Retirement
& Benefits
$$ THRIFT SAVINGS PLAN OPEN SEASON $$
$$THRIFT SAVINGS
PLAN OPEN SEASON $$
The Thrift Savings Plan
(TSP) open season begins October 15 and ends December 31, 2004.
During the open season, you may begin contributing to the TSP or
change the amount of your TSP contribution. During this open season,
employees covered by FERS may elect to contribute up to 15% of the
basic pay earned each pay period; employees covered by CSRS may
elect to contribute up to 10% of the basic pay earned each pay period.
You may obtain a TSP-1 Election form at the TSP website http://tsp.gov/cgi-bin/byteserver.cgi/forms/tsp-1.pdf
HOW TO MAKE A
CONTRIBUTION ELECTION
To make a contribution election, submit the TSP-1 Election Form
to the Human Resources Division (HRD) at the following addresses:
ARS-OA, AFM, BARC, IS,
IRP, NAL, NPS, NAA, OTT send to: USDA, ARS, AFM, HRD, 5601 Sunnyside
Avenue, Beltsville, MD 20705-5104
ARS-MWA, NPA, PWA send
to: USDA, ARS, AFM, HRD, 5601 Sunnyside Avenue, Beltsville, MD 20705-5106
ARS-MSA, SAA, SPA send
to USDA, ARS, AFM, HRD, 5601 Sunnyside Avenue, Beltsville, MD 20705-5105
CSREES, ERS, NASS send
to USDA, ARS, HRD, Stop 0308, 1400 Independence Avenue, SW, Washington,
D.C. 20250-0308
WHEN ELECTIONS
BECOME EFFECTIVE
TSP elections received before December 11, 2004, will be effective
the first full pay period in December (December 12, 2004). TSP elections
received after December 11, 2004 will be effective no later than
the first full pay period after it is received.
HOW TO MAKE AN
INVESTMENT ELECTION
You may invest in any of the five TSP investment funds. To change
the investment of future contributions to your TSP account, you
must request a CONTRIBUTION ALLOCATION. To change the investment
of money already in your account, you must request an INTERFUND
TRANSFER.
To request contribution
allocations or interfund transfers, use the TSP Web site www.tsp.gov
the ThriftLine (1-877-968-3778), TDD services (1-877-847-4385) or
Form TSP-50 (Investment Allocation). You may request contribution
allocations or interfund transfers at any time. Contribution allocations
and interfund transfers are processed daily. Your request will generally
be effective 2 business days after it is received. The TSP-50 must
be mailed directly to TSP. The TSP address is on the form.
**
REMINDER **
** NEW CHANGES TO THE TSP LOAN
PROGRAM **
Effective July 1, 2004,
TSP made three (3) changes to the loan program.
- A $50 fee will be deducted from the amount of each new loan
- Participants will no longer be able to have two general purposes
loans at the same time. However, you will be able to have one
general purpose loan and one residential loan.
- When you pay off one loan, you will not be eligible to apply
for another loan for 60 days.
Note from the
Thrift Savings Plan Board : The TSP loan program is an
important benefit and TSP recognizes that some participants need
to have access to the money in their accounts for legitimate reasons.
However, you should not tap into these funds as if they were in
a checking or saving account. The TSP is a long-term investment
intended for retirement. Removing money from your account-even if
you pay it back-may diminish the amount available for retirement.
For additional information please visit the TSP website
www.tsp.gov.
Last Updated:
10/15/2004
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