{"id":1509,"date":"2024-12-19T20:51:27","date_gmt":"2024-12-20T02:51:27","guid":{"rendered":"https:\/\/www.narfe.org\/il\/?p=1509"},"modified":"2025-01-17T15:45:20","modified_gmt":"2025-01-17T21:45:20","slug":"thrift-savings-plan-update","status":"publish","type":"post","link":"https:\/\/www.narfe.org\/il\/2024\/12\/19\/thrift-savings-plan-update\/","title":{"rendered":"Thrift Savings Plan Update"},"content":{"rendered":"<p><span style=\"color: #ff0000\"><strong><span style=\"text-decoration: underline\">TSP NOTICES<\/span><br>\n<span style=\"color: #ff0000\"><span style=\"color: #000000\">\u2013 2024 tax forms:<\/span> <\/span><\/strong><span style=\"color: #ff0000\"><span style=\"color: #000000\">IRS Forms 1099-R wll be mailed by January 31, 2025.<br>\n<strong>\u2013 2024 annual statements: <\/strong>\u201cIn February, participants will receive annual statements based on the delivery method\u201d in their online account (My Profile, Manage Communications).<\/span><\/span><strong><span style=\"color: #ff0000\"><br>\n<span style=\"color: #000000\">\u2013 <\/span><\/span><\/strong><span style=\"color: #000000\"><strong>2024 tax cutoff date: <\/strong><\/span><\/span><a href=\"https:\/\/www.tsp.gov\/taking-money-from-your-account\/\" target=\"_blank\" rel=\"noopener\"><strong>Withdrawals<\/strong><\/a> requested <em>after noon eastern time<\/em> on December 27, 2024 (Friday), will be reported to the IRS as income <em>for 2025<\/em>.<\/p>\n<p><span style=\"text-decoration: underline\"><strong>NEWS<\/strong><\/span><br>\n<strong><a href=\"https:\/\/www.fedweek.com\/\" target=\"_blank\" rel=\"noopener\">FedWeek<\/a><\/strong> recently reported that <a href=\"https:\/\/www.fedweek.com\/fedweek\/tsp-to-offer-in-plan-roth-conversions-in-2026\/\" target=\"_blank\" rel=\"noopener\"><strong>TSP to Offer In-Plan Roth Conversions in 2026<\/strong><\/a>. An in-plan conversion allows a participant to transfer all or part of their assets from a traditional balance to a Roth account within the same plan. One advantage is that Roth accounts are not subject to <a href=\"https:\/\/www.irs.gov\/retirement-plans\/retirement-plan-and-ira-required-minimum-distributions-faqs\" target=\"_blank\" rel=\"noopener\"><strong>Required Minimum Distributions<\/strong><\/a> (RMD). However, income taxes on part or all of the distribution must be paid in the tax year in which the funds are rolled over into a Roth account.<\/p>\n<p><strong><a href=\"https:\/\/www.fedsmith.com\/\" target=\"_blank\" rel=\"noopener\">FEdSmith<\/a><\/strong> also covered this development in their article <a href=\"https:\/\/www.fedsmith.com\/2024\/11\/21\/roth-conversions-tsp-i-fund-changes\/\" target=\"_blank\" rel=\"noopener\"><strong>TSP News: Roth Conversions and I Fund Changes<\/strong><\/a>. Additionally, they discussed increased contribution limits for 2025, the change to the index used for the I Fund, delivery of documents by email and how TSP accounts have performed in 2024.<\/p>\n<p><span style=\"text-decoration: underline\"><strong>RESOURCES<\/strong><\/span><br>\nFor details on furture goals and objectives, read the Federal Retirement Thrift Investment Board\u2019s <a href=\"https:\/\/www.frtib.gov\/reading-room\/strategic-plan\/\" target=\"_blank\" rel=\"noopener\"><strong>FY2022-2026 Strategic Plan<\/strong><\/a>. The <a href=\"https:\/\/www.frtib.gov\/\" target=\"_blank\" rel=\"noopener\"><strong>FRTIB<\/strong><\/a> administers the TSP.<\/p>\n<p><strong><a href=\"https:\/\/www.tsp.gov\/\" target=\"_blank\" rel=\"noopener\">TSP<\/a><\/strong> booklets related to these topic include <a href=\"https:\/\/www.tsp.gov\/publications\/tspbk12.pdf\" target=\"_blank\" rel=\"noopener\"><strong>In-Service Withdrawals<\/strong><\/a> (for active employees and military), <a href=\"https:\/\/www.tsp.gov\/publications\/tspbk25.pdf\" target=\"_blank\" rel=\"noopener\"><strong>Distributions: Installments, Total and Partial Distributions, Life Annuities<\/strong><\/a> (for separated\/retired and beneficiary participants) and <a href=\"https:\/\/www.tsp.gov\/publications\/tspbk26.pdf\" target=\"_blank\" rel=\"noopener\"><strong>Tax Rules About TSP Payments<\/strong><\/a>, all updated in 2024.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Coming changes include Roth in-plan conversion option in 2026<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[18],"tags":[],"kp-content-permissions":[],"class_list":["post-1509","post","type-post","status-publish","format-standard","hentry","category-news"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.narfe.org\/il\/wp-json\/wp\/v2\/posts\/1509","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.narfe.org\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.narfe.org\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.narfe.org\/il\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.narfe.org\/il\/wp-json\/wp\/v2\/comments?post=1509"}],"version-history":[{"count":9,"href":"https:\/\/www.narfe.org\/il\/wp-json\/wp\/v2\/posts\/1509\/revisions"}],"predecessor-version":[{"id":1566,"href":"https:\/\/www.narfe.org\/il\/wp-json\/wp\/v2\/posts\/1509\/revisions\/1566"}],"wp:attachment":[{"href":"https:\/\/www.narfe.org\/il\/wp-json\/wp\/v2\/media?parent=1509"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.narfe.org\/il\/wp-json\/wp\/v2\/categories?post=1509"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.narfe.org\/il\/wp-json\/wp\/v2\/tags?post=1509"},{"taxonomy":"kp-content-permissions","embeddable":true,"href":"https:\/\/www.narfe.org\/il\/wp-json\/wp\/v2\/kp-content-permissions?post=1509"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}