Thu. Apr 11th, 2024

TSP Update – New statements, higher limits

February 7, 2023

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Contribution limits have increased for the Thrift Savings Plan (TSP) in 2023.

Participants may now set aside up to $22,500 in traditional tax-deferred or Roth contributions, up from a limit of $20,500 in 2022. Those 50 and older may set aside up to an additional $7,500 in “catch-up” contributions, up from $6,500 in 2022.

The plan’s administrators are sending out annual and semiannual statements in February and said that all 2022 1099-R tax forms would be in the mail by Jan. 31.

Semiannual statements cover account activity from May 26, 2022-Dec. 31, 2022, and will include information about each participant’s account and retirement plan.

Annual statements in paper form will be also mailed, and participants will receive an email when annual statements can be viewed electronically in the TSP website’s My Account section.

Participants who would like to view fourth-quarter statements covering Oct. 1, 2022-Dec. 31, 2022, can find them online between Jan. 1 and March 31 under the TSP website’s My Account section: Navigate to the account summary, select “Forms and Materials” from the “Resources” list, then select “Prior Quarter Account Statement” from the options.

Questions about the TSP? Call the plan’s administrators at 877-968-3778 or visit www.tsp.gov.

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