Thrift Savings Plan allows catch-up contributions

| January 7, 2019 | 0 Comments

Thrift Savings Plan
News Release

Thrift Savings Plan

Thrift Savings Plan

Federal employees who participate in the Thrift Savings Plan and will turn age 50 during the year are eligible to make TSP catch-up contributions. “Catch-up contributions” are supplemental tax-deferred contributions that employees age 50 or older (or turning age 50 during the calendar year) can make to the TSP beyond the maximum amount they can contribute through regular contributions.

To be eligible to make catch-up contributions, you must meet the following:
•  Age 50 or older anytime during the calendar year in which the catch-up  contributions are being made (even if you become age 50 on December 31 of this year);
•  Currently employed and in Pay Status;
• Making regular contributions to a civilian or uniformed services TSP account (or both), and/or an equivalent employer plan (such as 401(k), 403(b), or 408 plan), that will equal the maximum allowed by the Internal Revenue Service (IRS).  See http://www.tsp.gov/ for the current year’s limit.

You are not eligible to make catch-up contributions (or regular contributions) within 6 months of making a financial hardship withdrawal from the TSP, nor while in a “non-pay” status.

Please visit the TSP website at http://www.tsp.gov/ for additional information regarding catch-up contributions.

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