Actively employed TSP participants age 50 and older can make TSP catch-up contributions of an amount ($6,500 in 2020) above the elective deferral limit amount ($19,500 in 2020). Catch-up investments can be made under either the traditional TSP design or under its Roth design or both, so long as the total amount invested is within the catch-up limit.
TSP Catch-Up Contributions Eligibility
In order to be eligible a participant: must be in pay status (that is, not on leave without pay, retired or otherwise separated); must be contributing a biweekly amount which will result in his or her reaching the elective deferral limit by the end of the relevant year (or have reached that limit already); and must be at least 50 years old in the year the catch-up contributions are made (even if the participant’s birthday is December 31 of that year).
Eligible persons may elect to make catch-up contributions in whole dollar amounts per pay period, up to the annual limit. Catch-ups have to be made from payroll withholding. Also, those wishing to make the contributions have to fill out a new election form each year. The form to use is TSP-1-C, Catch-up Contribution Election.