Starting July 1 Sailors can register in the Thrift Savings Plan (TSP) or make changes to their contribution elections without having to wait for an render free of access enrollment season.

Public Law 108-469 signed into law Dec 21 2004 eliminates TSP's unclose seasons and the restrictions onward contribution elections, which are commonly tied to open seasons.

"With the elimination of 'open seasons,' the TSP is more flexible for Sailors," said Tony Burtley Military Career Readiness PFM specialist, Commander, Navy Installations (CNI), Millington Det "They don't have to wait to sign-up, and they can start saving right away."

As of April 15 TSP participants could file contribution elections at anytime. by means of June 30, these elections will be continuous experimented under the current rules. Starting July 1 contribution elections will be courseed under the new rules, which means that contribution elections will be performanceed the first full pay period after they are filed.

"TSP is a great way to build wealth and start securing your financial future" continued Burtley "and given the advantages of mix interest, this is the whole time to start planning for retirement."

In 2005 TSP propounds participants the freedom to contribute up to 10 percent of their base pay and all special pay and bonuses, up to a maximum of $14000 Combat-zone participants are allowed a higher contribution dollar limit, up to $40000 a year. All contributions are tax-deferred until withdrawal, and TSP is available with several flexible withdrawal options.

Initial enrollment can be complet online at https://mypay.dfas.mil/mypay.aspx or by means of completing a TSP Election Form (TSP-U-1) submitted to the local Personnel Support Detachment.

For more information in succession TSP, contact a Fleet and Family Support Program personal financial management specialist, command financial specialist, or visit the TSP Web site at wwwtspgov

Additional information is available from Navy individual Source at www.navyonesource.com or according to calling 1-800-540-4123. Story courtesy of swift and Family Support Program Marketing, Commander, Navy Installations, Millington Det

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