Shows & Panels
- The 2014 Big Picture on Cyber Security
- AFCEA Answers
- Ask the CIO
- Building the Hybrid Cloud
- Connected Government: How to Build and Procure Network Services for the Future
- Continuing Diagnostics and Mitigation: Discussion of Progress and Next Steps
- Federal Executive Forum
- Federal Tech Talk
- The Future of Government Data Centers
- The Future of IT: How CIOs Can Enable the Service-Oriented Enterprise
- The Intersection: Where Technology Meets Transformation
- Maximizing ROI Through Data Center Consolidation
- Moving to the Cloud. What's the best approach for me
- Navigating Tough Choices in Government Cloud Computing
- The New Generation of Database
- Satellite Communications: Acquiring SATCOM in Tight Times
- Targeting Advanced Threats: Proven Methods from Detection through Remediation
- Transformative Technology: Desktop Virtualization in Government
- The Truth About IT Opex and Software Defined Networking
- Value of Health IT
- Air Traffic Management Transformation Report
- Cloud First Report
- General Dynamics IT Enterprise Center
- Gov Cloud Minute
- Government in Technology Series
- Homeland Security Cybersecurity Market Report
- National Cybersecurity Awareness Month
- Technology Insights
- The Cyber Security Report
- The Next Generation Cyber Security Experts
Shows & Panels
DoD civilians, others can now make Roth TSP contributions
Friday - 6/29/2012, 9:05pm EDT
The Roth TSP allows federal employees to invest after-tax wages toward their retirement-savings accounts. Under the traditional TSP, feds invest tax-deferred dollars into their accounts, meaning the money isn't taxed until it's withdrawn.
DoD civilians have been able to set up Roth and make elections to the new system since June 24, when DoD's Employee Benefits Information System (EBIS) was fully updated to allow the Roth designations, a DoD spokeswoman told Federal News Radio.
However, the Defense Finance and Accounting Service, one of the largest federal payroll processors, will not begin processing those transactions until July 1.
Beginning then, DFAS, which acts a payroll processor for several civilian agencies too, will also begin processing contributions for civilian employees at Veterans Affairs, Health and Human Services, the Executive Office of the President, the Environmental Protection Agency and the Broadcasting Board of Governors.
The Federal Retirement Thrift Investment Board launched the Roth option May 7. DFAS needed more time to upgrade its system in preparation for the Roth option. The service has been phasing in implementation since then, starting with the Marine Corps in June.
Army, Navy and Air Force military members will have to wait until October to have their Roth contributions processed by DFAS.
The Air Force Personnel Center issued a release June 25, alerting civilian employees they could begin making elections, ahead of the official July launch. The elections, which will not become effective until July, will be reflected on employees' July 20 leave and earnings statements, according to the statement.
The TSP board has been planning for the Roth since it was authorized in June 2009. Account-holders are able to invest in both the traditional TSP as well as the Roth option, but the combined contributions cannot exceed annual limits — $17,000 for 2012. Agency matching contributions, however, will funnel solely into employees' traditional TSP accounts.
More Roth TSP resources