Categories: Armed Forces News

TSP Action Required

Service members who participate in the Roth Thrift Savings Plan (TSP) will see deductions from their paychecks end Jan. 31, unless they take steps to continue their contributions. Beginning Jan. 1, service members will have 30 days to change their Roth election to meet new requirements. Mainly, TSP participants now must elect a specific dollar amount rather than a percentage of pay. To make the changes, users should log into their myPay accounts and click on the Traditional TSP and Roth TSP line. Then they should select the Contribution from Roth TSP line, and enter the percentage of pay. Roth TSP functions comparably to that of civilian thrift savings plans. Participants set aside a portion of their pay each month, exempting it from tax.

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