The Federal Retirement Thrift Investment Board has announced a $500 increase in regular Thrift Savings Plan contributions to $15,500 for 2007 elective deferral maximum contributions. Catch-up contributions will remain at the $5,000 limit set in 2006. TSP offers investors the chance for lower taxes each year they contribute, with taxes deferred until they withdraw the account after retirement. “TSP is a long-term retirement savings plan, which everyone should consider,” said Janet Thomas, a human resources specialist at the Air Force Personnel Center, Randolph Air Force Base, Texas. “It’s a great supplement to military and civilian retirement plans. Investment money is deposited directly from each paycheck so you never have to think about it. That makes it easy to ‘pay yourself first’ while only investing what you deem appropriate,” Thomas said.