Stephen Barr
“Just as with the current process, participants turning age 50 or older will not need to make a separate election for catch-up contributions. Participants can make one contribution election, and this will carry over every year unless the participant chooses to stop or change the election. Par...
Note – TSP Contribution Limits:The Thrift Savings Plan follows the same contribution guidelines as the 401(k). The contribution limit in 2024 is $23,000, and those aged 50 or above can make “catch-up” contributions, up to an additional $7,500 per year. The total amount a member can...
For 2024, the IRS elective deferral limit is $23,000 in regular contributions and $7,500 in catch-up contributions, if you’re over age 50. For uniformed services participants, this includes incentive pay and special pay, including bonuses. ...
401K/403b.These are buckets provided by your employer. They select an investment company which then offers a selection of investments from which to choose. Many employers will match your contribution up to a certain amount. Both your and your employer’s contributions are tax deferred, reducing ...
Over time, even small, regular contributions to your retirement account can yield big payoffs.This articlecovers more information about maximizing your TSP plan. Keep in mind that there are annually established contribution limits for TSP accounts. In 2024, individuals can contribute up to $23,000...
House Approves Catch-Up TSP Contributions for the 50-and-Older CrowdStephen Barr
No matter the type of TSP or contribution structure you choose, the contribution limit is $23,000 for 2024 (up from $22,500 in 2023). Employees age 50 or older can also make catch-up contributions of $7,500 in either year.78 Employees who are new to federal employment can roll over...
Stephen Barr
Civil Service Pay and Catch-Up TSP Contributions on Congressional AgendaStephen Barr