Participants who are both civilian federal employees and members of the uniformed services will have two separate TSP accounts if they elect to contribute while in civilian and/or uniformed service status however, the total tax-deferred contributions in both may not exceed the IRC elective deferral or catch-up limits. Tax-exempt contributions are not subject to the IRC elective deferral limit. Contributions to the TSP by uniformed service members in a combat zone are contributed to the TSP as tax-exempt, and accrue tax-deferred earnings. Members of the uniformed services who deploy to designated combat zones are subject to the combat zone tax exclusion, which allows tax-exempt income earned. Uniformed service members are permitted to make contributions from both basic pay as well as from incentive, special, or bonus pay, but are subject to the regular contribution limits. #Csv2qfx thrift savings plan plusThe catch-up contributions are tax-deferred and allow age eligible participants to defer up to $26,0 in their TSP account.Ĭivilian employees may only contribute from regular pay (the standard pay for their grade plus applicable locality pay) they cannot contribute from bonuses or any overtime. In addition, participants age 50 or older may also make "catch-up" contributions up to the IRC limitation, which is $6,5. Once the contribution amount is selected, it automatically renews each year at the same amount or percentage until the participant elects otherwise. The contribution for FERS and CSRS for civilian employees may be either a specific dollar amount or a percentage of pay (whole dollars or whole percentages only), while uniformed service members can only elect a percentage of pay any amounts will be adjusted once the annual IRC limitation is reached. #Csv2qfx thrift savings plan codeEmployees hired before then either contribute automatically at 3% or do not have any automatic contributions and had/have to opt-in to TSP their contribution levels did not change when the newer rules were implemented.Īll FERS and CSRS employees and members of the uniformed services may contribute up to the Internal Revenue Code limitation, which is $20,5. Members of the military in the Legacy Retirement System may enroll in the TSP anytime but are not automatically enrolled.įederal Employees Retirement System (FERS) employees are automatically enrolled upon hire, and 5% of base pay is automatically withheld unless the employee elects not to participate.Īn employee or uniformed service member may change, stop, or restart contributions, at any time, with very few exceptions noted below.Īs of October 1, 2020, new civilian employees and service members in the BRS are automatically enrolled in the TSP with a 5% deduction from their gross pay being deposited into the age-appropriate Lifecycle (L) Fund, unless they make another choice or choose not to participate. Service members in the Blended Retirement System (BRS) are automatically enrolled in the TSP at 5% of their base pay. Civil Service Retirement System (CSRS) employees may join at any time, but they are not automatically enrolled.
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