James48843
Well-known member
Received from my agency:
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Employee Contribution Limits – TSP contributions are limited by the restrictions imposed by the Internal Revenue Code. The elective deferral limit for 2010 will remain at $16,500. This is the maximum amount you can contribute to your TSP account. See the fact sheet, "Annual Limit on Elective Deferrals" at: http://www.tsp.gov/forms/oc91-13.pdf.
Important Note for FERS Employees – If you want to contribute the full $16,500 it is important that your contributions continue throughout the entire calendar year. Once you reach the maximum, not only do your contributions stop but so does the Agency match. To make sure you get the full Agency match, make a new TSP election on https://www.employeeexpress.gov/DefaultLogin.aspx during the pay period ending 12/19/2009. Your election will be effective 12/20/09 and will come out of your pay on 1/12/10. Since there are 26 pay dates in 2010, an election of $635 will take you through the entire year. If you are not contributing to the IRS limit, please consider contributing at least 5% so you will receive the full 5% Agency match.
Catch-up Contributions – If you are at least age 50 (or will become age 50 during the calendar year 2010) and if you have made or will make the maximum amount of employee contributions for the calendar year (e.g., $16,500 in 2010), you may also make catch-up contributions to your TSP account. The catch-up contribution limit for 2010 remains the same as the 2009 limit, $5,500. This is a separate election and is also done on Employee Express. See the fact sheet, "Catch-up Contributions" at http://www.tsp.gov/forms/oc03-03.pdf.
TSP Catch-up is NOT automatic, you must enroll annually. If you want to participate in TSP Catch-up during 2010 you must make a new election. You can enroll or cancel your TSP catch-up contributions at any time. You are not required to contribute the maximum amount. Your contributions will automatically stop at the end of the calendar year or when you reach the maximum dollar limit for the year. If you want to elect TSP catch-up for 2010 you must make your change electronically using Employee Express at https://www.employeeexpress.gov/DefaultLogin.aspx
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Employee Contribution Limits – TSP contributions are limited by the restrictions imposed by the Internal Revenue Code. The elective deferral limit for 2010 will remain at $16,500. This is the maximum amount you can contribute to your TSP account. See the fact sheet, "Annual Limit on Elective Deferrals" at: http://www.tsp.gov/forms/oc91-13.pdf.
Important Note for FERS Employees – If you want to contribute the full $16,500 it is important that your contributions continue throughout the entire calendar year. Once you reach the maximum, not only do your contributions stop but so does the Agency match. To make sure you get the full Agency match, make a new TSP election on https://www.employeeexpress.gov/DefaultLogin.aspx during the pay period ending 12/19/2009. Your election will be effective 12/20/09 and will come out of your pay on 1/12/10. Since there are 26 pay dates in 2010, an election of $635 will take you through the entire year. If you are not contributing to the IRS limit, please consider contributing at least 5% so you will receive the full 5% Agency match.
Catch-up Contributions – If you are at least age 50 (or will become age 50 during the calendar year 2010) and if you have made or will make the maximum amount of employee contributions for the calendar year (e.g., $16,500 in 2010), you may also make catch-up contributions to your TSP account. The catch-up contribution limit for 2010 remains the same as the 2009 limit, $5,500. This is a separate election and is also done on Employee Express. See the fact sheet, "Catch-up Contributions" at http://www.tsp.gov/forms/oc03-03.pdf.
TSP Catch-up is NOT automatic, you must enroll annually. If you want to participate in TSP Catch-up during 2010 you must make a new election. You can enroll or cancel your TSP catch-up contributions at any time. You are not required to contribute the maximum amount. Your contributions will automatically stop at the end of the calendar year or when you reach the maximum dollar limit for the year. If you want to elect TSP catch-up for 2010 you must make your change electronically using Employee Express at https://www.employeeexpress.gov/DefaultLogin.aspx
