What's New
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Plan News
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Plan News was updated on
October 1, 2004.
- Open season — The TSP open season dates are October 15 through December 31. To enroll or
change your contribution amount, give your agency or service a completed TSP Election Form —
TSP-1 (or TSP-U-1 if
you are a member of the uniformed services) — unless your agency or service requires you to use an automated
system, such as Employee Express, PostalEASE, or myPay. Check with your agency or service if you have
questions about open season.
- IRS annual limit — This open season, FERS employees can elect to contribute up to 15% of basic
pay each pay period, up to the IRS annual limit of $14,000 for 2005. CSRS employees and members of the
uniformed services can contribute up to 10% of basic pay, up to the IRS limit.
- Catch-up contributions — If you are – or will be – age 50 or older during the calendar year
and you are already contributing the maximum amount in regular TSP contributions, you can make additional
catch-up contributions of up to $4,000 in 2005. You can sign up for catch-up contributions at any time, but
you must make a new election for each calendar year. Check with your agency or service TSP representative
for guidance about when to submit your election. Use Form
TSP-1-C (for civilians) or Form TSP-U-1-C (for members
of the uniformed services).
- Monthly Payments Calculator — Planning your withdrawal? Use the
Monthly Payments Calculator
on this site to estimate the number of monthly payments you can receive from your account if you withdraw
a specific dollar amount each month or to estimate the amount you can receive each month if you withdraw
monthly payments based on life expectancy.
TSP: General, Page Footer, 2004-05-24