Navy TSP Matching Contributions

[chompsss]

This is a question for current practicing military dentists or current HSCPers.

I know that most service members used to not get a match on the TSP contributions (per the attached document dated January 2016), but recently the Army has been matching up to 5% as some sort of a trial program. Are the other branches matching now as well, or are they set to start matching in the near future?

I'm in the HSCP program and I asked my recruiter and she said the Navy does match a small amount, but she wasn't sure about how much. Google hasn't been a friend to me either.

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[distressstudent]

Doesnt it say right here that they wont make any contribution?

"If you’re a CSRS employee or a member of the uniformed services, you have to make a TSP contribution election through your agency or service to establish a TSP account. You do not receive agency contributions."

only civilians with TSP gets a match

 

[chompsss]

Doesnt it say right here that they wont make any contribution?

"If you’re a CSRS employee or a member of the uniformed services, you have to make a TSP contribution election through your agency or service to establish a TSP account. You do not receive agency contributions."

only civilians with TSP gets a match

Yes, but since my recruiter said she's getting small matching contributions, I'd like to hear from some other people just to be sure. It's current as of January 2016, but I guess there's a chance things have changed. Also, I did find that starting January 1, 2018, the Blended Retirement System is taking effect, and anyone who joined after December 31, 2005 will have the option to "opt into" that program or stay in the old retirement program. Under the new BRS, TSP contributions will be matched up to 5%, but I don't believe the "opt in" period is until January 1 - December 31 of 2018.

http://www.navy.mil/ah_online/documents/1607_FAQforBRS.pdf

But, since the Army started doing 5% matches already, I just want to be sure whether or not they're the only branch doing matching right now.

 

[Pulpectomy]

Military members do not currently receive any TSP matching. You're recruiter is mistaken. Government or GS employees do have the matching benefit.

 

[chompsss]

Military members do not currently receive any TSP matching. You're recruiter is mistaken. Government or GS employees do have the matching benefit.

Understood - thanks for the information.

 

[w4nt2baDDS]

Matching for active duty members will begin in 2018. Take a look at this article: http://www.militarytimes.com/story/...w-creates-big-decisions-many-troops/79347998/

The downside: the 20 year pension is being decreased from 50% to 40% of base pay.

 

[BobbyBeavis]

Matching for active duty members will begin in 2018. Take a look at this article: http://www.militarytimes.com/story/...w-creates-big-decisions-many-troops/79347998/

The downside: the 20 year pension is being decreased from 50% to 40% of base pay.

A few Officers had told me it was good I was swearing in before the pension change because we will be Grandfathered into the current 50%. Is this incorrect?

Edit: In the article. Sorry for being lazy! Thanks.

 

[FrogH20]

A few Officers had told me it was good I was swearing in before the pension change because we will be Grandfathered into the current 50%. Is this incorrect?

Edit: In the article. Sorry for being lazy! Thanks.

I think that the 5% match + 40% pension has several benefits. If one separates from the military before 20 years of service they can walk away with something. This new system also seems like a way to diversify risk between a government (read: political) pension and the market.

It seems prudent to take the 5/40 deal; even if one has the intention of staying for 20 years an unforeseen injury, force reduction, pension restructuring, etc. can prevent someone from collecting the full 50% pension.

 

[drill-and-fill]

Matching for active duty members will begin in 2018. Take a look at this article: http://www.militarytimes.com/story/...w-creates-big-decisions-many-troops/79347998/

The downside: the 20 year pension is being decreased from 50% to 40% of base pay.

Wait, what? I didn't read your article but regarding the change for the 20 year pension, does that apply for those who are grand-fathered into the traditional pension plan?

 

[BobbyBeavis]

Wait, what? I didn't read your article but regarding the change for the 20 year pension, does that apply for those who are grand-fathered into the traditional pension plan?

No