Ask The Experts: Money Matters

By Mike Miles

TSP contribution limits

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Q: I like to make plans for my savings and would like to know whether the contribution limits will be increasing for the Thrift Savings Plan and the TSP Catch-up contribution plan for 2011 and 2012.

A: The limits are indexed to inflation, and we won’t know whether they’ll be increasing until the inflation figures are in.

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Comments

  1. Terri Says:
    August 18th, 2010 at 11:09 am

    When are inflation figures released? October?

  2. maurice olfus Says:
    October 11th, 2010 at 5:07 pm

    I retired from the Department of State on 5/31/2010 and have not yet received :
    1) SF-50 that reflects the retirement
    2) Nor have I received a monthly annuity.

    Prior to my retirement, I was awarded a retro-active promotion as part of an EEO settlement agreement. The effective date of the retro promotion is 1/1/2009 – 5/31/10. However, to date I have not received a SF-50 to reflect the promotion and pay period adjustments. What I did receive from the Departement was a letter that stated that I was paid a lump sum gross payment for the retro-active promotion in the amount of $12,697.68. My questions are as follows:

    1) What is the federal standard time frame for receiving the first annuity payment?
    2) What is the federal standard time frame for receiving SF-50s personnel actions?
    3) What legal authority does the agency have that justified paying a lump sum payment instead of a pay period adjustment that would have allowed me to contribute up to 90% of basic pay to TSP provided that that the annual deferred TSP contributrion did not exceed $16,500?

    Thank you,

    Maurice

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