27 Pay Periods next year?

[tegsr94]

I believe there are 27 pay periods next year due to the calendar rollover situation. Does this mean if we want to make that max TSP contributions now of $22500 we should divide that by 27 in the last pay period this year and submit the changes?

[23V23C]

There could be 27 pay periods; however, double check the actual "pay date" to see whether there are 27 payments occurring in the calendar year. That payment date would determine if the $22,500 would be divided by 26 or 27.

[bizkikr]

Based on projected contribution date, there will only be 26 PP's.



FY 2023 Posting Date Contribution
Q1 1/10/2023 866 [PP26, CY22]
Q1 1/24/2023 866
Q1 2/7/2023 866
Q1 2/21/2023 866
Q1 3/7/2023 866
Q1 3/21/2023 866
Q1 4/4/2023 866
Q2 4/18/2023 866
Q2 5/2/2023 866
Q2 5/16/2023 866
Q2 5/30/2023 866
Q2 6/13/2023 866
Q2 6/27/2023 866
Q3 7/11/2023 866
Q3 7/25/2023 866
Q3 8/8/2023 866
Q3 8/22/2023 866
Q3 9/5/2023 866
Q3 9/19/2023 866
Q3 10/3/2023 866
Q4 10/17/2023 866
Q4 10/31/2023 866
Q4 11/14/2023 866
Q4 11/28/2023 866
Q4 12/12/2023 866
Q4 12/26/2023 850 [PP25, CY23]

[mjedlin66]

This varies by agency. There are four payroll agencies in the DoD for civilians. DFAS, NFC, GSA, IBC, then postal. And maybe others. Some of their pay cycles align, but some don't align. And some use the same pay period but a different pay date, which is important because it is the official pay date, not the date of tsp contribution, which determines which year a contribution is.

Then there are the active duty, which are usually on a one month pay period but split into two checks. The coast guard I think may be different.

So many different possibilities.

[Navig8tor]

The Coast Guard is the same as the DOD (1st and 15th).

[wingchaser]

My DoD agency is every 2 weeks (on a Friday), I know this because I scheduled my CWS Day to align with payday. 26 paycheck/year for the last twenty years & 26/yr for the next ten (10); when I retire…

I’m not @ liberty to say which Agency, other than it’s Joint Services…

Best of Luck (everyone) in all you choose to endeavor!!!

[23V23C]

The Air Force GRB system just released the 2023 TSP contributions chart by pay period:

[jimcasada]

I have a question that maybe someone here could help me with. I understand that total 2023 contribution limit eligible for matching funds will be $22,500. I recently just applied to receive my full age Social Security payments beginning in Jan, and was planning to fully retire from my current job here at the Bureau of Engraving probably in May. Currently, I am contributing just enough each pay period to reach my maximum contribution limit by the end of the year. What if I increased my contribution enough to reach the 2023 contribution limit of $22,500 by the time I retire in May? Could I receive all or most of my matchings funds before I leave in May 2023? I'm thinking since I should be receiving my SS payments during that time, I could afford to do that. Thanks, Jim.

[wingchaser]

I have a question that maybe someone here could help me with. I understand that total 2023 contribution limit eligible for matching funds will be $22,500. I recently just applied to receive my full age Social Security payments beginning in Jan, and was planning to fully retire from my current job here at the Bureau of Engraving probably in May. Currently, I am contributing just enough each pay period to reach my maximum contribution limit by the end of the year. What if I increased my contribution enough to reach the 2023 contribution limit of $22,500 by the time I retire in May? Could I receive all or most of my matchings funds before I leave in May 2023? I'm thinking since I should be receiving my SS payments during that time, I could afford to do that. Thanks, Jim.

JIMBO:

The max that our agencies will match is 5% each pay period. Maximizin’ your contributions is never a bad investment ploy. Hope your Social Security is maximized (as well), for you only get one (1) shot to make that right (up to age 70.5).

Congrats (by the way), for what a blessing it is to have been in Federal Service for the entirety of one’s career…

Bill

Best of Luck (everyone) in all you choose to endeavor!!!

[jimcasada]

Thanks for the info. I just reposted my question (plus a couple more), probably at the same time you were replying to this message. I reached my full SS retirement age last Oct (66yr&4mo). My understanding is that once you reach full retirement age, you can continue to work while collecting full SS payments, without any additional income penalties, right?

[wingchaser]

JIMBO:

While it’s true you get 100% SS benefits if you file @ 66.5, if you delay until 70.5…

https://www.ssa.gov/benefits/retirement ... ying2.html

You UP your monthly amount by another 40% (or least something that effect)…

Medicare is the only coverage that penalizes us for not filin’ on time or filin’ incorrectly…

Best of Luck (everyone) in all you choose to endeavor!!!