The thrift savings plan tsp is a federal governmentsponsored retirement savings and investment plan. You may start, change or stop your contributions any time after your first full pay period in pay status. Aug 22, 2016 contribution allocations are done through your agencys payroll interface e. The tsp is a defined contribution plan, meaning that the retirement income you receive from your tsp account will depend on how much you and your agency, if you are eligible to receive agency contributions put into your account during your working years. The tsp part of fers is an account that your agency automatically sets up for you. Its time to get ready for a possible change in the amount one can contribute to the tsp and its time to double check your 2019 tax withholding so that you dont end up owing a lot of taxes. The human resources office does not handle the processing of benefits information. Air force announces thrift savings plan open season u. Department of defense dod employees may use the dods employee benefit information system ebis to stop or change tsp contribution. How do i change my tsp contribution percentage or amount. Human resources online employee accessonline employee access. Department of defense dod employees may use the dods employee benefit information system ebis to stop or change tsp contribution amounts. Ebis also adjusted the last pay periods contributions.
Thrift savings contribution charts available article. New tsp contribution limits set for 2009 air forces. New money may be your own contributions, your agencyservice contributions if you are a fers or brs participant, your tsp loan payments, and any transferred or rollover funds from other retirement plans. Department of the navy thrift savings plan enrollment for 2015.
Starting, changing, and stopping your contributions tsp. Implemented by congress in the federal employees retirement system act of 1986, the thrift savings plan tsp is a tax deferred retirement savings and investment plan for federal employees covered by the civilian service retirement system csrs or federal employees retirement system fers and members of the uniformed services. The following chart displays the 2020 thrift savings plan contribution limits, with notes about each type of contribution. Regular tsp enrollments, changes or catchup contribution enrollments submitted between dec. For example, civilian payroll systems include employee express, ebis, liteblue, mypay, or nfc epp.
You can change the amount of money you give as your contribution. Changing your tsp contributions online about 50% of the time when i enter in a new contribution % in mypay for it to deduct from my pay check and put into my tsp, it does not go through. It is one of the most effective retirement plans in use today, but it must be managed on an ongoing basis if you expect it to be a primary source of retirement funding. When the telephone system voices the menu, press 2 for civilian, and then 3 for benefits. Users must establish a personal identification number pin for ebis and ivrs if. If your agency or service accepts the tsp election form. How to change your tsp contributions in 7 easy steps marine. Defense finance and accounting service onboarding2. He completed another tsp 1 and also a tsp 1c for his catch up contributions. Tsp withdrawal changes go into effect september 2019. To receive the maximum agency match of 4% you must contribute at least 5% of your pay per pay period. Changes made via ebis will take effect for the next pay period. Grb platform is a selfservice system that allows nih federal employees to. Department of the navy information for newly hired.
Tsp allows federal employees to contribute biweekly to a retirement savings and investment plan before tax contributions. For further information, employees may contact best benefits counselors for assistance at 18005250102. This limit is imposed on catchup contributions is separate from the elective deferral and annual addition limits. This article is intended for military service members. Uniformed services can use mypay army, air force, navy, marine corps or direct access coast guard and noaa corps if your agency or service accepts the paper. Tsp is a 403a retirement plan, which is similar to a 401k, but is a section of the internal revenue code that allows for salary deferments. Your contribution allocation tells us how you want new money going into your account to be invested among the tsp investment fund options. New employees are automatically enrolled to contribute 3 percent to their tsp. Oct 15, 2019 its time to get ready for a possible change in the amount one can contribute to the tsp and its time to double check your 2019 tax withholding so that you dont end up owing a lot of taxes. Electronic payroll providers for example, mypay, ebis, employee express will also need to remove catchup election options.
You can make your first tsp catchup contribution starting in january of the year you turn 50. Government retirement and benefits grb platform office. In making a contribution allocation, there are some changes you can make. How to make changes to your tsp contributions you can start, change or stop your tsp contributions electronically using ebis or by calling the benefits line. Once you have logged into your tsp account, select. Contribution allocation vs interfund transferthe difference. Ebis is a secure web site that provides current civilian employees access to general and personal benefits information, the ability to receive retirement estimates, and enroll or make changes electronically for health and life insurance and the thrift savings plan. Just make sure that you log in and go to the tsp section to change your tsp address.
It is through employee express, ebis, and other payroll interfaces of your agency. Log into ebis, select transactions from the horizonal menu bar at. On the main menu, one of the options is thrift savings plan. Also, you can change how the contributions will be allocated among the tsp funds. The department of navy has set up the civilian benefits center and representatives are available to assist you in making benefits selections as well as assist you with any specific questions you may have about your benefits.
Felipe ortiz, superintendent of the air force personnel center contact center here. Employees can start, change or stop making catchup contributions at any time during the year. Department of the navy information for newly hired employees. This limit is imposed on catchup contributions is separate from the. Enter your new contribution amount as a dollar amount or a percentage of your pay for a civilian account, or as a percentage of pay for a uniformed services account. Your call will be transferred to a customer service representative. The new 2017 thrift savings plan contribution charts are out, and they are perfect for figuring out how much you may want to contribute to tsp. Thrift savings plan tsp the official army benefits website. If you are a civilian and you were enrolled on or after september 5, 2015, or you are brs participant, then unless you choose another investment option, all contributions received by the tsp will be deposited into the lifecycle l fund most appropriate for your age. Both ebis and the tsp website offer services to federal employees. Randolph air force base, texas afpn civilian and military employees can sign up for, or change, their thrift savings plan contribution amounts during the open season april 15 to june 30. The employee benefits information system ebis is being. Whats the difference between a contribution allocation.
If you are a member of the uniformed services who began serving on or after january 1, 2019, your service. It provides a flexible enrollment process that guides employees through benefit. Once you have logged on you launch the site and it will take you to a page with all the types of benefits you may access through the army benefits center. Submit form tsp 1, election form tsp u1, uniformed services.
Federal employees 50 and older are encouraged to make tsp. All eligible employees are automatically enrolled in tsp at a three percent contribution rate. Changes to your tsp amount or percentage will be effective the 1st day of the next pay period. Ebis is the go to application for civilian benefit transactions, and information. Making changes to your thrift savings plan tsp account how do i change my tsp contribution percentage or amount. The contribution allocations are different with the roth tsp option. Conversely, the agency matching contributions are contingent on your contributions. If you need further assistance with making your election through ebis, please contact your. Representatives are available from 07001700 monday through friday, with the. However, when i go there now, theres a bunch of info, but theres no screen that i remember, on where to change allotments. If you are a civilian who enrolled before september 5, 2015, or you are a nonbrs uniformed services. Jun 26, 2018 experts estimate that the new tsp withdrawal choice will go into effect in september 2019, according to fedweek.
Government retirement and benefits grb platform office of. Participation in tsp is optional, but strongly encouraged, especially for fers employees because it is a major portion of the total retirement benefit package. Employees can check the status of insurance elections or benefit enrollment, complete a retirement application, change their thrift savings program contributions and much more. Have 247 access to personal benefits and retirement information use retirement calculators to perform whatif scenarios to assist in planning for the future. Submit form tsp1, election form tspu1, uniformed services. You can also make your own contributions to your tsp account and your agency will also make a matching contribution. Nov 06, 2019 the following chart displays the 2020 thrift savings plan contribution limits, with notes about each type of contribution. This limit also applies to 401 k, 403 b, and most 457 plans. Ebis is accessed through the army benefits center civilian abcc website.
The tsp, or thrift savings plan, is a defined contribution retirement savings and investment plan for federal employees and members of the uniformed services. To access ebis select the link on the mypers main page under the i would like to. May 03, 2017 as indicated in the name, the 1% agency automatic contribution is automatically contributed to your tsp by the government whether you contribute to the tsp or not. Whats the difference between a contribution allocation and. Not only is the extended deadline disappointing for some employees and investors, it also comes with news that the tsp updates will all rollout at once, rather than one at a time.
From the thrift savings plan tsp website, enter your tsp account number in the my account box, or use your tsp user id. Making changes to your thrift savings plan tsp account. Most people had hoped that some features would debut. Ebis is accessed through the army benefits center civilian abcc website, on the right side of the screen, in the section how do i access the abcc. End of year reminder on tsp taxes and contributions. If i want to make a change to my tsp contributing starting at my first. Starting, changing, and stopping your contributions. To begin, change, or stop your employee contributions, you must make a tsp contribution election through your agency or service. You might want to change your thrift savings plan tsp contributions, especially if you are in the blended retirement system brs and are not yet. Each pay period your agency deposits into your account amount equal to 1% of the basic pay you earn for the pay period.
The tsp is a defined contribution plan, meaning that the retirement income you receive from your tsp account will depend on how much you and your agency, if you are eligible to receive agency contributions put into your account during your working years and the earnings accumulated over that time. For example, if you make a tsp election during pay period 20, it will become effective when pay period 21 starts. Apr 18, 2019 in making a contribution allocation, there are some changes you can make. Members of the coast guard and noaa corps can use direct access. Contributing too much to the tsp will reduce your match. You can enroll, change or cancel your tsp contributions at any time. There are no open seasons for tsp so elections to start, change, stop, or resume contributions can be done at any time. The last time i changed my tsp contribution percentages amounts, i used ebis as follows. Mar 28, 2014 ebis is the go to application for civilian benefit transactions, and information. Log into ebis, select transactions from the horizonal menu bar at the top. Contribution allocations are done through your agencys payroll interface e. Use your agencys or services electronic system, or.
Effective december 1, 2017, the employee benefits information system ebis is being replaced by the government retirement and benefits grb platform system. If it told me it did not go through, then i could try again, but instead it says it goes through and sends me the confirmation email. From the transactions page, in the tsp current coverage section, select change. Contribution allocations apply to both your traditional and roth tsp balances. The grb platform will provide employees with information about retirement and their benefits just as ebis did. Defense finance and accounting service civilianemployees. It offers the same type of savings and tax benefits that many private corporations offer their employees under 401 k plans. Check with your agency or service payroll office about its procedures for making an election to start, change, or stop your tsp contributions. In late 2017, we upgraded to the grb platform from employee benefits information system ebis. To start, request a change, or to stop making catchup contributions, employees have to submit form tsp1c or make their request via their agencies electronic enrollment process. The tsp will discontinue forms tsp1c and tspu1c catchup contribution election.
You may elect to change or stop the contributions using ebis. Making changes to your thrift savings plan tsp account army. If you change it in the correspondence address section of mypay, it will not change your tsp address. Tsp is a longterm retirement savings plan which everyone should consider, said senior master sgt. Catchup contributions allow you to save more in your tsp account than the maximum amount allowed by the irs through regular contributions. Apr 25, 2019 if you change it in the correspondence address section of mypay, it will not change your tsp address. Select home and mailing address under tasks, then choose tsp from the dropdown menu next to address type.