For many individuals nearing retirement, optimizing contributions to their retirement plans becomes a priority, and the Thrift Savings Plan (TSP) offers a mechanism for this through the TSP-1-C, Catch-Up Contribution Election form. This form serves as a key tool for those who are 50 years of age or older, or turning 50 within the calendar year, allowing them to make 'catch-up' contributions to their TSP accounts. Specifically designed for employees who are already maximizing their regular TSP contributions or are on track to hit the IRS elective deferral limit, catch-up contributions offer a pathway to boost retirement savings. This election facilitates additional savings directly from one's basic pay, over and above regular TSP contributions, contingent upon meeting certain criteria outlined by the IRS and TSP guidelines. Prior to making an election, participants are advised to thoroughly review the form, which not only initiates or alters catch-up contribution amounts but also stipulates the cessation of these contributions under specific conditions, thereby necessitating a new election for each calendar year or upon a desire to adjust the contribution amounts. It's essential for participants to remember that their catch-up contributions, which do not receive matching funds from their agency, will be allocated according to their most recent contribution preferences, emphasizing the need for strategic financial planning as one approaches retirement. Furthermore, the privacy act notice and instructions provided with the form underscore the legal and procedural framework within which these elections operate, ensuring that participants understand both the benefits and limitations of making catch-up contributions to their TSP accounts.
| Question | Answer |
|---|---|
| Form Name | Form Tsp 1 C |
| Form Length | 2 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 30 sec |
| Other names | tsp 1 fillable, formtsp-1-c, tsp 1 form, tsp 1 c form fillable |
THRIFT SAVINGS PLAN |
Use this form to start, stop, or change your election to make
Before completing this form, read the information on the back. Type or print all information. Return the completed form to your agency.
Note: Your
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INFORMATION |
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ABOUT YOU |
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Social Security NumberDaytime Phone (Area Code and Number)
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Office Identification (Agency and Organization)
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START OR CHANGE YOUR
(You must be in pay status. See back of form.)
To start or change your
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I elect to contribute $ |
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the end of the calendar year; or
I reach the annual limit for
I submit a new election to stop or change these contributions.
I certify that I have already elected to make regular TSP contributions up to the maximum amount allowed by the IRS and TSP plan rules. I understand that my
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Participant’s Signature |
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Date Signed (mm/dd/yyyy) |
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III.
STOP YOUR
To stop your contributions, complete Items 9, 10, and 11.
9. I want to stop making
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Participant’s SignatureDate Signed (mm/dd/yyyy)
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EMPLOYING |
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Effective Date (mm/dd/yyyy) |
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OFFICE USE |
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Signature of Agency Official |
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PRIVACY ACT NOTICE. We are authorized to request this information under
5 U.S.C. chapter 84. Executive Order 9397 authorizes us to ask for your Social Secu- rity number, which will be used to identify your account. We will use the information you provide on this form to process your TSP election. This information may be shared with other Federal agencies for statistical, auditing, or archiving purposes. In addition, we may share the information with law enforcement agencies investigating a violation
of civil or criminal law, or agencies implementing a statute, rule, or order. It may be shared with congressional offices, private sector audit firms, spouses, former spouses, and beneficiaries, and their attorneys. We may also disclose relevant portions of the information to appropriate parties engaged in litigation. You are not required by law to provide this information, but if you do not provide it, we will not be able to process your request.
ORIGINAL TO PERSONNEL FOLDER |
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Provide a copy to the employee and to the payroll office. |
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INFORMATION AND INSTRUCTIONS
GENERAL INFORMATION
You may start, stop, or change your
You do not receive matching contributions from your agency for any
Your
SECTION I |
Complete all items in this section. |
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SECTION II |
The IRS limits for |
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adjusted for inflation in increments of $500. Check the TSP Web site, www.tsp.gov, for updated information. |
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Deductions will be made from your basic pay in the dollar amount you indicate. However: |
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(2)The
(3)Your
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You are not eligible to make |
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TSP contributions because you have made a financial hardship |
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If you have elected to make |
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deductions will stop. Contributions will not restart automatically. You must make a new election when your |
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noncontribution period ends. |
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You may stop your |
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indicating that you want your election to stop. (See Section III.) |
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You must sign this section or your request to start or change your |
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SECTION III |
If you choose to stop your |
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should be effective the first pay period after your agency receives it. You can restart your |
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tions at any time, subject to the conditions above. |
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SECTION IV |
In Item 13, enter the receipt date. This is the date that a properly completed form is received by the agency |
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personnel office. If the form has not been properly completed, it should be returned to the employee. |
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