EmpowHR: Section 8 - ESS

Thrift Savings Plan Catch-Up Contributions

Public Law 107-304 permits eligible TSP participants age 50 or older to make tax-deferred "catch-up" contributions from basic pay to their TSP accounts. The catch-up contributions are a supplement to the participant’s regular TSP contributions and do not count against either the statutory contribution percentage limitations or the IRS deferral limit.

You must meet the following criteria in order to make catch-up contributions:

• In pay status.
• At least 50 years or older in the year that the catch-up contributions are made.
• Not be in the 6-month non-contribution period following a financial hardship in-service withdrawal.
• Contribute the maximum amount allowed according to TSP/IRS regulations.

There are no matching Government contributions when making catch-up contributions. Allocations for the catch-up contributions will be made in accordance with the employee’s current allocations.

Before beginning, the following information is needed: (Refer to Form TSP-1-C, Catch-up Contribution Election - Thrift Savings Plan.)

• Type of action (enrolling, changing, stopping contributions)
• Amount of contribution