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*Release No: 162 June 25, 2012** * *Thrift Savings Plan introduces new Roth option *
by Kathryn Iapichino
Air Force Personnel Center human resources specialist
* "JOINT BASE SAN ANTONIO - RANDOLPH, Texas" *-- Department of Defense civilian employees eligible for the Thrift Savings Plan may begin to contribute to the Roth TSP today. This new feature allows members to contribute on an after-tax basis and receive tax-free earnings when they funds from their TSP accounts.
Air Force serviced civilians may make elections through the Employee Benefits Information System, which can be accessed through the myPers website at https://mypers.af.mil https://mypers.af.mil/. Elections made on or before June 30 will be effective July 1 and will be reflected on the July 20 Leave and Earnings Statement.
Civilians may contribute to traditional and Roth TSP accounts as long as they do not exceed the elective deferral limit. Agency automatic and matching contributions must continue to be tax deferred and will be deposited as regular TSP contributions.
Roth TSP elective deferral limits are $17,000 for regular contributions and $5, 500 for catch-up contributions, which is identical to traditional TSP limits. The Roth TSP is not the same as a Roth individual retirement account. In some instances, contributing to the Roth TSP may make a civilian ineligible to contribute to a Roth IRA because of income limitations.
For more information, contact a financial advisor or review the information found on the Internal Revenue’s webpage at http://www.irs.gov/retirement/ participant/article/ 0,,id=211358,00.html http://www.irs.gov/retirement/%20participant/article/%200,,id=211358,00.html.
Currently, military personnel are being phased into the program until October. Air Force Personnel Center officials will notify Airmen when they may begin to contribute to Roth TSP. For more information about TSP, visit http://www.tsp.gov http://www.tsp.gov/.
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