HomeNewsArticle Display

Thrift Savings Plan limits increase for 2015

JOINT BASE SAN ANTONIO-RANDOLPH, Texas (AFNS) -- The Internal Revenue Service has announced increased limits for 2015 Thrift Savings Plan contributions.

"The maximum contribution amount for traditional and/or Roth TSP will be $18,000; this is an increase from the elective deferral limits of 2013 and 2014, which was $17,500," said Erica Cathro, an AFPC Human Resources Specialist. "Additionally, the maximum amount of 2015 catch-up contributions is $6,000, which is an increase from the $5,500 elective deferral limit for calendar years 2013 and 2014."

Catch-up contributions are additional tax-deferred contributions and are separate from regular TSP contributions. For those who are eligible, catch-up contributions provide a way for individuals to secure their retirement, especially for those who begin investing later in their careers.

To be eligible for catch-up contributions, civilian and military employees must be 50 or older in the year in which the first deduction from pay occurs. They must also be in a pay status and be able to certify they will make, or have made, the maximum "regular" employee contributions of $18,000 to a TSP or other eligible account by the end of 2015.

TSP contributions stop when an employee's contributions reach the annual maximum limit and will automatically resume the next tax year if the employee is still enrolled in TSP.

"This is especially important to employees under the Federal Employees Retirement System because once employee contributions stop, agency matching contributions will also stop," Cathro said.

For detailed information on TSP and other personnel issues, go to myPers, select "Search All Components" from the drop down menu and enter knowledge article number "23799" in the search window. Air Force retirees who do not have a myPers account can request one at www.retirees.af.mil/shared/media/document/AFD-120510-068.pdf.

Engage

Facebook Twitter
Congratulations to Air Force Civil Engineer Tim Sullivan, who was named the 2020 Federal Engineer of the Year! 🎉… https://t.co/tIafy8KqKs
Did you know anxiety and depression are invisible wound conditions that can affect our Airmen? They can manifest in… https://t.co/7TJn1CICbh
Airmen practice joint close air support during exercise Cope North 20 to improve combat readiness, develop integrat… https://t.co/GLpsJAlvCx
RT @inspire_af_: The @usairforce understands the importance of innovation, and @AETCommand is continuing to move towards student-centered l…
RT @AirmanMagazine: These @usairforce U-2 pilots fly at 70,000 ft, where they provide vital reconnaissance for U.S. combatant commanders.…
Spouses, family members, & caregivers are a vital part of the #AirForce family. They take care of us & we must take… https://t.co/ayzETFm5M1
The Air Force Gunsmith Shop recently released a redesigned M4 Carbine that will fit in most ejection seats. This Ai… https://t.co/f4UPJLlPxp
RT @AETCommand: Innovating in your everyday environment doesn't always lend itself to creativity! Check out the Spark Cell space at Altus…
.@USAFCENT Airmen refuel a KC-135 with a Force system in Southwest Asia. This new capability provides more efficien… https://t.co/fA2OARRUqj
RT @ArmedwScience: Civil engineering is a key part of a deployed environment. Listen as this airman explains the civil engineering capabili…
WATCH: @SecAFOfficial joins @SecArmy and @SECNAV for a discussion with @CSIS on the state of the services, defense… https://t.co/Vfk09EMBdP
Congratulations Capt Lockridge. #AimHigh https://t.co/fcJQi1vsFO
.@ABCSharkTank, anyone? The Air Force Spark Tank announced its 2020 selectees. 6 Airmen were selected to present… https://t.co/5aoPxZ2OTF
Capt Jessica Knizel was the first of 10 Air Force Aerospace Nurse Practitioners. To meet the qualifications, Kniz… https://t.co/hu2WXp8i8z
RT @HQ_AFMC: #Civilians: Less than 10 days left to apply for CDE and CSLP! The time is NOW to apply for #professionaldevelopment that will…
Sleep tight. We work nights. A1C Donald Edwards, crew chief, inspects a C-17A Globemaster III at Joint Base Charl… https://t.co/pawAK7TUn7
RT @SecAFOfficial: Appreciate your leadership & time spent with our #Airmen who stand the watch! https://t.co/IAV7nIZCcX
RT @HQUSAFEAFAF: A @usairforce HH-60G Pave Hawk helicopter from the 56th Rescue Squadron flies over #Aviano AB, Italy, Feb. 12. The 56th in…