- May 16, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Question about Adjusting Contributions
So, possibly a dumb question but I wanted to make sure. I’ve made all my moves with adjusting my contributions to take all the pay increases this year. Thing is, it was a pretty large jump in contributions from 21% to 31% of my base pay.
With the significant increase in contributions, it’s important to ensure that everything is in order before heading to OCS and receiving the O-1E pay upon graduation. It’s crucial to understand how this increase will impact your future pay and contributions.
## Concern about Contribution Carryover
I am will be going to OCS soon and will be getting that sweet O-1E pay when I graduate. Will my base pay contribution of 31% at my current base pay automatically carry over and become 31% of my O-1E base pay?
Considering the specific calculations involved, it’s essential to have clarity on whether the percentage of your current E-6 pay will directly translate to the same percentage of your future O-1E pay. This clarification is crucial in maintaining financial stability and planning for future contributions.
## AI Legalese Decoder Assistance
The use of AI Legalese Decoder can be beneficial in this situation to decipher any complex legal or financial language that may be present in your pay structure or contribution calculations. This tool can assist in clarifying any confusing terms or calculations, ensuring that you have a clear understanding of how your contributions will be affected by your upcoming pay increase.
## Commissioning Concerns
31% of my current E-6 pay is $1,359, while 31% of my future O-1E pay will be $1,712. It is evident that there will be a significant difference in contribution amounts based on the pay increase upon commissioning.
Before commissioning, it is important to determine whether you will need to manually adjust your contributions to maintain a comfortable contribution dollar amount. This proactive approach will help in ensuring that your financial planning remains consistent and aligned with your comfort level.
## Appreciation for Assistance
Thanks for any help in providing clarity on this issue and helping me navigate the complexities of pay adjustments and contributions in preparation for my upcoming commissioning. Your insights and guidance are greatly appreciated.
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Keep contributing what you are. Once your first full month of O-1E pay hits, check your LES to see what your YTD contribution for TSP is. Subtract that from $23,000. Whatever is leftover, divide by the number of months left in the year. That’s your $ contribution you need to average for the rest of the year in order to max out. Then start playing around with the calculator to see what % of your base pay that equals. Let’s run a hypothetical example.
If your contributed $6,000 thus far…
$23,000-$6,000= $17,000…
Let’s pretend it’s March (9 months remaining)…
$17,000/9= $1,888…
Let’s pretend your new base pay is $5,500…
$5,500x.34=$1,870
So in the above example you would need to contribute 34% the rest of this year to max out (or close to).
Yes, the percentage remains the same and you need to adjust it. Remember, 2024 also has a higher contribution cap than 2023.
Don’t forget you can make bonus pays contribute to % if you get any of those.
Your pay will get all jacked up. When you commission you will get a dd214, so you might miss a month of contributions, so you can double up the paycheck after your an O1E. There is not much you can do about it. Do t worry you can still meet your goals, just be a few mo the adjusting TSP contribution ratios.