Thrift Savings Plan
News Release
Federal employees who participate in the Thrift Savings Plan and will turn age 50 during the year are eligible to make TSP catch-up contributions.
Catch-up contributions are supplemental tax-deferred contributions that employees age 50 or older (or turning age 50 during the calendar year) can make to the TSP beyond the maximum amount they can contribute through regular contributions.
To be eligible to make catch-up contributions, you must be:
Age 50 or older anytime during the calendar year in which the catch-up contributions are being made (even if you become age 50 on Dec. 31 of this year)
Currently employed and in Pay Status
Making regular contributions to a civilian or uniformed services TSP account (or both), and/or an equivalent employer plan (such as 401(k), 403(b), or 408 plan), that will equal the maximum allowed by the IRS–see http://www.tsp.gov/ for the current year’s limit
You are not eligible to make catch-up contributions (or regular contributions) within 6 months of making a financial hardship withdrawal from the TSP, nor while in a non-pay status
Please visit the TSP website http://www.tsp.gov/ for additional information regarding catch-up contributions.