Additional TSP tips
Each year the Internal Revenue Service (IRS) announces changes that might impact pension plans and other retirement accounts based on the change in the Consumer Price Index (CPI). Because the CPI did not warrant or meet the statutory criteria for the adjustment, the Thrift Savings Plan (TSP) limitation remains at $17,500 for 2014. For individuals over age 50, the catch-up contribution remains at $5,500.
PREPAYMENT OF A Thrift Savings Plan Loan
You can prepay your TSP loan without incurring a prepayment penalty. You can find out about the amount of your loan (principal and Interest) by going on to the Thrift Savings Plan website or by calling the ThriftLine.
Once your loan has been paid in full, the TSP will notify you and your payroll office. If payments continue to be deducted from your paycheck after you have been notified that the loan has been paid off, contact your payroll office immediately.
THRIFT SAVINGS PLAN LOANS AND WHEN PAYMENTS START
When you take out a Thrift Savings Plan loan, deductions for the monthly loan amount must start within 60 days of the funds being disbursed. Once the funds have been disbursed the Thrift Savings Plan will notify your payroll office to begin deducting the loan amount immediately.
POSTAL EMPLOYEES AND THE THRIFT SAVINGS PLAN
Postal employees can access their Thrift Savings Plan through LiteBlue.usps.gov (liteblue). Through LiteBlue postal employees can change, enroll or cancel their Thrift Savings Plan contributiosn. However, if a postal employee would like to make a Thrift Savings Plan fund transfer they will need to access their Thrift Savings Plan directly through TSP.gov or by phone.
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