NATCA Bookshelf

National Office Week in Review: October 19, 2016

A publication of the National Air Traffic Controllers Association

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In addition to the services listed above, SkyOne gives complimentary consultations regarding: Thrift Savings Plans (TSP), Civil Service Retirement System (CSRS), Federal Employee Retirement Systems (FERS), Federal Group Life Insurance (FEGLI) , and Federal Employee L ong Term Care Insurance Program (FELTCIP). Complimentary seminars on financial planning are also offered. SkyOne goes above and beyond to fit your personal, profession or even your local NATCA needs. Check them out at www.skyone.org . Let SkyOne make your life easier. It will change t he way you think about banking! UNION PLUS CREDIT CARD PROGRAM: Celebrating 30th Anniversary With Sweepstakes Offer In celebration of the 30th Anniversary of Union Plus and the Union Plus Credit Card program, Capital One has planned a substantial s weepstakes campaign around rewarding the approximately one million cardholders and members of unions that participate in the card program. It's the program's first campaign aimed at cardholders s ince Capital One has been the program provider. The s weepstakes r uns Oct. 10, 2016 to Dec. 31, 2016 and is open to any Union Plus cardholder or non - cardholders who belong to a union that participates in the Union Plus Credit Card program. At the Sept emb er 2016 Liaison Lunch and Learn, many of you asked for materials to help you promote the s weeps to your members. For more information, please click here. CAMBRIDGE CORNER: Roth TSP Participants who have traditi onal (non - Roth) contributions in their TSP accounts have not yet paid taxes on both the contribut ions and the accrued earnings. Taxes will be owed on contributions and earnings when a payment is made from a participant ' s account. A participant may continue to defer payment of taxes by transferring or rolling over the payment from a traditional TSP account to a traditional IRA, or an eligible employer plan, such as a 401(k) or 403(b) retirement plan. Participants who made Roth contributions to their Roth TS P account have already pai d taxes on those contributions. A participant with Roth contributions will not pay tax on those contributions when they are wit hdrawn from a Roth TSP account. The tax treatment of earnings depends on whether the payment is a " qual ifie d distribution," which means that the entire payment from a Roth account is tax - free. The earnings in a Roth TSP account become qualified and therefore completely tax - free, when the following two conditions have been met: • Five years have passed since Jan. 1 of the calendar year in which the Roth TSP participant made his or her first con tribution (referred to as the " five year rule " ); and ; • The Roth TSP participant has reached age 59.5, has a permanent disability, or died.

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