Open Season for Thrift Savings Plan Underway

WASHINGTON -– Defense Department officials want thousands more service members to invest in their future through the Thrift Savings Plan, or TSP.

According to the American Forces News Service, the current TSP open season started April 15 and runs until June 30. This is the time service members can start or change their contributions to their TSP account. Service members can contribute up to 9 percent of their basic pay each month, and up to 100 percent of incentive pay and special pay, including bonus and combat pay. But their total contributions from taxable pay may not exceed the Internal Revenue Service limit of $13,000 for 2004.