TSP contribution increase

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Q. I read that the IRS changed the 2012 maximum contribution to 401(k)s to$17,000 from $16,500.  However, I haven’t found any update on the TSP website or the Federal Times saying whether this will also apply to TSP contributions.  Have you heard any news on this?

A. Not yet, but I expect the TSP to follow suit.
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  1. In relation to this, I was told the maximum for Puerto Rico has increased to the CONUS level from last year’s $9,000, but the TSP section on my Employee Personal Page (USDA’s pay and benefit site) still says $9,000. Which is correct?

  2. Plan News was updated on November 2, 2011. Internal Revenue Code (IRC) 2012 contribution limits — You can contribute up to $17,000 in tax-deferred money to the TSP in 2012. If you are a member of the uniformed services, you can contribute a total of $50,000 in tax-deferred and tax-exempt money. If you will be age 50 or over in 2012, you can also contribute up to $5,500 in additional “catch-up” contributions, as long as your regular contributions for the year are expected to reach the $17,000 limit. (The catch-up contribution limit has not changed from 2011.

    Source: https://www.tsp.gov/whatsnew/plan/planNews.shtml.

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