NEWS | Jan. 28, 2015

TSP Update - Team Charleston

By Joint Base Charleston Public Affairs

Beginning February 1, 2015 the Roth TSP deduction election will change and require members to make a manual update in MyPay from a specified dollar amount to a percentage.  This change applies ONLY to the Roth TSP.

The Defense Finance and Accounting Service (DFAS) will implement these capabilities that enable DoD to comply with Roth TSP requirements.  Notifications of the changes were made to members with the Roth TSP election through individual SmartDoc emails and LES remarks, starting 1 October of last year.

If a member had been contributing to the Roth TSP they were informed through email that their dollar amount deduction would stop at the end of January 2015 and they would need to restart their allotment by applying a separate percentage deduction to basic pay, special pay, incentive pay and bonus pay.

If members have not yet made the change, there is still a small window of time to make the update and avoid uninterrupted contributions. Members have until January 31, 2015 to restart their Roth deduction using MyPay.  If not restarted by this deadline, contributions will lapse until the member chooses to restart them.

It's important to note that members must apply a minimum election of 1% to their base pay if they elect to apply ANY percentage to special, incentive, or bonus pay.

As of January 22, 2015, only 56 percent of the members who had Roth TSP plans have restarted their Roth TSP with a designated percentage. Supervisors are encouraged to work with their members to make necessary updates immediately.

The following link provides screen shots on how to change to the Compatibility View in the web browser, as some members have required this update to make the Roth TSP changes in MyPay.

https://afpims.dma.mil/shared/media/document/AFD-150128-028.pdf 

If still unable to make the Roth TSP update using MyPay, members can click the following link for a TSP-U-1 election form and bring it into Finance Customer Service:

https://afpims.dma.mil/shared/media/document/AFD-150128-030.pdf

This option should be used a last resort, as it will take longer for the update to take effect given the short timeline and the current backlog at DFAS.

For questions regarding this change, please contact Finance at 963-3715.