HRPAY 22-05, Thrift Savings Plan

Published: December 14, 2022
Effective: Pay Period 26, 2022

Summary

Effective January 1, 2023, the Thrift Savings Plan (TSP) elective deferral limit is changing to $22,500.

Employees will have their TSP contributions matched up to 5%. Employees must not exceed the total maximum of regular and spillover contributions of $30,000 for age 50 and over, and $22,500 if under age 50.

Employees should enter the total amount they want to contribute to their TSP for both regular and the spillover method for catch-up contributions on the TSP-1, Election Form. Also, employees can split contributions between traditional and Roth TSP accounts.

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.

Note: TSP contributions for Pay Period (PP) 26, 2022 will be included in the totals for the 2023 tax year (PP26, 2022 - PP25, 2023).

Inquiries

For questions about National Finance Center (NFC) processing, authorized Servicing Personnel Office representatives should contact the NFC Contact Center at 1-855-NFC-4GOV (1-855-632-4468) or via the customer service portal at ServiceNow Portal for Federated Users and at ServiceNow Portal for Non-Federated Users.