15.11.2014 Views

July 20, 2012 - San Antonio News

July 20, 2012 - San Antonio News

July 20, 2012 - San Antonio News

SHOW MORE
SHOW LESS

You also want an ePaper? Increase the reach of your titles

YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.

PAGE 10<br />

WINGSPREAD<br />

JULY <strong>20</strong>, <strong>20</strong>12<br />

Civilians contribute to Roth options<br />

By Kathryn Iapichino<br />

Air Force Personnel Center<br />

human resources specialist<br />

Department of Defense civilian<br />

employees eligible for the Thrift Savings<br />

Plan may begin to contribute to<br />

the Roth TSP. This new feature allows<br />

members to contribute on an<br />

after-tax basis and receive tax-free<br />

earnings when they withdraw funds<br />

from their TSP accounts.<br />

Air Force serviced civilians may make<br />

elections through the Employee Benefits<br />

Information System, which can be accessed<br />

through the myPers website at<br />

https://mypers.af.mil. Elections made on<br />

or before June 30 were effective <strong>July</strong><br />

1 and will be reflected on the <strong>July</strong> <strong>20</strong><br />

Leave and Earnings Statement.<br />

Civilians may contribute to traditional<br />

and Roth TSP accounts as long as<br />

they do not exceed the elective deferral<br />

limit. Agency automatic and matching<br />

contributions must continue to be tax<br />

deferred and will be deposited as regular<br />

TSP contributions.<br />

Roth TSP elective deferral limits<br />

are $17,000 for regular contributions<br />

and $5,500 for catch-up contributions,<br />

which is identical to traditional TSP limits.<br />

The Roth TSP is not the same as<br />

a Roth Individual Retirement Account.<br />

In some instances, contributing to the<br />

Roth TSP may make a civilian ineligible<br />

to contribute to a Roth IRA because of<br />

income limitations.<br />

For more information, contact a<br />

financial adviser or review the information<br />

found on the Internal Revenue<br />

Service’s webpage at http://www.<br />

irs.gov/retirement/participant/article/<br />

0,,id=211358,00.html. Currently, military<br />

personnel are being phased into<br />

the program until October. Air Force<br />

Personnel Center officials will notify<br />

Airmen when they may begin to contribute<br />

to Roth TSP.<br />

For more information about TSP,<br />

visit http://www.tsp.gov.<br />

Free resource agencies<br />

Airman & Family Readiness Center<br />

652-5321<br />

JBSA-Randolph Chaplain Services<br />

652-6121<br />

JBSA Command Post<br />

671-4225<br />

JBSA-Randolph Health & Wellness Center<br />

652-2300<br />

JBSA-Randolph Mental Health<br />

652-2448<br />

Military 1 Source<br />

1-800-324-9647<br />

Military and Family Life Consultant<br />

426-6499<br />

Scan with Smartphone<br />

app to access<br />

the Joint Base<br />

<strong>San</strong> <strong>Antonio</strong>-Randolph<br />

website.<br />

Scan with Smartphone<br />

app to access<br />

the Joint Base<br />

<strong>San</strong> <strong>Antonio</strong>-Randolph<br />

Facebook page.

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!