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Federal employees can contribute a maximum of $17,500 annually to their Thrift Savings Plan next year — up from the $17,000 limit this year, according to the IRS.
The increase is due to a cost-of-living adjustment, which is 1.7 percent next year.
The catch-up contribution limit for employees 50 and over will remain $5,500.
This year feds could contribute post-tax dollars to a Roth-style TSP. The combined contributions to both the traditional and Roth TSP cannot exceed the $17,500 limit next year.
Insight by ProPricer: During this exclusive webinar Emily Murphy, partner, CEO of Coaching International and former GSA administrator, and Angela Styles, partner with Akin, Gump, Strauss, Hauer & Feld and former OFPP administrator will discuss what the updates to the mentor-protégé program mean for small and large businesses. In addition, Dr. Sue Coates, adjunct professor of organizational studies at the Anderson School of Management, University of New Mexico will provide an industry perspective.
The TSP is federal employees’ 401(k)-style retirement plan, with about 4.6 million participants.
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