When will MyPay allow us to increase 2006 TSP contributions?

[FatMoneyClip]

Last year, I was able toincrease my 2005 TSP contribution in early December (9% to 10% of base pay). So far this month, I have been unable todesignate my 2006 TSP contribution. I intend to increase my contributionfrom 10% to 20% of base pay. MYPay is still limiting me to 10% of base pay. I calledDFAS and theyhad a memo statingthat Marines could increase their TSP contribution on MyPay above 10% of basepay effeictive 10DEC2005. The memoration did not mention other services. Anyone haveidea when the other services will be able to set their 2006 TSP contributions? Thanks.

[Gastrolith]

I emailed mypay. Their reply was, "you can increase contributions in Jan 2006." I think I'll end up saving what I would have contributed in Jan and up Feb's contribution to include it. Then, in Mar, I'll even out to my budgeted contribution.

[Gastrolith]

I just found this at the mypay, after logging in, at the TSP link.



Effective January 1, 2006 you are authorized to increase your TSP basic pay contribution percentage to 100% of your remaining basic pay after mandatory deductions. Unfortunately, we have identified that our systems are at risk of calculating the contribution without ensuring mandatory deductions (if applicable) are withheld upfront for our Army, Navy and Air Force customerbase. The software problem could adversely affect you.

To ensure we do not erroneously calculate TSP contributions we are implementing the following. You will have the ability to elect 100% or less for your Basic Pay contribution to TSP. All elections of 85% and below will automatically process. Elections of 86% and above will be automatically calculated at 85%. The account will be flagged for manual review to ensure that mandatory deductions of FICA/Medicare and SGLI (if applicable), and additional deductions, debts and/or allotments are properly identified and properly deducted before deriving the maximum percentage available for your TSP Basic Pay election. If we determine that a 100% election will adversely affect you your servicing finance office will contact you.

[James]

I just went to MyPay and was able to change my base pay to 100% and did so since I am currently in a tax exempt zone.

[Gastrolith]

Just added to mypay FAQ or I've overlooked it...



Schedules when 100% can be added:
Marine Corps Active 12/13/2005 6:00 p.m.
Marine Corps Reserve 12/30/2005 12:01 a.m.
Army, Navy, Air Force Active 12/27/2005 12:01 a.m.
Army, Navy, Air Force Reserve 12/27/2005 12:01 a.m.
Civilians 12/12/2005

[pyriel]

Just to inform you folks that MyPay is now accepting changes over 10% for your TSP. The only problem I encountered is that my calculation is telling me that I need to be putting in 20.43% of my base pay to reach the 15K max. MyPay will only allow me to put in a whole amount (20%).

Anyone out there experiencing the same problem and does anyone have any fix to it?

[James]

I noticed the same problem when I went to change my contributions as well. I sent a comment to MyPay detailing the problem. I have not received a response.

-James