Thrift Savings Plan Election Form TSP-1
This form enables users to start, stop, or modify their contributions to the Thrift Savings Plan (TSP). It is crucial to read the Summary of the Thrift Savings Plan and the accompanying instructions before submission. Complete the form accurately and return it to your agency personnel or benefits office.
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How do I fill this out?
Filling out the TSP-1 form requires careful attention to detail. Begin by entering your personal information in Section I and carefully selecting the contribution amounts in Section II. Make sure to read and understand the instructions provided to avoid any errors.
How to fill out the Thrift Savings Plan Election Form TSP-1?
1
Read the form instructions thoroughly.
2
Fill in your personal information in Section I.
3
Select the amount and type of contributions in Section II.
4
Indicate if you wish to stop contributions in Section III.
5
Sign and submit the form to your agency personnel.
Who needs the Thrift Savings Plan Election Form TSP-1?
1
New federal employees need this file to set up their retirement contributions.
2
Employees wishing to change their contribution amounts require this form to submit new elections.
3
Individuals nearing retirement may use this form to adjust their catch-up contributions.
4
Rehired federal employees need this when they return to work and wish to establish contributions again.
5
Human Resources personnel use this form to process employee contribution requests.
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2
Select the sections you wish to edit and make your changes.
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Download the updated version of the PDF for submission.
What are the instructions for submitting this form?
To submit the TSP-1 form, ensure all sections are completed and signed. You can return the form to your agency personnel office either physically or through your agency's preferred electronic submission method. If submitting by mail, use the appropriate agency address to guarantee it reaches the correct department promptly.
What are the important dates for this form in 2024 and 2025?
For 2024, the TSP-1 form must be completed by mid-March for contributions to begin in April. In 2025, ensure you submit any changes by the end of February to affect your March deductions.
What is the purpose of this form?
The purpose of the TSP-1 form is to facilitate the initiation, cessation, or modification of contributions to the Thrift Savings Plan for federal employees. It serves as a crucial touchpoint for managing retirement savings and ensuring compliance with IRS regulations. By using this form, employees can actively engage in their retirement planning process.
Tell me about this form and its components and fields line-by-line.
- 1. Name: The participant's full name, including last, first, and middle.
- 2. Street Address: The participant's residential address including city, state, and zip code.
- 3. Social Security Number: The participant's unique Social Security identification number.
- 4. Daytime Phone: The participant's contact phone number.
- 5. Office Identification: The identification code or agency number of the participant.
- 6. Traditional Contributions: Percentage or dollar amount for traditional (pre-tax) contributions.
- 7. Roth Contributions: Percentage or dollar amount for Roth (after-tax) contributions.
- 8. Signature: The participant's signature to validate the form.
- 9. Agency Official Signature: Signature of the agency official processing the request.
- 10. Date Signed: The date on which the form was signed by the participant.
- 11. Effective Date: The date when the contributions will take effect.
What happens if I fail to submit this form?
If the TSP-1 form is not submitted, your contributions to the Thrift Savings Plan will not be established or modified as requested. This can impact your retirement savings and prevent you from taking advantage of employer matching contributions. Prompt submission of the form is crucial to ensure your financial planning remains on track.
- Missed Contributions: Failure to submit the form may result in not participating in the TSP.
- Inaccurate Savings: Incorrect or missing information may lead to undesired contribution amounts.
- Loss of Benefits: Not completing the form can lead to loss of agency matching funds.
How do I know when to use this form?
- 1. Initial Enrollment: Necessary for new employees to enroll in the TSP.
- 2. Adjusting Contributions: Use this form to adjust your contribution rates as needed.
- 3. Stopping Contributions: Stop either traditional or Roth contributions as per your decision.
Frequently Asked Questions
What is the TSP-1 form?
The TSP-1 form is used by federal employees to start, stop, or change their contributions to the Thrift Savings Plan.
How do I fill out the TSP-1 form?
To fill out the TSP-1 form, provide your personal details and specify your contribution choices before submitting to your agency.
Can I edit the TSP-1 form?
Yes, you can edit the TSP-1 form using PrintFriendly’s PDF editor to ensure all information is accurate.
How do I sign the TSP-1 form?
Sign the TSP-1 form by using PrintFriendly’s built-in signature tools to apply your electronic signature.
Where can I submit the TSP-1 form?
Submit the completed TSP-1 form to your agency's personnel or benefits office as per their guidelines.
Is there a limit on contributions?
Yes, contributions to the TSP are subject to annual limits set by the Internal Revenue Service.
Can I stop my contributions at any time?
Yes, you can stop your contributions by checking the appropriate box on the TSP-1 form.
What if I make a mistake on the form?
If you make a mistake, you can edit the PDF using PrintFriendly and correct the errors before submitting.
What information is required on the TSP-1 form?
The required information includes your name, address, Social Security number, and contribution amounts.
Can I download the TSP-1 form after editing?
Yes, you can download the edited TSP-1 form using PrintFriendly’s download feature.
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