![]() ![]() What is the maximum 401(k) contribution? 2:06:00 PM Everything you should know to help your employees save smarter this year. Questions may be directed to your Benefits Contact or. To see the pay periods for 2023, view the HHS Payroll Calendar.After an election is entered into myPay, it will be effective at the beginning of the next pay period, but it will take 1-2 pay periods before it is visible in myPay and on your LES.Only one TSP election can be entered into myPay during a pay period.It is very important that you carefully enter your election accurately into myPay because the Retirement and Employee Benefits Branch cannot stop or change an election that has been entered into myPay.Additionally, you will receive the Agency Automatic 1% contribution each pay period. Although, you will reach the regular TSP limit before the end of the year, you will continue to receive the Agency Matching contributions for the remainder of the year to which you are entitled, as long as you are contributing at least 5% of your bi-weekly gross pay each pay period.To determine the adjusted amount, use the Elective Deferral Calculator on the TSP website. If your election is entered after December 10, 2022 you will need to adjust your election amount.Spillover simplified the TSP Catch-up process. These additional contributions will “spillover” until you meet the catch-up limit. If you are eligible to make catch-up contributions, any contributions beyond the $22,500 for regular TSP will automatically start counting toward the Catch-up contribution limit.Instead, you enter only one TSP election amount into myPay for 2023. Because of TSP “spillover”, you no longer enter a separate TSP Catch-up election.Your new election will be reflected on your LES beginning January 6, 2023.To contribute the 2023 maximum annual amount for both regular TSP and TSP Catch-up for a combined total of $30,000, you should enter one election amount of $1,154 into myPay during December 4 – 10, 2022, and your election should be effective on December 18, 2022, the first pay period for 2023.This amount is in addition to the regular TSP limit of $22,500. The 2023 IRS annual limit for Catch-up contributions is $7,500. In addition to making regular TSP contributions, you may also make TSP Catch-up contributions, if you are age 50 or older (or will be turning age 50 in 2023). As long as you are contributing at least 5% of your bi-weekly gross pay each pay period, you will receive the 4% Agency Matching contributions each pay period.If your election is entered after December 10, 2022 you will need to adjust your election amount in order to reach the annual contribution limit.Your new election will be reflected on your Leave and Earnings Statement (LES) beginning with January 6, 2023.You should enter your election of $866 into myPay during December 4 – 10, 2022, and your election should be effective on December 18, 2022, the first pay period for 2023.To make equal contributions over the course of the 2023 calendar year (for 26 pay periods), you should contribute $866 each pay period.If you are covered by the Federal Employees Retirement System (FERS, FERS-RAE, or FERS-FRAE), you will lose valuable Agency Matching TSP contributions, if you reach the annual limit before the end of the calendar year. The 2023 IRS annual limit for regular TSP contributions is $22,500. ![]()
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