TSP-1-C 2019-2026 free printable template

THRIFT SAVINGS PLAN TSP-1-C CATCH-UP CONTRIBUTION ELECTION Use this form to start stop or change your catch-up contribution election to your TSP account. ORIGINAL TO PERSONNEL FOLDER Provide a copy to the employee and to the payroll office. Form TSP-1-C 11/2013 PREVIOUS EDITIONS OBSOLETE TSP-1-C INFORMATION AND INSTRUCTIONS GENERAL Catch-up contributions are in addition to your regular TSP contributions. Required deductions include regular TSP contributions and TSP loan payments. You are...

How to fill out tsp c form

How to fill out TSP-1-C

1. Obtain the TSP-1-C form from the official TSP website or your agency's HR department.
2. Fill in your personal information including your name, address, and Social Security Number.
3. Provide details about your employment status, including your agency and position.
4. Indicate your desired contribution amount or percentage of pay to be allocated to your TSP account.
5. Choose your investment allocations by selecting the appropriate funds offered in the TSP.
6. Sign and date the form to confirm that all information is accurate and complete.
7. Submit the completed form to your agency's HR department or designated TSP coordinator.

Who needs TSP-1-C?

1. Federal employees who wish to enroll in the Thrift Savings Plan (TSP).
2. Employees looking to make changes to their contribution levels or investment allocations.
3. Individuals who are new to the TSP and want to start saving for retirement.

People Also Ask about

How to do a catch-up contribution 401k?

Understanding Catch-Up Contributions If you are age 50 or older, you can make an additional contribution of $6,500 to your 401(k) per tax year (increasing to $7,500 in 2023). 4 This will save you tax in the short term, and it could make a big difference to the size of your portfolio by the time you reach retirement.

How do catch-up 401k contributions work?

More In Retirement Plans Individuals who are age 50 or over at the end of the calendar year can make annual catch-up contributions. Annual catch-up contributions up to $7,500 in 2023 ($6,500 in 2021-2020; $6,000 in 2015 - 2019) may be permitted by these plans: 401(k) (other than a SIMPLE 401(k))

Are catch-up contributions a good idea?

Catch-up contributions help you save more for retirement in the latter part of your career. Many people reach their peak earning years in their 50s, which means they can save more money and trim their taxes substantially.

How do you make a catch-up contribution?

To begin making these extra contributions, you'll need to contact your plan administrator or access your account online. You can make this election at any time and change the amount you wish to contribute each pay period if necessary. Catch-up contributions must be made to 401(k) plans before the end of the year.

What is the catch-up contribution for 2023?

Here are some of the changes for 2023: The limit on annual contributions to an IRA will increase to $6,500. The IRA catch‑up contribution limit for individuals age 50 and over is not subject to an annual cost‑of‑living adjustment and remains $1,000.

What does catch-up contribution mean 401k?

A catch-up contribution is an elective deferral made by a participant age 50 or older that exceeds a statutory limit, a plan-imposed limit, or the actual deferral percentage (ADP) test limit for highly compensated employees (HCEs).

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What is TSP-1-C?

TSP-1-C is a form used for reporting certain financial transactions to the TSP (Thrift Savings Plan) which facilitates the management of retirement savings for federal employees.

Who is required to file TSP-1-C?

Individuals who are participants in the TSP and wish to make specific contributions or changes regarding their investment choices are required to file TSP-1-C.

How to fill out TSP-1-C?

To fill out TSP-1-C, download the form from the TSP website, complete the required personal information, specify the contribution amount, and submit it to the TSP administrative office according to the provided instructions.

What is the purpose of TSP-1-C?

The purpose of TSP-1-C is to allow participants to officially document their contribution choices and any changes to their TSP investment allocations, ensuring that their retirement savings are managed according to their preferences.

What information must be reported on TSP-1-C?

TSP-1-C requires the reporting of personal identification information, such as name, Social Security number, address, and details regarding the desired contribution amounts and investment options.