11/30/2022
Posted on the ABC website (https://portal.chra.army.mil/abc?id=abc) under announcements:
2023 TSP Contribution Rates
The IRS has announced the annual elective deferral limits (EDL) applying to the Thrift Savings Plan (TSP) for 2023. The total contribution limit to TSP Traditional and Roth accounts for 2023 has increased to $22,500. The TSP Spillover catch-up contribution limit for 2023 has increased to $7,500, for a total TSP and Spillover combined contribution limit of $30,000.
If you are under payroll offices OA and FA (most of Army, most DHA, and Army National Guard), the first time you can make TSP elections for 2023 is from 4 Dec to 17 Dec 2022. These elections would be effective on 18 Dec 2022 and would show up in your paycheck on 12 Jan 2023.
If you are under payroll offices PE and DE (most of DoDEA, some DHA, and Air National Guard), the first time you can make TSP elections for 2023 is from 4 Dec to 17 Dec 2022. These elections would be effective on 18 Dec 2022 and would show up in your paycheck on 06 Jan 2023.
GRB Platform TSP Contribution Calculator
Instructions:
GRB Platform offers a TSP "Contribution Calculator" to assist with optimizing employee TSP contributions. The GRB Platform Contribution Calculator is located under the GRB TSP tile; the link is on the right side of the TSP dashboard. Employees enter the following values into the calculator to compute their new TSP contribution rate:
1. Select “as of pay period” from the dropdown
2. Enter Contributions total so far in the current contribution year
3. Enter Current TSP contribution each pay-period
4. Enter Contribution goal for the year, OR select to maximize Regular contributions (includes Catch-up when eligible)
GRB's TSP Contribution Calculator then identifies the “New TSP Rate to Elect” to meet your annual contribution goal identified for the year.
