Re: ask tom
Hi Tom,
I'm a new member.
In the beginning of the year, I made a plan to contribute $2,750 for the first four pay periods and $250 for the subsequent 22 pay periods bringing my total contributions to $16,500. The goal was to frontload the contributions while at the same time maximizing my matching contributions.
On Feb 19, I changed my contribution from $2,750/pp to $250/pp on employee express. I thought this would take effect in pp5. When I received my pp5 check, $2,750 had been contributed again to my TSP account.
Now I don't have enough room to contribute 5% on my salary for the rest of the year. It looks like I will not be able to contribute for the last 10 pay periods or so if I contribute 5% of my salary. This will cause me to leave ~$2,000 in matching contributions on the table.
I contacted my payroll administrator, who told me that they would contact the TSP administrator to either reverse or adjust my pp5 contribution to $250. I was told shortly thereafter that they could not reverse contributions for prior pay periods.
I was wondering if there was any way that my prior period contribution could be reversed or adjusted down to $250.
Many thanks in advance.
In gratitude and agony,
ETFnerd
Hi Tom,
I'm a new member.
In the beginning of the year, I made a plan to contribute $2,750 for the first four pay periods and $250 for the subsequent 22 pay periods bringing my total contributions to $16,500. The goal was to frontload the contributions while at the same time maximizing my matching contributions.
On Feb 19, I changed my contribution from $2,750/pp to $250/pp on employee express. I thought this would take effect in pp5. When I received my pp5 check, $2,750 had been contributed again to my TSP account.
Now I don't have enough room to contribute 5% on my salary for the rest of the year. It looks like I will not be able to contribute for the last 10 pay periods or so if I contribute 5% of my salary. This will cause me to leave ~$2,000 in matching contributions on the table.
I contacted my payroll administrator, who told me that they would contact the TSP administrator to either reverse or adjust my pp5 contribution to $250. I was told shortly thereafter that they could not reverse contributions for prior pay periods.
I was wondering if there was any way that my prior period contribution could be reversed or adjusted down to $250.
Many thanks in advance.
In gratitude and agony,
ETFnerd
