in p...
 
 

Stepping into a better self

U.S. Air Force photo by Airman 1st Class Mikaley Towle Michelle Strawn, 99th Force Support Squadron, works out to a step class video at the Warrior Fitness Center on Nellis Air Force Base, Nev., Jan. 21. Strawn is a group fitness instructor and teaches Hatha yoga on Tuesdays and Thursdays at the Warrior Fitness Center...
 




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