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Federal employees will be able to add more money next year to their Thrift Savings Plan accounts under a change the IRS announced last week.
Starting in 2022, the contribution limit for TSP participants will increase to $20,500, up from $19,500 in 2021.
The IRS also announced that the so-called catch-up contribution for those age 50 and older remains unchanged at $6,000. Employees 50 or older can add another $6,000 a year to their TSP, allowing them to go above the annual limit because they are closer to retirement.
In 2019, NTEU worked successfully on Capitol Hill to secure more flexibility and better withdrawal options for TSP participants.