The new 2020 IRS annual limit for TSP Catch-up contributions is $6,500. In addition to regular TSP contributions, you may also make TSP Catch-up contributions , if you meet the following criteria: 1) you are age 50 or over (or will be age 50 during 2020); 2) you are in pay status; AND 3) you are contributing an amount towards your regular TSP which will cause you to reach the $19,500 IRS limit by the end of the 2020 calendar year.
Unlike regular TSP elections, a Catch-up election is only valid for one year. Therefore, if you want to make Catch-up contributions each year, you must make a new election each year. To make a Catch-up election for 2020, you may make your election at any time on/after December 8 by using myPay. Be certain to enter the amount you want withheld from your pay each pay period. If you enter your election between December 8 – December 14, 2019, you should enter a contribution amount of $250, if you want equal deductions withheld over the course of the 2020 calendar year. Your election will be effective on December 22, the first pay period for 2020. You will see the new deduction reflected on your Leave and Earnings Statement beginning with the January 10th pay date.
If your election is entered after December 14, you will need to adjust your election amount. After an election is entered into myPay, it will be effective at the beginning of the next pay period, and it will take 1-2 pay periods before it is visible in myPay and on your Leave and Earnings Statement (LES). Only one regular TSP election and one TSP Catch-up election can be entered into myPay during a pay period.
To see the pay periods for 2020, view the HHS Payroll Calendar. If you have questions, refer them to your Benefits Contact or AskBenefits@nih.gov.