Q. I will be retiring in October 2018. I will have 22 pay periods to contribute to my TSP. Do I need to contribute all $18,500 within the 22 pay periods to max out my contribution next year?
Browsing: TSP contribution
Q. I am a federal employee working for DCMA. I plan on retiring in May 2018. The maximum allowable TSP contribution amount for 2018 is $18,500. The maximum allowable TSP contribution for TSP catch-up is $6,000. Is there a limit as to what I can contribute per pay period during these final months of employment, as long all of my mandatory deductions (FEHB, life insurance, Medicare, FERS, etc.) are covered, and as long as I don’t exceed the TSP limits of $18,500 or $6,000? I’m thinking of living off of my non-TSP savings till I retire in May 2018, so I…
Q. In the Federal Times October print issue your column “Finding the best Thrift Savings Plan strategy” raises some good funds allocation concerns for investors … but how the heck does the average federal employee go about calculating the ER and the SDR? Or simply where might someone look to find formulas to make such calculations?
Q. I questioned a Thrift Savings Plan representative regarding the matched and unmatched funds from their agency, and they told me due to the fact that I withdrew my funds upon departure, I was not entitled to those contributions they made on my behalf. I thought the TSP funds, whether contributed by me and/or the funds, as well as the interest would be given to me after the vested time frame. How would I go about receiving those funds if they indeed are due to me?
Q. If someone in FERS elected to retire on Jan. 5, 2019, and they changed the last TSP contribution to the anticipated employer match maximum, will the employer match to the max for the calendar year, or just to a 12th of that amount? Though the first retirement check would come late (March), there would be a tax deferred federal contribution in the TSP account of some size in the new calendar/tax year. With the open season falling in the mid-Nov to mid-Dec time frame, is there potential to get a kicker/bonus on that last federal paycheck?
Q. I would like to retire on May 31, 2018, and I would like to max out my TSP contribution for the year. My last working pay period (PP) would start on May 27, 2018. My last full working pay period would be from May 13 – 25 and the pay day for that PP wouldn’t be until June 1, 2018, the day after I will have retired. Will a TPS contribution be taken from my paycheck and put into my TSP account for the May 13 – 25 pay period on June 1, 2018 – and again for the…
Q. Is the TSP technically a 401(k)? I know all the same rules apply and, for example, when the contribution max or catch-up max goes up for 401(k)s, the TSP max also goes up, but I’ve never actually seen it referred to as a 401(k). If Congress changes the rules for 401(k)s as they are apparently considering, would the TSP rules also change, or would Congress have to address those separately?
Q. I am 56 years old, and a widow. I’m working my fourth year as a U.S. Postal Service regular carrier. I worked five years as a rural carrier associate before that, one full year as a sub on my primary sub route, where the regular was not there. As I understand it, I have to work five years in order to be vested in my TSP contributions. True?
Q. I’ll be eligible to retire in September 2021 when i reach age 56 years and 2 months, and have 34 years of service. I’ve been investing money in my TSP since I started working for the federal government, and I switched all of my TSP funds into the L2020 as suggested when the life cycle funds began. I never really thought about it until this year, so I probably won’t retire when i’m eligible since I’ll only be 56. At least that’s what I’m thinking now because I’ll have two kids in college. I know that in 2020, they’re…