WebTSP participants age 50 or older who are currently employed and in pay status and contributing the maximum TSP contribution percentage allowed by their retirement coverage or an amount that will cause them to reach the IRS limit by the end of the year may participate. The TSP Catch-Up limit is $5,000. Additional Information on TSP: WebFor calendar year 2024, the combined total of traditional TSP and Roth TSP contributions made via payroll deduction cannot exceed $27,000 ($20,500 elective deferral limit plus $6,500 catch-up contribution limit), and. • Agency automatic (1 percent of SF 50 salary) and agency matching TSP contributions (1 to 4 percent) are not included in the ...
Thrift Savings Plans: Benefits for Military Personnel & Federal …
WebNov 22, 2024 · In a 26 pay period year, you will max out with a contribution to your TSP of $789 per pay period. In addition, catch-up contributions ($6,500 for the TSP and $1,000 for an IRA in 2024) did not change. WebJun 18, 2024 · Additionally, the limits apply to both tax-deferred and Roth contributions combined. Employees can contribute up to $19,500 to their TSP plan for 2024, $500 more than 2024. Employees of age 50 or over are eligible for an additional catch-up contribution of $6,500 in 2024, $500 higher than 2024. Employee compensation limit for calculating … photo of phoebe
Catch-up contributions are changing - The Thrift Savings …
WebThe Internal Revenue Code (IRC) limit for catch-up contributions is $5,500 in 2012 and 2013. The total of your traditional and Roth catch-up contributions cannot exceed this limit. IRC limits may be adjusted ... TSP-1-C, Catch-up Contribution … WebDec 3, 2024 · Employees wishing to contribute the maximum including catch-up contributions for 2024, in equal installments, should elect to contribute $1,000 per pay period starting in pay period 26, 2024. For more information on TSP contribution limits for 2024, refer to the TSP website. WebDec 9, 2024 · All employees can contribute (via payroll deduction) a maximum $20,500 to their TSP accounts during 2024. This is an increase of $1,000 over the 2024 contribution limit. Federal employees who will be over age 49 as of Dec. 31, 2024 (they were born before Jan. 1, 1973) can contribute a maximum of $6,500 in “catch-up” contributions for 2024. photo of philadelphia