The SECURE Act 2.0 made changes to catch-up contribution for the TSP and also early withdrawal rules for public safety workers.
FedLife Podcast (ep. 102): Recent Changes to TSP Rules Resulting from SECURE Act 2.0
TSP changes from the SECURE Act 2.0 are on the horizon. First, Dan and Ed go over the revision to catch-up contribution rules that will impact older feds who make over a certain amount. Then, special provision employee take note! The early TSP withdrawal rules have changed, learn how to avoid the 10% IRS penalty.
This episode addresses the following questions:
- What are social security wages and how do they factor in when making catch-up contributions to the TSP?
- What is “Roth-ification”?
- Will new catch-up rule increase my taxable income?
- What age can special provisions employees take penalty-free withdrawals from their TSP?
- What employment code should special provisions employee use to make penalty-free TSP withdrawal?
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