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1099-Rs for repaid 2020 RMDs are correct — If you received a required minimum distribution (RMD) from your TSP account in 2020, we must report the income and send you a Form 1099-R even if you rolled the money back into your account or into another retirement account under the terms of the CARES Act. You may have already received the 1099-R. You should not expect a “corrected” 1099-R. Remember that not all reported income is taxable income. If you received an RMD that was eligible for rollover in 2020 and you repaid it or rolled it over by the deadline, then it’s not taxable income. Please consult the IRS or a tax adviser for instructions and additional information on tax filing.

January Processing Schedule

IRS Form 1099-R — The TSP has mailed IRS Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., to participants who received a withdrawal up to December 29, 2020, and/or a taxable distribution of a loan up to December 31, 2020. Withdrawals processed on December 30 and 31 are taxable income for 2021. If you have not received Form 1099-R by mid-February, you can print a copy from My Account. Corrected Forms 1099-R will be issued late February/early March. If you are expecting a corrected Form 1099-R, you may wish to wait to file your taxes until you receive the form.

December 15 deadline for requesting a CARES Act withdrawal — The CARES Act allows coronavirus-affected participants to make a one-time withdrawal of up to $100,000 from a civilian or uniformed services account. If you are eligible and plan to make this type of withdrawal, we must receive your completed application on or before December 15, 2020. We cannot accept any applications received after 11:59 PM that day.

Catch-up contributions are changing — Starting in January 2021, the process for catch-up contributions will be easier for TSP participants. If you’re turning age 50 or older, you’ll no longer need to make separate catch-up elections to your TSP account to contribute toward the catch-up limit.

Here’s how it will work:

Learn how to make catch-up contributions next year.

High call volume on the ThriftLine — We are currently experiencing high call volume and longer-than-normal wait times for speaking to a TSP representative on the ThriftLine.

If you have questions about the recent security changes in My Account, such as needing a user ID to log in, please use the new online tools to create or recover your user ID online. For security purposes, TSP representatives on the ThriftLine do not have access to this information.

How to create or recover your My Account user ID online

  • If you don’t have a user ID, you must create a user ID. You’ll first need to log in with your TSP account number and password.
  • If you’ve forgotten your user ID, you can recover your user ID.

Our highest call volume is on Monday and Tuesday mornings. If you want to minimize your wait time to speak to a TSP representative, consider calling the ThriftLine outside of those peak hours.

2021 Contribution limits — The Internal Revenue Code places specific limits on the amount that you can contribute to employer-sponsored plans like the TSP each year. The limits for 2021 have been announced. To learn more, visit “Contribution limits.”

Important message for notaries during the COVID-19 pandemic — If the state in which you reside has extended notary commissions as a result of the pandemic, you must include information about the extension with any TSP forms you notarize. You may include this information as an annotation or as supporting documentation from your state. We will not be able to process forms that have been notarized with an expired commission unless you include an annotation or provide supporting documentation.

Top 5 FAQs

  • How you change your address with us depends on whether or not you still work for the federal government.

    If you’re currently a federal employee, report your correct address to your agency. We can’t accept address changes directly from you.

    If you’re an active member of the Air Force, Army, Navy, or Marine Corps, you can update your address through the myPay website. Just make sure that you log in and go to the TSP section to change your TSP address. If you change it in the “Correspondence Address” section of myPay, it will not change your TSP address. Members of the Coast Guard and NOAA Corps can use Direct Access. Select “Home and Mailing Address” under Tasks, then choose “TSP” from the drop-down menu next to “Address Type.”

    If you’re no longer a federal employee or uniformed services member, visit My Account: Profile Settings to change the address. Or while you’re logged in, use our Change in Address for Separated Participants, Form TSP-9, and fax or mail it to us.

    To change or validate your contact information such as your phone number or email address, visit My Account: Profile Settings.

  • In most cases, you’ll use your agency’s or service’s electronic payroll system to start, change, or stop your TSP contributions. For example, civilian payroll systems include Employee Express, EBIS, LiteBlue, myPay, or NFC EPP. Uniformed services can use myPay (Army, Air Force, Navy, Marine Corps) or Direct Access (Coast Guard and NOAA Corps).

    If your agency or service accepts the paper form, download and complete the Form TSP-1, Election Form (or Form TSP-U-1 for uniformed services members), or call the ThriftLine at 1-877-968-3778 and choose option 3 to have it mailed to you.

  • Starting in the year you turn 50, you become eligible to save even more by contributing toward the catch-up limit.

    Here’s what you should know:

    • Once you exceed the elective deferral or annual addition limit, your contributions will spill over and automatically start counting toward the catch-up limit.
    • Contributions spilling over toward the catch-up limit will qualify for the match on up to 5% of your salary.
    • Separate catch-up elections are no longer required. Your election will carry over each year unless you submit a new election or leave federal service.
    • You may start, stop, or change your contributions at any time.

    If you are a uniformed services member and enter a combat zone, your contributions toward the catch-up limit must be Roth. (The TSP cannot accept traditional tax-exempt contributions toward the catch-up limit.) You also cannot contribute toward the catch-up limit from incentive pay, special pay, or bonus pay.

    If you are contributing to both a civilian and uniformed services account, the limits apply to the total you contribute to both accounts during the year.

    To contribute toward the catch-up limit, use Form TSP-1, Election Form (or Form TSP-U-1 for uniformed services), or your agency’s or service’s electronic system (e,g., Employee Express, EBIS, LiteBlue, myPay, or NFC Employee Personal Page). You can add any contributions toward the catch-up limit in the same place as your other TSP contributions. Remember, separate catch-up elections are not required.

  • You may be able to reset your password online.

  • If you successfully complete the entire loan process online and are approved, you’ll receive your money within 7–10 business days in the form of a check mailed to the address we have on file for you. You will not have the option of receiving your money by electronic funds transfer (EFT).

    If you submitted a paper loan agreement, your request make take several weeks to process.

    You may track the status of your loan online or by contacting us.