Thrift Savings Plan for Coast Guard/NOAA Military Personnel

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Direct Access Technology Refresh - Thrift Savings Plan (21 February)

The DA Tech Refresh project continues in February with upgrades to the SGLI/FSGI component for SPO users and enhanced functionality in the TSP component for Self-Service Users.

Coast Guard Military personnel, using DA Self Service, now have the ability to enroll in the Thrift Savings Plan and manage "Catch-Up" contributions. Prior to this update, TSP enrollments and Catch Up contribution elections required mailing or faxing a form to PPC. Now members can fully manage their TSP elections in DA Self Service as well as make changes to contribution amounts as they could in the old version. Refer to the Thrift Savings Plan Overview topic in the Direct Access Online Help for more information. A video, demonstrating the new features is also available.

Topics on this page:


TSP Procedures

Thrift Savings Plan (TSP) is a voluntary retirement savings and investment plan.

Once enrolled there are only two options to withdraw money while in the service: Financial hardship and reaching age 59 or older.

Enrollment

Self-ServicePPC Assisted

Coast Guard Military personnel, using DA Self Service, have the ability to enroll in the Thrift Savings Plan and manage "Catch-Up" contributions. Members can fully manage their TSP elections in DA Self Service as well as make changes to contribution amounts. Refer to the Thrift Savings Plan Overview topic in the Direct Access Online Help for more information. A video, demonstrating the new features is also available.

At enrollment (or reenrollment), a TSP-U-1 Election Form must be filled out. This form may be obtained through https://www.tsp.gov under Forms and Publications from the Uniformed Services section.

Fax the completed form to PPC (MAS-TSP) at (785) 339-3760 or mail it to:

Commanding Officer (MAS-TSP)
Coast Guard Pay & Personnel Center
444 SE Quincy Street
Topeka, KS 66683-3591

A TSP-U-3 Designation of Beneficiary Form must be mailed to the TSP Service office regardless of the enrollment method used:

 
Thrift Savings Plan Service Office
P.O. Box 385021
Birmingham, AL 35238

Coast Guard Academy cadets and non-prior service CG Naval Academy Preparatory School (NAPS) cadets are not eligible to participate in TSP until they are commissioned or reverted to enlisted status.

TSP Address Changes:

For Active Duty and Reserve members: TSP will automatically receive new address information from the U. S. Coast Guard on the first of the month following the month in which you update your address in Direct Access Self-Service.

Separated and former members: Please follow the procedures on form TSP-9, Change in Address for Separated Participant to update your address.

TSP Questions:

Questions on enrollment, reenrollment, disenrollment, deductions or form completion, contact PPC Customer Service via phone (785-339-2200) or email (Customer Care).  Be sure to include your Employee ID Number.

Question on TSP investments, loans, and PINS, contact TSP Thrift Line via phone (1-877-968-3778).


Roth 401(k) Feature Implemented 14 May 2012

The Thrift Savings Plan Enhancement Act of 2009, Public Law 111-31, authorized the TSP to add a Roth feature to the plan. This benefit allows participants to contribute on an after tax basis to their TSP accounts and receive tax free earnings when the funds are withdrawn, as long as they are at least age 59 and a half and the withdrawal is made at least five years after the beginning of the year in which their first Roth contribution was made. Traditional TSP contributions are made on a pretax basis and are taxed when withdrawn. The Roth TSP option is similar to private sector Roth 401 (K) plans. This new feature will be available to employees on 14 May 2012.

Roth contributions may be made in addition to or in lieu of traditional contributions. They are subject to the same IRS elective deferral limit of $17,000 in 2012 and must be combined with any traditional TSP contributions to determine if the limit has been met.

Participants who will turn 50 or older in 2012 may elect to make Roth catch up contributions in addition to or in lieu of traditional catch up contributions. All traditional catch up contributions and Roth catch up contributions are contributed from Basic pay, Bonus Pay, Special Pay and Incentive Pay. The total must not exceed the catch up contribution limit of 5,500 dollars in 2012. Participants will continue to be required to certify that they expect to reach the elective deferral limit for the year.

Participants may designate any whole percentage of Basic pay, Bonus Pay, Special Pay and Incentive Pay as Roth contributions. This election may be in addition to, or in lieu of, an election to make traditional contributions. For example, a participant could elect to contribute 5 percent of basic pay as a Roth contribution and 10 % basic pay as a traditional contribution (or vice versa).

Participants will be able to take loans, in service withdrawals and partial withdrawals from their accounts as before. Money will be disbursed on a pro rata basis with a proportional amount from the participants traditional and Roth balances.

Money already in employees TSP accounts when they begin making Roth contributions will remain part of the traditional balance. Participants will not be able to convert it to Roth.

Self-ServicePPC Assisted

Coast Guard Military personnel, using DA Self Service, have the ability to enroll in the Thrift Savings Plan and manage "Catch-Up" contributions. Members can fully manage their TSP elections in DA Self Service as well as make changes to contribution amounts. Refer to the Thrift Savings Plan Overview topic in the Direct Access Online Help for more information. A video, demonstrating the new features is also available.

To make a Roth TSP contribution election or Roth Catch-up contribution election, members must submit a TSP-U-1 Election form (5/2012) or TSP-U-1C Catch-up Contribution form (5/2012) to PPC for processing. The forms can be found at the TSP website:

https://www.tsp.gov/forms/uniformedServicesForms.shtml

Fax the completed forms to PPC (MAS-TSP) at (785) 339-3760 or mail it to:

Commanding Officer (MAS-TSP)
Coast Guard Pay & Personnel Center
444 SE Quincy Street
Topeka, KS 66683-3591

More information on the Roth option from the TSP (Added 24 Feb 2012):


TSP Catch-Up Contribution Program:


TSP Contribution Limits

The TSP Web Site provides the limits for contributions: https://www.tsp.gov/whatsnew/rates/currentLimitsAndRates.shtml.


Quarterly Participant Statements

The Account Access section of the TSP Web site is your only source for quarterly participant statements, unless you elected to receive your statements in the mail (you can make this election using the Account Access web page). New statements are posted on the Web site after the end of each calendar quarter (i.e., March 31, June 30, September 30, and December 31). The statement shows your account balance and a detailed summary of the activity in your account during the previous reporting period. If you have a loan, your quarterly loan information will also be included on your participant statement.

The best source of information about your TSP account is the Account Access section of the TSP Web site. You will need your SSN and your PIN to access your account. Once you access your account, you can find out your daily account balance, check on your loan, see the status of a loan or withdrawal request, see what your current contribution allocation is, etc. You can also use this Web site to perform a number of transactions, such as making interfund transfers or contribution allocations, requesting a new computer-generated or custom PIN, requesting that quarterly participant statements be mailed to you, or initiating a loan or withdrawal.


TSP Service Office Notification Upon Separation

If you were participating in the TSP and are separating from the Coast Guard (Discharge, RELAD or Retirement), the Pay & Personnel Center (PPC) will notify the TSP Service Office. You will not be able to withdraw funds from your account until the TSP Service Office has been notified, by the Coast Guard, of your separation. This will usually occur the month following your month of separation. If you separate late in the month (after the end-month payroll processing cutoff) or if your separation transactions are input late or incorrectly by the Servicing Personnel Office, the notification will occur the month following the month the transactions are processed through JUMPS.

If you need to access you funds before the normal separtion notification process timeline, please complete a TSP Separation Notification form, and forward it to PPC (MAS-TSP), so that we may notify the TSP Service Office of your separation from active duty.


How Does Filing Bankruptcy Affect TSP?

These fact sheets explain how a bankruptcy petition affects a Thrift Savings Plan (TSP) account, loan, or in-service withdrawal.


Procedure governing TSP:

Policy governing TSP

Detailed information on TSP: https://www.tsp.gov

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Last Modified 10/21/2014