WebJan 23, 2024 · The TSP is a tax-deferred retirement savings plan for federal civilian employees and members of the uniformed services. The TSP is similar to cash or … WebJan 23, 2024 · The TSP is similar to cash or deferred arrangements established for private-sector employees under section 401 (k) of the Internal Revenue Code ( 26 U.S.C. 401 (k) ). Background A catch-up contribution is a contribution that exceeds a statutory limit on the amount of contributions a participant can normally make to the TSP in each calendar year.
2024 TSP Contribution Limit Increasing Over 9% FedSmith.com
WebOct 21, 2024 · The new figures were announced by the Internal Revenue Service. The 2024 catch-up contribution limit for employees aged 50 and over who participate in the Thrift Savings Plan (TSP) is increasing to $7,500, up from $6,500 in 2024. This is an increase of 15.4% over last year. WebTo be eligible to make catch-up contributions, you must be: age 50 or older during the calendar year in which the catch-up contributions are made and contributing an amount … feign name or service not known
Are You Making TSP Catch-Up Contributions? - My …
WebNov 1, 2024 · What are TSP catch-up contributions? Catch-up contributions allow you to save more in your TSP account than the maximum amount allowed by the IRS through … WebIn addition to regular TSP contributions, you may be eligible to enroll in TSP catch-up contributions up to an additional $6,500. In 2024, the TSP will utilize the Spillover Method as both regular and catch-up contributions will process on the same payroll record. When the maximum limit of $19,500 is reached, employees turning age 50 or older ... WebFERS-covered employees need to be aware of the following with respect to the elective deferral limit, catch-up contributions limit, traditional TSP contributions, Roth TSP contributions and agency automatic and matching TSP contributions for FERS-covered employees during the calendar year 2024: define warranty in health