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Thrift Savings Plan

Thrift Savings Plan. Cindy Lundquist. How much should I contribute?. Percentage limits eliminated Based on IRS limits 2018 - $18,500. How much should I contribute?. Catch-up Provision Must be 50 or older Must be contributing maximum 2018 - $6,000 No open season New election every year

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Thrift Savings Plan

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  1. Thrift Savings Plan Cindy Lundquist

  2. How much should I contribute? • Percentage limits eliminated • Based on IRS limits • 2018 - $18,500 Page 2

  3. How much should I contribute? Catch-up Provision Must be 50 or older Must be contributing maximum 2018 - $6,000 No open season New election every year Complete TSP-1-C Page 3

  4. TSP Loan If you have an outstanding TSP Loan when you retire: • Loan must be repaid within 90 days of notification, or • If not repaid, balance is counted as a distribution • Taxes will be due • Potential penalty Page 4

  5. Which funds are best? Risk tolerance Age When you are going to use the money Page 5

  6. Five Core Funds Source: TSP Highlights April 2016 Page 6

  7. Page 7

  8. L Funds Page 8

  9. What happens to my TSP money at death? • Distribution based on designated beneficiary form TSP-3 • No form on file, order of precedence: • Spouse • Child or children • Parents • Estate • Next of kin Page 9

  10. Retiree Withdrawal Options Annuity Monthly payments Lump sum Transfer to IRA Combination of above Leave money in TSP Positive changes by November 2019 Page 10

  11. ? Do You Have Any Questions? ? ? Placeholder, enter yourown text here Page 11

  12. Disclaimer This presentation is provided for educational purposes only. Please contact Office of Personnel Management, the Thrift Savings Plan Board, the Social Security Administration, or your financial representative for advice. Page 12

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