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 Airman 1st Class Thomas Spangler

Joint U.S. forces train together during integrated Green Flag exercise

U.S. Air Force photo by Airman 1st Class Thomas Spangler An F-16 Fighting Falcon from the 309th Fighter Squadron, Luke Air Force Base, Ariz., taxis to the runway during Green Flag-West 14-10 at Nellis AFB, Nev., Aug. 21. Green ...
 
 
U.S. Army photo by Staff Sgt. Brandon Hubbard

Romania air base replaces Transit Center Manas

U.S. Army photo by Staff Sgt. Brandon Hubbard Oregon Army National Guard, 41st Infantry Brigade Combat Team Soldiers from load onto a C-17 Globemaster III Aug. 13, 2013, bound for Afghanistan from Mihail Kogalniceanu Air Base, ...
 
 

F-16Ds removed from flight status due to longeron cracks

WASHINGTON — U.S. Air Force officials recently removed 82 two-seat F-16D Fighting Falcons from flight status due to the discovery of canopy sill longeron cracks found between the front and rear pilot seats. The cracks were discovered following an immediate action time compliance technical order, or TCTO, to inspect all F-16D due to initial structural...
 

 

CHIEFchat: ACAs, future Enlisted Performance Reports

FORT GEORGE G. MEADE, Md. — Chief Master Sgt. of the Air Force James A. Cody addressed the Airman Comprehensive Assessment, or ACA, how it influences enlisted performance reports, and how those reports will affect future promotions during his latest CHIEFchat at the Defense Media Activity, here. “Its important people get ready for this idea...
 
 
reading

CSAF Call to Airmen: 2015 Reading List

Courtesy graphic WASHINGTON — For the past eight years, the chiefs of staff of the Air Force, along with the chief master sergeants of the Air Force, have created a comprehensive reading list of motivating and inspiring mater...
 
 

AF implements static EPR closeout dates, eliminates change of reporting

JOINT BASE SAN ANTONIO-RANDOLPH, Texas — The first in a series of changes to the enlisted evaluation and promotion systems announced July 31 will include implementation of static enlisted performance report closeout dates, or SCOD, for each grade and elimination of change of reporting official EPRs. Evaluation system changes are focused on purposefully evolving the enlisted...
 




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