TSP open season begins

For the next 10 weeks, federal employees can change the total amount of money they contribute each pay period to their Thrift Savings Plan accounts. The summer TSP open season begins May 15 and runs until July 31. During the open season, the percentage limit on contributions per pay period will rise from 10 percent to 11 percent of pay for Federal Employees Retirement System enrollees and from 5 percent to 6 percent for Civil Service Retirement System enrollees. In addition, current employees will be able to start rolling over money into their TSP accounts from former employers' retirement plans (such as 401k plans) and from Individual Retirement Accounts. New employees will be able to begin immediate participation in the TSP. Previously, new employees had to wait until the second open season after they were hired to begin participating. Employees can change their allocations on the Web at www.tsp.gov, via the ThriftLine at 504-255-8777 or by mailing in Form TSP-50. For a discussion of making smart choices about contributions, see the April 12 Pay and Benefits Watch column, Understanding TSP contributions. For more information on the revamped TSP, see the new Summary of the Thrift Savings Plan for Federal Employees booklet and the May cover story of Government Executive, Risk and Reward. For more information about the TSP Open Season, see the TSP Board's Open Season Bulletin.