6. Choose how many steps you want. 1 is a single "Step" (You change your contribution once during the year).
7. Move the "Step Size" slider to the left or to the right. Left will frontload your contributions, right will backload them.
Manually changing contributions (optional):
8. Using the "Contributions Table", you may manually change your contributions to any value you choose.
9. Note the shortcuts "Min/Max/Copy". Min/Max copy their respective value from "Step 3". The "Copy" shortcut will copy the contribution from the prior pay period.
The calculator assumes your minimum contribution is 6%. You only need to contribute 5% in order to get the match. But if you plan a year-end contribution based on 5% of your current pay, and then get a raise, you will miss out on gov matching. Using 6% of your current salary will cover for step increases and promotions.
The old-school way of changing your TSP contribution is to fill out form TSP-1 and submit it to your agency. However, most federal payroll agencies (if not all), now allow you to make this change online. See below.
This calculator is free to use and print. If you subscribe to TSPcalc for $19.99/year, you can save your plan to your account for easy access.
Change your TSP contribution via EBIS. Changes made via EBIS will take effect for the next pay period. For example, if you make a TSP election during pay period 20, it will become effective when pay period 21 starts. Therefore, your first paycheck to show the new election will be the check for pay period 21.
TSP Election Software: MyPay
TSP Election Effective: Next pay period. (next month)
Change your TSP contribution via MyPay. Changes made via MyPay will take effect for the next pay period (the next month). For example, if you make a TSP election during February, it will become effective for March. Therefore, your first paycheck to show the new election will be the check on April 1st.
Change your TSP contribution via MyEpp. Changes made via Employee Express will take effect for the current pay period. For example, if you make a TSP election during pay period 20, it will become effective immediately. Therefore, your first paycheck to show the new election will be the check for pay period 20.
I don't know what software is used by the IBC. I also don't know when elections become effective. Please send me an email at firstname.lastname@example.org if you know. Thanks.
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