TSP news
THRIFT SAVINGS PLAN
–A message from the Executive Director
–FAQ- leaving money in their TSP accounts when leaving federal service
–“Changing How You’re Invested, Two Transaction Types,”
Two-step authentication becomes mandatory in December
All TSP participants must have validated contact information and use two-step authentication to log into My Account beginning December 2019. You can avoid interruption to your account access by adding these security features in your My Account Profile Settings now. Download instructions (pdf).
Two-step authentication helps protect your account against fraud. This login process is more secure because it means that online access to your account requires something you know (your account number or username and password) and something you have (the one-time code you receive in your email or on your phone). Someone who tries to log into your account fraudulently won’t be able to gain access without the code.
3.12.21
Upcoming TSP Seminars
11.20.20
Catch-up contributions are changing — Starting in January 2021, the process for catch-up contributions will be easier for TSP participants. If you’re turning age 50 or older, you’ll no longer need to make separate catch-up elections to your TSP account to contribute toward the catch-up limit.
Here’s how it will work:
- If you reach the IRS elective deferral or annual addition limit before the end of the year and keep saving, your contributions will automatically continue toward the catch-up limit.
- Contributions spilling over toward the catch-up limit will qualify for the match on up to 5% of salary.
- The contribution amount you choose will continue each year unless you change it.
11.1.20
2021 Contribution limits — The Internal Revenue Code places specific limits on the amount that you can contribute to employer-sponsored plans like the TSP each year. The limits for 2021 have been announced. To learn more, visit “Contribution limits.”
10.24.20
Catch-up contributions will soon get easier
Starting in January 2021, we will make the catch-up process easier: if you’re turning 50 or older, you’ll no longer need to make two separate elections each year in order to take advantage of catch-up contributions.
Instead, your contributions will automatically count toward the IRS catch-up limit if you meet the elective deferral limit and keep saving. If you’re eligible for an agency or service match, contributions spilling over toward the catch-up limit will qualify for the match on up to 5% of your salary. Your election will carry over each year unless you submit a new election.
For 2020 catch-up contributions, you do still need to complete the current process and make a separate election. Check current contribution limits to make sure you’re on track this year.
On May 1, NRLCA Secretary-Treasurer and Employee Thrift Advisory Council Chairman Clifford Dailing sent an opposition letter to sponsors of the TSP Act (H.R. 6614). The legislation was introduced on April 23 and would limit emerging market options for Thrift Savings Plan investors if passed.
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