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TSP FOR ACTIVE DUTY USA, USN & USAF MEMBERS

You should use the information below if you are an Army, Navy, or Air Force active component member or a Navy reserve component member serving more than 30 days on active duty.  If you are an Army or Air Force reserve component member or a Navy reserve component member drilling or serving 30 days or less on active duty, see our TSP for Reserve/Guard page for information.

You may elect Roth or traditional TSP contributions. Traditional TSP contributions are deducted pre-tax (taxes are deferred until you withdraw your contributions). Roth TSP contributions are taken after-tax. If you elect to contribute to TSP, the contributions will be deducted from your pay account.

Further information on TSP as well as election forms may be obtained at www.tsp.gov.  You may also find information from your command or installation personal financial counselors, or your finance office.

STARTING YOUR TSP CONTRIBUTIONS:

 Basic Pay needed!  To participate in traditional or Roth TSP, you must have elected a minimum of one percent of your basic pay for either traditional or Roth TSP contribution.
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Know the contribution limits! The IRS has annual limits for TSP contributions. Make sure you know the limits when planning your investments.

Your first step is to determine how much to contribute to TSP.  Since Roth TSP is elected as a dollar amount and not all pay is eligible for contribution, please use the Roth TSP Worksheet to determine how much you may elect as Roth contributions.

The fastest and easiest way to start or change TSP contributions is via myPay. Once you log in, click on the Traditional and Roth TSP link. Fill in your contribution amounts and save.  You’re done.

If you cannot access myPay, download the TSP-U-1 form. Once you’ve completed and signed the form, submit it to your local military finance office and they’ll do the rest.

A TSP-U-1 form must be used for Roth contributions from bonuses or one-time special/incentive pays.  The signed TSP-U-1 should be submitted so that your finance office can forward the form to DFAS by the 15th of the month preceding the effective date of the bonus/one-time payment, to ensure timely processing.  See the bonus/one-time payment worksheet for more information.

CATCH-UP CONTRIBUTIONS

If you are age 50 or over or will become 50 this calendar year, you may be eligible to make additional contributions to TSP, called “catch-up contributions.”  Click here for more information on catch-up contributions.

Updated July 7, 2014