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Video instructions and help with filling out and completing Csrs beneficiary
We want to show you how to move taxable assets through the voluntary contribution program or vcp and then roll the funds out into a Roth IRA please see our other videos for a clearer understanding of how the Roth can produce tax-free growth let's consider the fundamentals of the voluntary contribution program it is the employer sponsored retirement plan just for CSRs and CSRs offset if you're a FERS employee this program is not available for you there are other planning techniques you should consider this is a very unique program and CSRs are some of the only people in America who can create a rather large 100 to 200 thousand dollar Roth instantly with little to no tax consequences employees contribute after-tax dollars into the trust fund via either lump sum payments or salary withdrawal payments out of your normal paycheck who qualifies for this program first you cannot have any outstanding civilian service credit deposits be careful if you had a break in service or temporary service maybe in the beginning of your career you will need to clean that up if you need to pay an outstanding deposit or redeposit before opening the account see your HR department you must be currently employed or have an application for retirement that is being finalized and you may not have received a refund of voluntary contributions during the current service step 1 fill out SF 2810 this to the personnel office do not send any money at this time this form establishes an account for you with OPM 6 weeks could pass before you are given an account number you may then begin funding the vcp you can make contributions through patreon tribution deposit form under the OPM forms fill it out press submit and to enter your credit card or checking information you do not have to create an account on peg of but if you use it more than once it will save you some time yes you can use your credit card to funnel money into the account and get full benefit for your SkyMiles or any other program how much can you contribute the amount you contribute to the vcp cannot be greater than 10% of basic pay what if you over contribute let's say you have contributed $200,000 to the VC P but your earnings are only 1.9 million so you are only eligible to contribute one hundred and ninety thousand dollars ten thousand that you over contributed will simply be refunded to you without interest at the time of withdrawal the amount you are eligible to contribute is verified when you make the withdrawal not at the time of contribution this validation process of your lifetime earnings could take substantial time payments can be made directly to you or you could roll it over to an IRA or Roth IRA the money can grow tax-free from that point forward you do not have to wait until retirement to transfer funds from.