TITLE 5 - ADMINISTRATIVE PERSONNEL

CHAPTER VI - FEDERAL RETIREMENT THRIFT INVESTMENT BOARD

SUBCHAPTER C - JOINT REGULATIONS WITH THE OFFICE OF PERSONNEL MANAGEMENT

PART 1600 - EMPLOYEE CONTRIBUTION ELECTIONS AND CONTRIBUTION ALLOCATIONS

subpart c - PROGRAM OF CONTRIBUTIONS

1600.22 - Maximum contributions.

  (a) Regular employee contributions. A participant's regular TSP contributions are subject the following limitations: (1) FERS percentage limit. The maximum employee contribution from basic pay for a FERS participant for 2005 is 15 percent. After 2005 the percentage of basic pay limit will not apply and the maximum contribution will be limited only by the provisions of the Internal Revenue Code (26 U.S.C.).

  (2) CSRS and uniformed services percentage limit. The maximum employee contribution from basic pay for a CSRS or uniformed services participant for 2005 is 10 percent. After 2005 the percentage of basic pay limit will not apply and the maximum contribution will be limited only by the provisions of the Internal Revenue Code.

  (b) Catch-up contributions. (1) A participant may make tax-deferred catch-up contributions from basic pay at any time during the calendar year if he or she: (i) Is at least age 50 by the end of the calendar year; (ii) Is making regular TSP contributions at a rate that will result in the participant making the maximum regular contributions permitted under paragraph (a) of this section; and (iii) Does not exceed the annual limit on catch-up contributions contained in the Internal Revenue Code.

  (2) Elections to make catch-up contributions will be separate from the participant's regular contribution election.

  (3) A participant who has both a civilian and a uniformed services account can make catch-up contributions to both accounts, but the total amount of the catch-up contributions to both accounts cannot exceed the Internal Revenue Code catch-up contribution limit for the year.

  (4) Catch-up contributions are not eligible for matching contributions.

[70 FR 32207, June 1, 2005]