July 20, 2012 - San Antonio News
July 20, 2012 - San Antonio News
July 20, 2012 - San Antonio News
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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.