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.


 
 

 

Air Force fighters, bombers conduct strikes against ISIL targets in Syria

TAMPA, Fla. — U.S. military forces and partner nations, including the Kingdom of Bahrain, the Hashemite Kingdom of Jordan, the Kingdom of Saudi Arabia, Qatar and the United Arab Emirates, undertook military action against ISIL terrorists in Syria Sept. 22, using a mix of fighter, bomber, remotely piloted aircraft and Tomahawk Land Attack Missiles to...
 
 
page-one

End of an era: 65th AGRS set to deactivate

NELLIS AIR FORCE BASE, Nev. – After almost a decade of unyielding service, the 65th Aggressor Squadron will be deactivating. Since being reactivated Sept. 15, 2005, the 65th AGRS helped provide air combat training for militar...
 
 

Information security part of everything we do

NELLIS AIR FORCE BASE, Nev. — It’s been one of those days. You are super busy and your unit just received another tasking. You are trying to do five jobs at once and don’t even have time to think. You decide to help your unit deployment manager get the word out and forward an email...
 

 

When leaders earn their keep

JOINT BASE SAN ANTONIO-RANDOLPH, Texas — It’s no secret that a key to being a good leader, military or otherwise, is taking care of your people. I strongly believe Airmen aren’t able to perform at their peak if their personal lives are in disarray. Whether financial woes, marital issues, illnesses or other troubles, it’s tough...
 
 
birthday2

Nellis celebrates Air Force birthday

U.S. Air Force photo by Staff Sgt. Victoria Sneed Lt. Col. Tammy Johnson, 99th Force Support Squadron commander, and Airman Scott Chatwin, 99th Logistics Readiness Squadron vehicle operator apprentice, cut a ceremonial U.S. Air...
 
 
U.S. Air Force photo by Staff Sgt. Siuta B. Ika

Nellis remembers POWs, those MIA

U.S. Air Force photo by Staff Sgt. Siuta B. Ika U.S. Armed Forces veterans bow their heads in remembrance during the Prisoner of War and Missing in Action Recognition Ceremony at Nellis Air Force Base, Nev., Sept. 19. During th...
 




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