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Show HILLTOP TIMES Hilltop TIMES 9 March 21, 2013 THE WEARING n' "in GREEN The St. Patrick's Day Fun Run begins at the track near the Warrior Fitness Center on March 14 as several runners leave the starting line. The event was well-attended and the perfect running weather didn't hurt. Runners were given the choice of two distances 4 a 5K or a 10K. MARY LOU GORNY Hilltop Times Furlough to affect thrift savings plan contributions BY CLAUDETTE ROULO American Forces Press Service W ASHINGTON — Federal civilian employees could see their Thrift Savings Plan contributions reduced if furloughs take effect. The Thrift Savings Plan is a retirement savings and investment plan for federal employees and members of the uniformed services, including the Ready Reserve. "Employees who have selected their TSP contribution to be a percentage of their pay will see smaller contributions during the furlough period due to their reduced pay," said Navy Cmdr. Leslie Hull-Ryde, a Defense Department spokeswoman. For example, an employee who earns $1,000 of basic pay every two-week pay period and contributes 10 percent of it to the TSP would make a $100 TSP contribution during a normal pay period. However, if the employee is furloughed for two days per pay period, his or her basic pay would decrease to $800. As a result, the TSP contribution would be $80 per pay period. Employees who contribute a set dollar amount won't see that amount change with a reduction in pay, Hull-Ryde said. For this reason, now is a good time to review TSP contribution amounts to see if they are appropriate, TSP officials said. Basic pay reductions also will affect the matching funds contributed by the Defense Department and other agencies. According to a TSP news release, any reduction in pay will proportionally decrease the matching funds contribution, regardless of whether employees contribute a percentage of their pay or a set dollar amount. The furloughs may cause financial hardship for some employees, and in those cases they may consider making a hardship withdrawal from their TSP fund. Such withdrawals have several restrictions: • If you take a hardship withdrawal, you will not be able to make any TSP contributions for six months after having received your funds. • You may withdraw only your contributions and the earnings associated with them, and the total amount cannot exceed your financial hardship. • You must pay income tax on the taxable portion of any withdrawal, and you may also be subject to a 10 percent early withdrawal penalty tax. • If you are a Federal Employees Retirement Systern participant, you will not receive agency matching contributions. • A hardship withdrawal cannot be repaid, so your TSP account is permanently reduced by the amount of your withdrawal. A better option may be taking a loan against your TSP, officials said. Loans can be repaid — plus interest — but the account continues to accrue earnings even as the loan is paid back. TSP officials recommend that employees think carefully before decreasing or stopping their traditional TSP contributions. Those contributions are subtracted from pre-tax income, and terminating the contributions could increase income tax liability. Roth TSP contributions are subtracted from employees' aftertax income, and changes will not affect tax liability. "One of the great things about your TSP contributions, no matter how small, is that the earnings compound over time. If you stop your contributions, even for a short time, you'll miss this opportunity altogether," the news release said. Federal Employees Retirement System participants would, in effect, be losing free money by stopping their contributions, because matching contributions also would stop, officials said. " -A Re‹,ear(ii L , orpiebly16.1),Ilith Hobo " ft r.Hi rh , lh ..nra our Irnoz.r ).9, Itarbfhorudv - tna ,,,n, the ,sol'fr(1 ,. rft7 ,0, MIKAYLA BEYER/Hilltop Times Alexa Clark (left) and Kassidy Bradford (right), Legacy Junior High students, show off their poster at the challenge. Each team had to produce a poster in addition to completing the challenges with their underwater robots. SEAPERCH From page 7 The students seem to be responding strongly to the project, both in an academic capacity and as a way of expressing their creativity. "It was really hard at first but once we figured out how to get everything together, it was fun. We had a testing tub, and when we first put the robot in and it worked, it was like, 'Hallelujah!" said Alexa Clark, Legacy Junior High student. Several organizations involved with engineering and mechanics set up booths at the competition to show what their employees do for a living and give the students an idea of what a career in their field might involve. "We're mostly here to inspire and show these kids how fun engineering can be, and show them a broader perspective of what engineers do, and show our love of engineering. They seem really interested and have a good grasp of engineering and the questions you have to ask," said David Smith, an employee of Alpine Engi- EGGS From page 7 linger more. Hopefully the sun will be shining and it will be warm," McConvill said. Parents are advised to bring clothes for colder weather in case the day turns out cold, since most of the action takes place outside. "We'll have some snacks in the morning, so people can come and enjoy those," McConvill said. The Museum Easter Egg Hunt has grown to be an anticipated yearly event. "This will be our fifth annual egg hunt. We're stuffing 10,000 eggs with candy and prizes," said Michelle neering and Design. In the end, Canyon View's Team Two, made up of Jae Hyung Jun, Jacob Millett and Landon Douglas, emerged as the winner of the competition, with each team member winning his own Kindle Fire as a prize. "It feels awesome. We put a lot of hours into it. I thought we would get a decent prize, but we got first place. I think we all helped make a great robot," Jun said. The sponsors of SeaPerch hope to continue the competition for years to come. Gaudry, the Administrative Assistant for the Foundation Office at the museum. McDonald's has also made donations of several food coupons for the event. Families are advised to come early to the museum hunt, which begins at 9 a.m., since the eggs are often entirely gathered within ten minutes of starting. • "We put the kids in sections for grades so that the little ones are not trampled over," Gaudry said. There will be a fair chance for all age groups to get plenty of eggs, since the volunteers who run the museum are aware of the high attendance numbers for the Easter Egg Hunt. There will also be vendors at the museum selling hot chocolate and other snacks. |