HRPAY 18-08, Thrift Savings Plan
Published: December 13, 2018
Effective: Pay Period 01, 2019
Employee contributions to the Thrift Savings Plan (TSP) are limited only by the Internal Revenue Code restrictions. Effective January 2019, the elective TSP deferral limit will increase from $18,500 to $19,000.
Employees should review their earnings and leave statement to ensure that their TSP contribution amount or percentage does not impact other deductions, such as Old Age, Survivors, and Disability Insurance (OASDI); Medicare; and/or retirement.
Additionally, the Federal Retirement Thrift Investment Board implemented Public Law 107-304, dated November 27, 2002, which allows eligible TSP participants age 50 or older to make tax-deferred catch-up contributions from their basic pay to their TSP account. These contributions are in addition to the participant's regular employee contributions and do not count against the Internal Revenue Code's elective deferral limit ($19,000 in 2019). However, the catch-up contributions have their own annual limit (remains $6,000 in 2019) and eligibility criteria.
The TSP Web site (www.tsp.gov) has several calculators that employees can use to maximize their contributions.
For questions about National Finance Center (NFC) processing, authorized Servicing Personnel Office representatives should contact the NFC Contact Center ator via the customer service portal.