When was the last time you thought about your retirement? No matter what stage in your career, contributing to TSP provides a great opportunity to invest in your retirement. Contributions made to TSP early in your career will earn a greater amount of interest than those you make just before you retire, so invest now! Employees covered by the Federal Employees Retirement System and Civil Service Retirement System may contribute a specified dollar amount to TSP or a percentage of their basic pay each pay period. DHS/FEMA matches FERS employee contributions, up to 5% of your TSP contributions and will also make an automatic contribution equal to 1% of your salary. However, if you are covered by the CSRS or Offset, DHS/FEMA cannot match or make an automatic 1% contribution to your account.
2013 Highlights and Changes for TSP contribution and IRS limits: For more information view the TSP Brochure “Annual Limit on Elective Deferrals”
- IRS annual limit for 2013: $17,500
- Catch-up contribution — if you are or will be 50 years old or older during the calendar year and you are already contributing the maximum amount in regular TSP contributions, you may make an additional catch-up contribution of up to $5,500 in 2013. Catch-up contributions do not carry over from one calendar year to the next. You must reenroll each year.
- To maximize your contributions for the 2013 calendar year, we ask that you start your new contribution amount beginning pay period-26, effective December 16, 2012. Note: Employee Personal Page (EPP) requests should be made within pay period-25 2012. Remember to use 25 pay periods when calculating your 2013 contribution period. To use the TSP calculator.
- To enroll in the TSP and TSP catch-up, change the amount of your contributions, or reduce your current contributions, visit the National Finance Center, Employee Personal Page at https://www.nfc.usda.gov/personal/index.aspx
- You may also reallocate your contributions between the six investment funds by going online to the TSP Website or you may contact the Thrift Line at 504-255-8777 or toll free 1-877-968-3778 Monday thru Friday 7 a.m.to 9 p.m. Eastern Time for more information.
For more information on how to participate in TSP visit here.