The TSP contribution limit has increased from $19,000 to $19,500 for the 2020 calendar year. This amount refers to the combined total of traditional and Roth contributions into the TSP. Both CSRS and FERS employees may contribute to the TSP. However, only FERS employees are entitled to receive matching contributions. Therefore, it is important for FERS employees not to reach the limit ($19,500) before the last pay date of the calendar year (December 24 for 2020). By reaching the limit too early employees will not receive all of the matching contributions that they would otherwise be entitled to receive. The best way to ensure no money is left on the table is to divide the elective deferral limit ($19,500) by the 26 pay periods in the calendar year. This amount would be approximately $750 per pay period starting December 22, 2019 (the beginning of pay period 26). Changes to TSP contributions can be made via MyPay or by completing a TSP-1, TSP Election Form (https://www.tsp.gov/PDF/formspubs/tsp-1.pdf).
If making the change in MyPay, please make sure to input the change during or prior to pay period 25, as any changes made can only be effective as early as the next pay period. If completing the form, please forward the completed form for processing no later than December 23. Please keep in mind, no electronic signatures are allowed; all forms must be signed in ink.
For additional information regarding TSP Elective Deferral limits, go to https://www.tsp.gov/PlanParticipation/EligibilityAndContributions/contributionLimits.html .
Thrift Savings Plan (TSP) Catch-Up Contributions
In addition to regular TSP contributions, employees age 50 and older can make additional contributions. This would include employees who are within the year in which they turn age 50. For example, if an employee’s birthday is December 31 of a calendar year, that employee would be eligible in January of the same calendar year to contribute catch-up contributions. In order to participate in catch-up contributions, you must have met or plan to meet the elective deferral limit by the end of the calendar year. There are no matching contributions on catch-up contributions. The catch-up contribution limit increased from $6,000 for 2019, to $6,500 for 2020. To evenly distribute this amount, one would contribute $250 per pay period beginning December 22, 2019 (pay period 26). The election to make catch-up contributions can be made on MyPay or by completing the attached TSP-1C, Catch-Up Contribution Election Form (https://www.tsp.gov/PDF/formspubs/tsp-1-c.pdf). Employees who wish to continue catch-up contributions must make a new election each calendar year.
If making the change in MyPay, please make sure to input the change during or prior to pay period 25, as any changes made can only be effective as early as the next pay period. If completing the form, please forward the completed form for processing no later than December 23. Please keep in mind, no electronic signatures are allowed; all forms must be signed in ink.
For additional information regarding TSP Catch-Up, please go to https://www.tsp.gov/PlanParticipation/EligibilityAndContributions/contributionLimits.html
Federal Benefits Open Season is NOW!
Open Season began Monday, November 11 (Veteran’s Day) and will run through December 9. It is the time of the year to make decisions about and reevaluate your benefits options. During this period, you can take the actions below regarding the Federal Flexible Spending Account Program (FSAFEDS), Federal Employees Dental and Vision Insurance Program (FEDVIP), and the Federal Employees Health Benefits (FEHB) Program.
- Enroll in a Flexible Spending Account (FSA) – a health care and/or dependent care account, under the FSAFEDS Program. Unlike with other programs, employees MUST reenroll in FSAFEDS each year to participate. Enrollments DO NOT automatically continue from year to year. For more information or to enroll or renew coverage, please contact 1-877-372-3337 or visit www.fsafeds.com .
- Enroll in, change, or cancel an existing enrollment in a dental plan under the FEDVIP Program. If you are happy with your current enrollment, do nothing, and your coverage will automatically continue. To enroll, change or cancel your coverage please contact 1-877-888-3337 or visit www.BENEFEDS.com .
- Enroll in, change, or cancel an existing enrollment in a vision plan under the FEDVIP Program. If you are happy with your current enrollment, do nothing, and your coverage will automatically continue. To enroll, change or cancel your coverage please contact 1-877-888-3337 or visit www.BENEFEDS.com .
- TRICARE-eligible members of the uniformed services and their families can enroll in FEDVIP. Uniformed services retirees and their families may enroll in a FEDVIP dental plan. Uniformed services retirees and their families, as well as active duty family members, can enroll in a FEDVIP vision plan if they have also enrolled in a TRICARE health plan. More information is available at TRICARE.BENEFEDS.com.
- Enroll in, change, or cancel an existing enrollment in a health plan under the FEHB Program. Please make sure to check your current plan for any plan changes. If you are happy with your current enrollment, do nothing, and your coverage will automatically continue. To see all plans available to you, review your current plan options and what changes have been made, or to compare plans side-by-side to determine which plan better meets your needs, visit www.opm.gov/fehbcompare . Changes to enrollment can be made on your MyPay or by completing a SF-2809-Health Benefits Election Form (https://www.opm.gov/forms/pdf_fill/sf2809.pdf). Make sure that you are firm on the decision before making any change in MyPay, as only one change is allowed.