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How do I change my TSP contribution?

By Bureaupat Mar 24 2009, 07:39 AM

Dear Bureaupat,

I plan on retiring in the next couple of years and am becoming increasingly distressed as I watch my Thrift Savings Plan evaporate. I heard that I can stop my TSP contribution using Employee Express, but how?


Dear Reconsidering:

I feel your pain — mine feels more like a Thrift Evaporation Plan lately. But it's always smart to save and to pay attention to how you're saving. So let me get right to your question.  

Employee Express is the system that federal employees can use to view and make changes to personnel-payroll information, including some Thrift Saving Plan (TSP) actions. Through Employee Express, you can start enrollment, change the dollar amount or percentage amount deducted each pay period, and stop enrollment. 

First, you will need to get an account through your office human resources liaison or office. Once you have an account, go to the Employee Express website at https://www.employeeexpress.gov/ and log on. 

Next, go to the section labeled "Payroll - Personal Actions" and click the "Thrift Savings Plan" tag.

This will take you to the Thrift Savings Plan Change section where you can enter either a percentage OR enter a whole dollar amount of your basic pay that you wish to contribute per pay period by selecting the appropriate block on the screen. Your payroll dollar amount cannot exceed the maximum contribution amount allowed. The maximum allowed is based on your total salary.

Please note, the election you make will only affect your future contributions. If you choose a "stop action," it goes into effect at the end of the current pay period.

You may also want to review your fund allocation and consider moving your investment to the more conservative and less risky funds since you are close to retirement. You cannot make these fund allocation changes through Employee Express. To make allocation changes, you need to visit the TSP website at www.tsp.gov, call the ThriftLine at 877-968-3778, or submit form TSP-50 available from your Servicing Personnel-Payroll Office or the TSP website.

For more information contact your local human resources office.

Good luck saving money. In this economy, you'll need all you can get!
 

 

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