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 Mikaley Towle

AFAS helps ease financial stress

U.S. Air Force photo by Airman 1st Class Mikaley Towle Hiroko Bush, 99th Force Support Squadron community readiness consultant, accepts a Nellis Airman’s Air Force Financial Aid Society application at the Airman and Family Re...
 
 

AF to change instructions for oaths

WASHINGTON — The Air Force has instructed force support offices across the service to allow both enlisted members and officers to omit the words “So help me God” from enlistment and officer appointment oaths if an Airman chooses. In response to concerns raised by Airmen, the Department of the Air Force requested an opinion from...
 
 

Why I became a victim advocate for fellow Airmen

Editor’s note: Though the author chose to remain anonymous, this is the real story of one Airman’s experience with sexual assault. Be mindful that no two sexual assault stories are the same. If you, or anyone you know, has been or is currently a victim of any sexual crime, contact the Sexual Assault Response Coordinator...
 

 
U.S. Air Force photo by Airman 1st Class Thomas Spangler

USAF A3, former USAFWS commandant visits Nellis

U.S. Air Force photo by Airman 1st Class Thomas Spangler Lt. Gen. Burton M. Field, deputy chief of staff of Operations, Plans and Requirements, Headquarters U.S. Air Force, Washington, D.C., is sprayed by his wife Lisa after hi...
 
 
U.S. Air Force photo by Staff Sgt. Victoria Sneed

Shedding light on patient advocates

U.S. Air Force photo by Staff Sgt. Victoria Sneed Master Sgt. Bryan Anderson, 99th Medical Group patient advocate, speaks with a patient at the Mike O’Callaghan Federal Medical Center on Nellis Air Force Base, Nev., Sept. 15....
 
 

F-35 on time to deliver global security, Air Force official said

WASHINGTON — Work leading up the completion of the multinational F-35 program is largely on track, the F-35 Lightning II Joint Program Office executive officer said in remarks during the 2014 Air Force Association’s Air & Space Conference and Technology Exposition here Sept. 15. Lt. Gen. Christopher Bogdan reported steady progress across all elements of...
 




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