My statement shows there were excess deferrals from my TSP account. What are excess deferrals?
The Internal Revenue Service (IRS) sets annual limits on the amounts that a participant can contribute to retirement plans such as the TSP. If you exceed this limit because you contributed both to the TSP and another 401(k)-type plan, you must request a refund of the excess contributions. If you have both a civilian and a uniformed services TSP account and you exceed the annual limit, the TSP will automatically return the excess contributions to you.
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