Understanding my LES/TSP Data!

[catak]

I need clarification on exactly how much I'm contributing to my TSP account every pay day. My LES show in block 22. TSP DATA 15%. Does this mean I'm contributing 10% and my agency is contributing 5% for a total of 15%?

In the "Deductions" section of my LES it shows: TSP Savings: $411.00

In the "Benefits paid by Government for You" section it shows: TSP Matching $109.

Would it be beneficial for me to contribute 5% to my Roth IRA instead?

Thanks.

 

[jpcavin]

I need clarification on exactly how much I'm contributing to my TSP account every pay day. My LES show in block 22. TSP DATA 15%. Does this mean I'm contributing 10% and my agency is contributing 5% for a total of 15%?

In the "Deductions" section of my LES it shows: TSP Savings: $411.00

In the "Benefits paid by Government for You" section it shows: TSP Matching $109.

Would it be beneficial for me to contribute 5% to my Roth IRA instead?

Thanks.

Block 22 is the % that you are contributing based on your GROSS PAY in block 21.
TSP Savings is the dollar amount equivalent of your 15% contribution
Benefits paid by government ($109) = 4% matching
I believe you get 1% free for a total of 5%
TSP Basic plus TSP Matching should = 5%

 

[Shamus13]

I thought if YOU contribute at least 5% then the agency will match 3% dollar for dollar. Then the next 2% 0.50 on the dollar so combined it's only 4%. I might be wrong though.

 

[Boghie]

I thought if YOU contribute at least 5% then the agency will match 3% dollar for dollar. Then the next 2% 0.50 on the dollar so combined it's only 4%. I might be wrong though.

The freebie 1% (which is contributed as a 'match' even if you make no contribution) is part of the match. Thus, you are both right. The 1% Freebie + a 100% match of the first 3% + a 50% match of the next 2%.

 

[Frixxxx]

The freebie 1% (which is contributed as a 'match' even if you make no contribution) is part of the match. Thus, you are both right. The 1% Freebie + a 100% match of the first 3% + a 50% match of the next 2%.

For your viewing pleasure!

 

[Lindoug]

I believe the "Freebie" 1% is listed on the LES under Benefits paid by Government for you as TSP Automatic, and the Actual Match is listed in the same section as TSP Matching Contribution (or something like that).

 

[jpcavin]

I believe the "Freebie" 1% is listed on the LES under Benefits paid by Government for you as TSP Automatic, and the Actual Match is listed in the same section as TSP Matching Contribution (or something like that).

On "my" LES under the section labeled Benefits Paid By Government For you....there is:
TSP BASIC = gross pay x 1%
TSP Matching = gross pay x4%

Not sure if all agencies LES look the same or not....so I can only say what mine looks like.

 

[Stoplight]

Wanna know a "weird thing" ???

When you retire, and IF you take a fixed monthly withdrawal (my case ; can't comment on other options !), they break it down between whatever Funds you are in, AND the "Agency Automatic" and the "Agency Matching" !

I have NO IDEA why they track that "source" split throughout your career, and in to retirement ! Anybody know ???


Stoplight...

 

[Skorcher]

Wanna know a "weird thing" ???

When you retire, and IF you take a fixed monthly withdrawal (my case ; can't comment on other options !), they break it down between whatever Funds you are in, AND the "Agency Automatic" and the "Agency Matching" !

I have NO IDEA why they track that "source" split throughout your career, and in to retirement ! Anybody know ???


Stoplight...

The source split shouldn't matter to you. If you had a million $ in your TSP who cares if $50K is from the 1% Automatic and $200K from the Matching? It is weird that the withdrawals come out pro-rata from whatever fund you are in. If you wanted to set aside G fund or L Income fund money to cover the next couple years' withdrawals you could do it by reallocating your balance each month. But it's a hassle.

 

[Stoplight]

The source split shouldn't matter to you. If you had a million $ in your TSP who cares if $50K is from the 1% Automatic and $200K from the Matching? It is weird that the withdrawals come out pro-rata from whatever fund you are in. If you wanted to set aside G fund or L Income fund money to cover the next couple years' withdrawals you could do it by reallocating your balance each month. But it's a hassle.

Skorch,

Sorry...didn't mean to imply that I actually GAVE a crap about it ! :smile: I was just curious...

Learned, after retirement, that it wasn't worth burning an IFT just to line up funds BEFORE my monthly withdrawal hit... OTOH, there have been occasions where I've "Bought high, sold low" into the monthly draw...just the cost of doing business...


Stoplight...

 

[PessOptimist]

I need clarification on exactly how much I'm contributing to my TSP account every pay day. My LES show in block 22. TSP DATA 15%. Does this mean I'm contributing 10% and my agency is contributing 5% for a total of 15%?

In the "Deductions" section of my LES it shows: TSP Savings: $411.00

In the "Benefits paid by Government for You" section it shows: TSP Matching $109.

Would it be beneficial for me to contribute 5% to my Roth IRA instead?

Thanks.

To find out how much you are contributing log in to your TSP account (www.tsp.gov) and click on “recent transactions” on the left side. This will show you the total amount contributed on what date. You will have to figure out what came from where with your LES.

The only statement from TSP I know of that breaks down the agency automatic and matching is the annual statement.

My LES (which has a blank block 22) lists under "BENEFITS PAID BY GOVERNMENT FOR YOU" two TSP entries. "TSP MATCHING and TSP BASIC. Both are dollar amounts. As stated before Fed LES are NOT standardized.

I could be wrong. It depends on who your pay agency is, your own agency or a mercenary agency such as DFAS. DFAS refers to it as offering pay services to “Customers including the Executive Office of the President, the Department of Energy, the Department of Veterans Affairs, the Department of Health and Human Services and the Broadcasting Board of Governors”. It depends on which agency creates yours.

NOT saying getting paid by an agency other than your own is a bad thing. Just stating facts.

PO