HRPAY 21-08, Thrift Savings Plan
Published: December 22, 2021
Effective: Pay Period 01, 2022
Summary
Effective January 2022, the Thrift Savings Plan (TSP) elective deferral limit is changing to $20,500.
As of Pay Period 26, 2020, it is no longer necessary to complete a TSP-1-C, Catch-Up Election Form, for catch-up contributions. Employees will have their TSP contributions matched up to 5%. Employees must not exceed the maximum of $27,000 for age 50 and over, and $20,500 if under age 50.
Employees should enter the total amount they want to contribute to their TSP for both regular and catch-up contributions on the TSP-1, Election Form. Also, employees can split contributions between traditional and roth TSP accounts.
Employees should review their earnings and leave statement to ensure that their TSP contribution amount or percentage does not impact other deductions such as Old Age, Survivors, and Disability Insurance (OASDI); Medicare; and/or retirement.
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