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 Henry Hancock

Weapons school grad challenges Airmen as new AU commander

U.S. Air Force photo by Henry Hancock Lt. Gen. Steven Kwast, Air University commander and 1994 outstanding graduate from Fighter Weapons School at Nellis Air Force Base, Nev., addresses Airmen Nov. 12 at Maxwell-Gunter Air Forc...
 
 
U.S. Air Force photo by Senior Airman Austin Harvill

Adversarial advantage: T-38 keeps Raptors sharp

U.S. Air Force photo by Senior Airman Austin Harvill Lt. Col. August Marquardt, Air Combat Command F-35 Lightning requirements officer, dons his helmet before piloting a T-38 Talon for a training mission at Langley Air Force Ba...
 
 
U.S. Air Force photo by Staff Sgt. Adawn Kelsey

Continued education inspires new Creech tradition

U.S. Air Force photo by Staff Sgt. Adawn Kelsey Master Sergeant Bryan Teeples, 15th Reconnaissance Squadron first sergeant, takes a selfie with Col. James Cluff, 432nd Wing/432nd Air Expeditionary Wing commander, and Chief Mast...
 

 
U.S. Air Force photo by Master Sgt. Shane A. Cuomo

F-35 and F-22 combine capabilities in operational integration training mission

U.S. Air Force photo by Master Sgt. Shane A. Cuomo F-22 Raptors from the 94th Fighter Squadron, Joint Base Langley-Eustis, Va., and F-35A Lightning IIs from the 58th Fighter Squadron, Eglin Air Force Base, Fl., fly in formation...
 
 
U.S. Air Force photo by Tech. Sgt. Joseph Swafford Jr.

Three bases identified as F-16 aggressor candidate bases

U.S. Air Force photo by Tech. Sgt. Joseph Swafford Jr. A U.S. Air Force F-16 Fighting Falcon assigned to the 18th Aggressor Squadron lands at Eielson Air Force Base, Alaska, Oct. 6 during RED FLAG-Alaska 15-1. RF-A is a series ...
 
 
app

New app to solve basic computer problems across AF

MAXWELL AIR FORCE BASE, Ala. — As the Air Force Enterprise Service Desk goes virtual, Airmen will see a new application on their computers that allows them to immediately tackle and fix their minor information technology issu...
 




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