Each year the IRS determines the maximum amount you can contribute to tax-deferred savings plans like the TSP.
This is known as the
IRS elective deferral limit.
Participants should use this calculator to determine the specific dollar amount to be deducted each pay period in order to maximize
your contributions and, if you are a FERS employee, to ensure that you do not miss out on Agency Matching Contributions.
Special Note for FERS Employees
This calculator is especially important for FERS employees. If you reach the
IRS elective deferral limit
before the end of the year, your contributions and Agency Matching Contributions must stop for the remainder of the year. As a
result, you will lose some of their Agency Matching Contributions. For more detailed information, read the Fact Sheet
Annual Limit on Elective Deferrals.
The dollar amount determined by using this calculator distributes your employee contributions over the entire year
(or remainder of the year), and thus allows you to receive the maximum Agency Matching Contributions.
What information do you need to use this calculator?
Your most recent earnings statement.
The number of annual salary payments you will receive in 2014
or 2015 from which your new contribution election will be deducted.