 Thrift
Savings Plan - like a 401K plan for military members. The account
is administered by the Federal Retirement Thrift Investment Board.
TSP also reduces the tax liability while preparing for retirement;
the money is not taxed until it is withdrawn. The open season to enroll
in TSP is from 9 Oct 01 to 31 Jan 02. There will be 2 additional open
seasons per year to enroll, usually 15 May - 31 Jul and 15 Nov - 31
Jan.
A Sailor can contribute up to 7 percent of basic pay each month
in 2002, up to a maximum of $11,000 annually. In theory, a Sailor
saving for the last 19 years of a 20 year career to E-7 would be
a millionaire by the time he or she could withdraw the money at
age 59.
Sign up on line or via a form that you can download or get a form
from PSD. The site to go to is: www.bupers.navy.mil
or www.tsp.gov You can download
the sign up form there and answer most of your questions. To sign
up on line, you need to go to: www.dfas.mil/emss/
and access your navy pay account. If you have never used EMSS (employee/member
self service) you will need to sign up with them to get a PIN to
access your account. It is usually quick. In EMSS you can view and
print out LES's, change your TSP contribution, change your W-4 withholding
etc etc. Very useful!! |
