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GetThis: Thrift Savings Plan Open Season
By Carl Surran
Winter 2004-05
Civilian and military employees can sign up for, or change, their Thrift Savings Plan (TSP) contribution amounts during the "open season" April 15 to June 30, 2005.
This open season applies only to regular TSP contributions. It does not include TSP catch-up contributions, as they are not tied to open seasons. Contribution elections and/or changes made between April 15 and June 11 will take effect June12, for servicemembers and civilians. Changes made on or after June 12 will become effective at the beginning of the pay period following the one in which the election is made for civilians and the following month for military.
Public Law 108-469, recently signed into law, will eliminate TSP open seasons. The Federal Retirement Thrift Investment Board is implementing this law July 1. As a result, beginning July 1, civilian employees and servicemembers may start, change, stop or resume contributions at any time. For civilians, the elections will be effective at the beginning of the pay period following the one in which submitted, and for military members elections will be effective the following month.
For more information, visit www.tsp.gov.
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Carl Surran is managing editor of Military Money.
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