stupid government employee DOI Fri Aug 1, 2008 9:31 AM
Does Congress really believe we are so stupid to go along with their nonsense of borrowing from our TSP??? Give up some pork and fund this themselves.
Re: Congress
Resource Tech USDA FS Fri Aug 1, 2008 10:30 AM
You're absolutely right.
The TSP funds are not PUBLIC dollars.
If the government uses TSP funds for this Bill it would be considered stealing to me.
I'm trying really hard to save for retirement and don't want the government stealing from my account.
Re: Congress
Budget Analyst Garrison Mon Aug 4, 2008 6:55 AM
I completely agree with you. I bet if the government tried to do something like this with non-government employee 401k their be a national uproar. Once again we're getting penalized for being a government employee and for doing the right thing - working and saving to pay for our own retirement. We're not asking them to give us anything. We just want what we've worked for ourselves.
I wonder what's going to happen when a lot of TSP investors quit investing in or transfer their money out of TSP? I disagree with FedSmith that we will see a benefit in the long term. I imagine TSP having financial difficulties just like social security. Like a number of us keep saying if it isn't broken, don't try to fix it.
Let's Inform Congress Hands OFF the TSP
Compliance Officer OFCCP Fri Aug 1, 2008 9:31 AM
FedSmith already has the website, how about asking federal employees what they think about Congress messing with the TSP and then sending the responses on to Congress?
Let's get the names of those in Congress supporting the changes to the TSP and get the word out about them.
Re: Let's Inform Congress Hands OFF the TSP
Scientist DoD Fri Aug 1, 2008 11:52 AM
This legislation is not yet law. The Senate has not yet voted on its version of the tobacco legislation (S 625), which does not currently include TSP provisions. The Senate may not vote on the legislation before the end of the congressional term. If the legislation does pass in the Senate, differences between the House and Senate versions would have to be negotiated in committee. The President could also veto the legislation if the Senate does not pass it with a veto proof majority.
I support automatic enrollment of new employees and a Roth option for the TSP. I am going to lobby my representatives to remove the provisions allowing new investment options without proper oversight.
tobacco and our tsp
poor peon usda Fri Aug 1, 2008 9:42 AM
I put a comment in the other article about the changes to our tsp. i read the article about this tobacco thing then. Not one person came back with any comments. you should have put strobe lights on the title of the article. i wanted to stay working for the government until i retired. now, i just want out. it is not worth it. we get no respect from other government agencies and the public hate us. they think all we do is sit around and drink coffee and surf the internet all day. maybe some offices have the time to do that. we do not. we are overworked and underpaid. and now congress wants to steal the money i put away so i can buy food when i am older. it is kind of like pooping on us because we actually thought about our future. tell me how to get my money out of tsp now and into my own roth ira in a credit union.
TSP funding tobacco regulation
pharmacist veterans affairs Fri Aug 1, 2008 9:42 AM
I'm still a bit unclear, I think.
Does hte report say that the funding will come from increased taxes because federal employees will move their savings from pretax money in the regular funds to after tax money and put it in a Roth?
On the face of it, that seems stupid for us to do, but on the other hand, we may see a decrease in tax furhter in the future when those same employees begin drawing on their tax free Roths.
Or am I misunderstanding the whole thing?
pay now or pay later
software engineer NAVAIR Fri Aug 1, 2008 9:45 AM
The gist that I got is that the congress says the funding will come from paying taxes up-front instead of at the time of withdrawal (on the newly opened roth accounts). This doesn't generate revenue, it only changes the period that the reveneue is generated. If the window that is looked at is pushed out to the period when the money is expected to be withdrawn, doesn't that change the openning of the Roth option make it look more revenue neutral? Smoke and mirrors.
Re: pay now or pay later
voice of reason treasury Fri Aug 1, 2008 11:59 AM
All this seems to me to be is a plan where additional ( earlier ) tax revenue would be generated by Federal employees if they 1) converted their TSP account to a Roth IRA ( owing tax now versus later ) or 2) Federal employees choosing to put their retirement money in a Roth TSP plan - where they would pay the tax on their contributions when they contributed rather than when they took their money out. No one is taking any money from anyone ! Federal employees would have a choice on whether to choose a Roth TSP or whether to convert their existing TSP account.
Relax everyone ...
This is an issue of how money Congress receives is spent - and that is an altogether different issue.
This just bugs me.
IA ATF Fri Aug 1, 2008 9:47 AM
What gives them the right to get their hands into our money in any form? This should not be allowed. I have high doubts that anything they do with "our" money will do any of us any good.
Funding Tobacco Legislation with Changes to TSP
Supr Hydraulic Engineer DOI Fri Aug 1, 2008 9:52 AM
Can you say Class Action Lawsuit
Re: Funding Tobacco Legislation with Changes to TSP
Management Analyst DHHS Fri Sep 19, 2008 9:02 AM
Wait, I think the TSP is getting too much attention and that usually does not bode well for the Fed investors. First, the number of times we could make changes in our contributions from fund to fund was changed and charges applied if we went over those numbers of changes. Now, offer us a Roth IRA so we can pay taxes now (higher than when we would be retired in most cases) so more taxes are generated now. How about the future when all these boomers are in a Roth and getting their tax-free annuities - who's going to pay taxes then? I think our Congress is often short-sighted.
My vote is to keep their hands off OUR retirement plans. Union officials go to jail for that!
TSP and tobacco legislation
postal inspector postal service Fri Aug 1, 2008 9:53 AM
It only took Congress, what, 20-25 years to start eyeballing our money as a source of funds for their inability to REALLY control their spending? I don't believe their figures for a minute! Leave our money alone!
Congress
Supervisor DOD Fri Aug 1, 2008 9:54 AM
Somebody needs to make this newspaper headlines about how Congress is trying to make TSP go the way of Social Security (which once was hands-off to them) and Medicare. Does anyone have any pull with Sean Hannity, Glenn Beck or Bill O'Reilly to get this out in the media.
Congress is full of greedy porkers, pun intended, who have a ravenous appetite for anything that is not theirs that will line their already bulging pockets with more of OUR money.
Re: Congress
typist vha Fri Aug 1, 2008 12:42 PM
Bill O'Reilly should run for president. He has a high performance rating with his 8 o'clock primetime ,O'reilly Factor.
TSP FUNDING OF TOBACCO LEGISLATION
SHIPBUILDING SPECIALIST SOUTHWEST REGIONAL MAINTENANCE CENTER Fri Aug 1, 2008 9:56 AM
Isn't this similar to how Social Security funding has
become an issue;redirecting money for an alternative
use and replacing it with an IOU.
TSP
Retired DOD Fri Aug 1, 2008 9:58 AM
Despite all the warnings about rolling your TSP account to an URA, it looks like the TSP may end up becoming so fragmented it will be a shadow of what it was. Rolling it to a low cost IRA at Vanguard may become a much more palatable choice than it has been. I fully expect Congress to figure out a way to "borrow" the money in the TSP at some point so they claim they are reducing the deficit. You are right when you say that our legislators are incapable of keeping their grimy paws out of any large pot of money.
TSP
IT SPecialist DOD Fri Aug 1, 2008 10:00 AM
I have already contacted my congressman, I will add another comment now and just keep complaining! If everyone doesn't do the same, there will more attacks on the TSP funds! Thank you FedSmith for the early warning.
Re: TSP
Supervisor DOD Mon Aug 4, 2008 6:29 AM
I have contacted my congressmen also. I just pray that they will read some of our comments on the floor to let them know that we 'have their number' and are getting fed up with them making laws for their profit.
They all need to go to credit counseling to learn how to balance the government checkbook. You do not spend money on extra things (pork) until you have paid your credit debt and your regular bills.
Stop sending lawyers to Congress and start sending accountants - like the woman in Missouri running for office.
THRIFT SAVINGS PLAN TINKERING
U S POSTAL SERVICE USPS Fri Aug 1, 2008 10:03 AM
Please help us get mobilized to stop any takeover or changes that will increase our expenses in the TSP. It has been reported that it is the most cost effective investment option available. I for one don't want the rules changing in the middle or end of the game. I have faithfully funded my TSP and I am CSRS. No matching funds for me. We can't allow Congress to screw up another of our programs. CRY FOUL!!!!!!!!!!
tobacco and congress
poor peon usda Fri Aug 1, 2008 10:03 AM
i have a great idea. why don't we have congress give up 20% of their retirements and pay for this legistation. after all, most of us make way less than them, and they will get more when they retire. if people want to smoke and die let them. why do i have to pay so they can tell people not to smoke? people know they can die from it and they do it anyway. we have speed limits and people speed and die. we have seatbelt laws people ignore and die. the government should not have to spend our money educating people that do not care.
TSP Abuse
Torqued Career CSRS Employee DOT Fri Aug 1, 2008 10:05 AM
Can you spell "Snake Oil"? Congress can.
Another Perspective
Examiner OCC Fri Aug 1, 2008 10:10 AM
Fire! Fire! Fire! Once again I think you are taking a very slanted view of what the rule proposes. With a current "burn rate" of $12 billion a month on the war on terrorism...$300 million is less than a what we spend in one day in Iraq. The house provisions actually improve the Thrift Savings Plan. Under these provisions, long wait periods before enrollment starts have been eliminated. There will be immediate automatic deposits, so that employees will receive government matching funds from their first day. There will be a Roth option available, something that many employees have been asking for. In addition, the bill provides authority to the Thrift Investment Board to investigate the addition of a “self-directed investment window” which would consist of passively-managed index funds and other investment options. The Board will make its determination based on the best interests of the Thrift Fund’s participants and in consultation with the Employee Thrift Advisory Council.
Re: Another Perspective
Manager USDA Fri Aug 1, 2008 3:31 PM
I agree completely. I think the fedsmith article is blowing too much smoke on this one. There are good things in this bill, too (FERS credit for sick leave) as well as what you mentioned.
Re: Another Perspective
MRT VA Fri Aug 1, 2008 4:10 PM
Correct me if I am wrong. You are saying that this bill is a good thing and TSP investors don't need to worry?
That the house has actually come up with a good way to use our hard earned money and that the TSP will remain solvent. I think I have heard that before just look at social security. I don't understand how you take something that is working well and jack around with it.
HANDS OFF
Re: Another Perspective
editor FedSmith.com Tue Aug 5, 2008 9:35 AM
The first article on this topic (http://www.fedsmith.com/article/1662/) covered the other changes included in the bill.
Re: Another Perspective
Accountant DFAS Thu Sep 18, 2008 9:30 AM
I'm confused??????
Isn't TSP our retirement account. This sounds like it will become nothing more than a bank account. If so who will bail out the federal employees when they retire with no savings?
Funding Tobacco Legislation by Changing TSP
Secretary Dept. of Veterans Affairs Fri Aug 1, 2008 10:19 AM
How dare Congress mess with TSP! This is a simple retirement system that works well. Anything they touch becomes tainted. Stay away from our TSP. It is fine on its own. I for one don't want any interference from Congress on the money I invest into my TSP account.
Re: Funding Tobacco Legislation by Changing TSP
typist vha Fri Aug 1, 2008 12:49 PM
I agree. Thanks for your help.
TSP Funding Tobacco Legislation
Management Analyst NRC Fri Aug 1, 2008 10:25 AM
This smells extremely fishy to me. Rep. Waxman can't be trusted; in fact I don’t trust any of our Congressmen or Senators when they have their sights on $226 billion dollars. They have nearly spent the entire social security trust fund now they can’t wait to dig into the TSP. I have just a few words for Rep. Waxman and all those carpet baggers on the hill “Keep you grubby hands off my hard earned money.”
Congress & our TSP
Computer Specialist IRS Fri Aug 1, 2008 10:28 AM
What makes Congress think that we aren't doing it already - fully funding our TSP and have a ROTH IRA? Tho, having my ROTH in the TSP will give me lower fees.
This reminds me of 9 months ago when CA raised it's state gas tax because (gasp!) people were using less and the state's income from the gas tax had fallen. Does this make sense? The less people use, the higher government taxes it?
Shouldn't it be the other way around?
Disagree
Helium Payment Technician BLM Fri Aug 1, 2008 10:41 AM
I do not want any other investment firm or Congress to be able to use the TSP funds however they want without the participants in the fund to have a vote. I believe this will bankrupt the TSP fund within 15 years.
This is also very discriminatory by only allowing minorities or women owned businesses to have access.
Do we have any options .........
Another Hard Working Federal Employee Various Fri Aug 1, 2008 10:56 AM
......... other then what is being thurst down our preverbial throats? All this gobbly-gook and wheeling and dealing of OUR money, to me, defeats the whole nice and simple and straightforwardness/easily understood Thrift Savings Plan as originally created. Ok, I'll let these greddy imbociles play with the gov't share of my account but please don't touch any of my hard-earned money! Editor, other then us writing to our representatives in protest - which I don't think will help as it sounds like an already done deal - is there anything you can do to assist in the matter? How about making copies of all of our commentary here and forwarding it to Congress? And folks, lets vote these people out of office!
Re: Do we have any options .........
typist vha Fri Aug 1, 2008 12:52 PM
Right on!!!!
Congress Leave the TSP Alone
IH Tech DoD Fri Aug 1, 2008 11:00 AM
Mr Waxman, if you want to fund the Tobacco Bill with a retirement plan then use yours and the rest of Congess` retirement. Congress already has Social Security in trouble. I guess things wouldn`t be "complete" without screwing up the TSP too!
Thrift Savings Plan
Postmaster US Postal Service Fri Aug 1, 2008 11:18 AM
How can I convey a message to the so called guardians of our livelihood. For most of us in the federal sector savings is a difficult but necessary burden. Trying to save for a now bleak future to supplement retirement has been the dream of all government workers. Now you have these legislators trying to raid our retirement plan with their hidden agendas.
To this I yell at the top of my voice "STOP", our plan has proven successful to target our goal to enter those golden years.Everyone should be writing his/her representatives in congress to bar anyone from imposing damage to our Thrift Savings Plan before it's too late.
TSP Expenses
ATC FAA Fri Aug 1, 2008 11:29 AM
So even though the 3,000 so called day traders who were willing to pay for their excess trades, and were over ruled by the TSP Board becasue of the posible excess costs to all of the othere participants, it is now okay the TSP Board with Congressional approval to now increase our expenses at will. So more and more our money is becoming Congree or the TSP Board's money. How about leaving the TSP alone.
CONGRESS & OUR TSP
ANALYST VA Fri Aug 1, 2008 11:47 AM
Instead of venting on this message, YOU NEED TO TAKE THE TIME AND EMAIL YOUR CONGRESSMAN AND TELL THEM TO KEEP THEIR HANDS OFF OF "OUR" TSP"!!!! It can really make a difference. Are we surprised they are trying to push such a bad bill through? D O N O T H E S I T A T E ! ! !
TSP
Instructor NCIS Fri Aug 1, 2008 12:06 PM
You have got to be kidding me! Beware whenever our Congressional representatives say they are here to protect us. That's how we got FERS to begin with. I'm wondering if I can rollover my TSP funds into a privately-run retirement account. I'd do it in a heartbeat.
TSP
Program Manager USG Fri Aug 1, 2008 12:10 PM
Consider the state of our social security program. The same thing will happen to our TSP. Write your repersentatives and express your views.
TSP & Theft
QA DOD Fri Aug 1, 2008 1:00 PM
Well it looks like THE Crooks in Congress are winning.
You have to hand it to them for some of the crappy ways they come up with to get OUR Money.
Maybe we should have a gaint recall of Congress.
Congress and TSP
A Fed Worker Social Security Admin Fri Aug 1, 2008 1:00 PM
Hmmmm..wonder how they will feel when people start withdrawing from TSP and going to a regular IRA. Honestly, it is not worth the worry of Congress draining MY money for the stupid pet projects.
My 2 cents worth
Retired SSA Fri Aug 1, 2008 2:12 PM
I believe in simple solutions, if there is such a thing in todays complicated and convuluted world. Congress has just adjourned for a 5 week vacation without taking any substantative action on the myriad of problems facing OUR country and the ELECTORATE. Another example of FLEECING the taxpayers. They're off enjoying themselves at OUR expense with their recess being funded by OUR tax dollars and the dollars pumped into their bank accounts by lobbyists and special interest groups, including contributions from countries hostile to the USA.
This may seem extreme to some, but, dire circumstances sometimes dictate extreme measures. The Federal workforce should stage a "sick out" as a way of expressing their ire over this TSP boondoggle. Of course, it would have to be well orchestrated and planned. Can you imagine the impact this would have? It would certainly be an attention getter. Obviously, only those agencies not involved with homeland security would participate.
Simple, but effective
My TSP
Program Specialist FDA Fri Aug 1, 2008 3:10 PM
O.k., I've had enough! Tell Congress to keep their filthy hands off my retirement money! I totally agree, I do not feel comfortable one bit about Congress looking out for my best interest. Never have, never will. I only have three more years to retire. This may be a good pogram for people who just started in the federal govenment, but what about me and the rest of the 60% who will be retiring within the next few years? When will people learn???
TSP G FUND
ENGINER DOE Fri Aug 1, 2008 3:37 PM
I see there is no mention regarding Congress already attaching our G Fund contributions to bail themselves out most years.... Add their newest goal of getting all my TSP contributions and we could have a good time watching our savings go where they want to buy votes...Write your congressman now & object to the theft. These folks in Congress are not accountants & financial experts, so quit pretending.
Relax, all is well .......
Retired Dod Fri Aug 1, 2008 7:48 PM
Don't worry. Nancy Pelosi has everything well in hand and has our future and the good of the country as her top priority. Just relax and trust them.
Now, if you all will excuse me, I think I'm going to step out and make a withdrawal from my TSP while there is still something left.
Keep smiling (and hoping for change).
TSP & Congeress
GIS Specialist Bureau of Land Management Fri Aug 1, 2008 8:43 PM
Several years ago I had the 'opportunity' to change to the FERS retirement from the CSRS. My reasoning was: Congress never leaves money untouched that they can get their slimy little hands on. I believed then, and now, that when we were told that this would be a better system than the CSRS that it was just an untruth. I believe in the CSRS and I can invest any extra monies in the stock market myself. What's really great about any body investing their own money in the stock market is. They are going to treat their money with more care than congress or business men will. It requires work, but, all good things require work. Any object that is worthwhile takes work to nourish, as a general rule the more worthwhile the item the more work to protect and feed it.
TSP
IT Specialist USDA Fri Aug 1, 2008 11:06 PM
PLEASE leave our TSP alone, it is OUR TSP! I'm hoping there will be something left of it by the time I retire!
Contact your Senator
Supervisory Accountant DFAS Sat Aug 2, 2008 10:01 AM
Typical Washintonians in action. It's time for all of us to take action. Don't just talk/write about it...take action and contact your senator today at senate.gov and urge them to vote against any legistation that allow the looting of our retirment account. Yes, that's right looting, stealing, whatever you want to call it, a vote for this legistation by any senator is a vote to steal your money. Hold your senators accountable!
Philosophical Implications
Analyst DoD Sat Aug 2, 2008 2:49 PM
This modern liberalism in it's purest sense... the Government taking money that isn't theirs and doing what they want with it.
Not Pay as you go just Politics as usual
CSI Relief FSIS Sat Aug 2, 2008 11:10 PM
If these politicians want the Tabbacco bill to pay for itself let them take the farm subsidy and pay for it that way. It is only a health hazzard anyway that costs our health care system much more money than this.
In this time where everyone should be looking at their retirement prospects the politicos in Washington see nothing but dollar signs and they don't go into any of their own accounts. They already get better benifits than the rest of us and exempt themselves from the parts where they have to pay. Yet they say they are only looking out for the peoples benifit well I think people could benifit a whole lot if these people would leave TSP and my retirement well enough alone.
Vent to Congress
Engineer IMKOM-K Sun Aug 3, 2008 3:08 PM
Please folks write to congress or better yet lets protest at washington. This message board is fine but it will fall on deaf ears.
Let's Inform Congress Hands OFF the TSP
TSP Participant DOD Mon Aug 4, 2008 6:13 AM
How about funding this with some of the Pork projects (Earmarks) that line the pockets of some of our leaders!!!
Re: Let's Inform Congress Hands OFF the TSP
typist vha Mon Aug 4, 2008 8:13 AM
Did you see Chris Wallace on Fox news Sunday 8/3 on his show named Pork Barrell: Earmarks for Profits. Chris himself said,where is the Justice Dept. for the corruption on a Congressman family owning a company for profits from earmarks. This is your tax dollars at work.
TSP Skimming
Audiovisual Engineer US Army Civilian Mon Aug 4, 2008 6:28 AM
Maybe I'm crazy but this whole thing sounds no different than the teamsters union funding gangster projects out of their retirement funds . . .
Funding Tobacco Legislation by Changing the Thrift
Civil Engineer DOD Mon Aug 4, 2008 6:43 AM
" No doubt, this will reassure all TSP investors that Congress is looking out for the safety of their financial future." Congress looking out for our interests???? Who do they and Smitty think we are, a bunch of idiots. As usual Smitty has drunk the kool aid again.
Tell me one program that Congress has run effeciently. This is our money!! Not Congress's. Cut spending and pork.
DOD
Re: Funding Tobacco Legislation by Changing the Thrift
editor FedSmith.com Mon Aug 4, 2008 6:50 AM
I thought the sarcasm in this comment was obvious but apparently the sarcasm escaped the attention of some readers. We thought it was an obvious sarcastic comment but, in case others may have missed it as well, it was intended as such.
For those of you who need to locate your Congressman and his/her Address, here's a good site. If you've never written them before, do it now.
congress
eglefeather navmed Mon Aug 4, 2008 10:09 AM
As with everything else, Congress passes laws that effects everyone else. Take away their cosy retirement and make them contribute to TSP or Social Security and see how fast things get corrected. What part of Representative don't they understand???
TSP and FERS
Legal Assistant Department of Justice Mon Aug 4, 2008 10:30 AM
I thought I had a protected retirement plan at Qwest Communications. They were able to dig into it, however. Then I came here and started over and thought, though I could not catch up, I could protect what I had. Who is lobbying Congress about this to protect us? Who is writing letters? I have seen everything I had in 26 years erode. I beg you not to let it happen here.
TSP Changes
Retired USDA Mon Aug 4, 2008 10:57 AM
Please write your representatives regarding ANY changes to TSP. The updated list of reps/senators can be found on WWW.USA.GOV at top of webpage. Write today!!! Even if our elected officials are not in office, their staff is.
TSP changes
Former Finance Manager/Controller Us Postal Service/Now Retired Tue Aug 5, 2008 9:03 AM
These comments continue to validate my point that we need to make financial literacy training mandatory for all federal workers. What is being proposed is what most 401k plans(that is what the thrift plan is) already have. Automatic enrollment(to increase participation) that makes people save(they can always opt out) and a roth choice within the Thrift. Yes people can always do their own Roth IRA but for many it make senses to do a roth within the Thrift.
I think everyone who has a problem with the legislation should learn something about what the Thrift plan actually is.
Whoa! Funds from Roth Tax not TSP!
engineer Air Force Tue Aug 5, 2008 2:35 PM
FedSmith your early statement "As the funds in the TSP plan are now about $226 billion, ... Congress isn't generally known for ignoring large amounts of money that can be used for its own purposes." startled us.
Three things:
1 - the funds for tobacco stuff would come from taxes paid from Roth IRAs established in the TSP, not from TSP monies.
2 - our TSP monies are in a vested individual account, not a pooled fund like social security.
Both bills make Roth possible, the first one adds other stuff. I've read both and they seem okay to me.
long term loss
Human Resources Spec DoD Thu Aug 7, 2008 7:57 AM
Yes, more money in the near future But, look much further down the road to the real loss. For illustration purposes, two employees each put i$100,000 in their TSP. Employee "A" uses the pre-tax TSP and pays no taxes during the contribution period (CP) Employee "B" uses the after-tax TSP (ROTH). Both are in, and will be in, the %25 tax bracket. The government gets $25,000 in taxes from employee "B" during the CP and nothing "extra" from employee "A". However, at distriubtion time ,( assuming both accounts have grown to $300,000 what does the government get from employee "B" ?.....ZERO. However, from employee "A", all is taxed as ordinary income and the government gets $75,000. If the government is going to forfeit $75,000 (25% of his $300,000 distribution) from employee "B" to gain only $25,000 in short term gain, it seems that that represents a $50,000 loss. (not withstanding the time value of money since Congress hasn't considered that either)
TSP
Architect, Project Manager IHS Thu Aug 7, 2008 9:26 AM
Why, why can't they leave a good thing alone. Keep your hands off our TSP.
TSP inside the Tobacco bill
Architect, Project Manager IHS Thu Aug 7, 2008 9:30 AM
You know if this was done in the corporate world, the CEO and/or Board would be put in jail or put off the bord and loose their jobs at the least. People, remember who these idots are and remove them in November!
Leave my money alone!
IT Specialist DISA Thu Aug 7, 2008 11:32 AM
How can they touch our money? Isn't TSP like a 401(k)? I mean, if I put money into a Fidelity or Vanguard fund, I don't expect them to mess with my money. So what gives Congress the right to do this with our TSP?
They are the ones that took the more generous structured retirement plan that we know as CSRS away from us and replaced it with FERS/TSP. Let them live with their choice!!
Funding Tobacco Legislation by Changing the Thrift
Civil Engineer USACE Thu Aug 7, 2008 3:15 PM
Congress can touch our life savings because they are the crooks who make the laws, you know, the fox guarding the chicken coop. We keep voting these nimrods into office, so we don't have anyone to blame but ourselves. They think they are above the law and know better than us.
When I retire, I'm pulling my money out because it won't be there, because the crooks will have already spent it on their pork barrel projects.
A very cynical Fed
Monkeying with the TSP
Management Analyst NRC Thu Aug 7, 2008 9:58 PM
Just one more thing to rook the person contemplating retirement in the next five years. First it's real estate, then the economy in general and now it's getting specific - my TSP. No wonder people are planning to work longer. Agencies will have to start offering incentives to make people leave. Otherwise we'll stay into our eighties. Of course our bodies will be broken but we'll hobble to work anyway because we'll have to.
tsp robbery
PSA DVA Tue Aug 12, 2008 9:21 AM
Nixon did this with the "old" system in the early 70's and look at the long term results of that! now we have a system (tsp) that is very risky to start, and now "they" want to take our money again. When they got the tobbaco settlement, the money was supposed to go towards smoking isssues/programs, instead most of our elected officials spent it elsewhere and raised taxes.
As employee's, lets let our officials know "NOT WITH OUR RETIREMENT"... LET it come out of their pockets, not ours.
thanks for the head's up
accountant forest servcie Tue Aug 12, 2008 11:27 AM
I have been contributing at the max level; however, with the news of above, and how congress can manipulate the funds, i'm going to only contribute what the feds match, and find another investment option to contribute the additional funds for the maximum tax benefit.
typical congress!! they've screwed social security, now they will screw with tsp. tsp should have it's own board with a hand's off policy to congress.
Re-Congress
retired USDA Forest Service Tue Sep 9, 2008 11:40 AM
Congress needs to learn to keep their political paws out of the TSP. The numbers of current and retired fed employees out here can make or break some of these jokers at the ballot box.
WHY IS CONGRESS USING OUR RETIREMENT TO FUND
Accountant DFAS Thu Sep 18, 2008 9:23 AM
This smells of the congressional abuse of Social Security accounts. How long before TSP suffers the same impact that we are now facing with Social Security.
If this is such a great idea, why not use the Congressional Retirement System to fund it.
NO, NO, and NO!
Test Engineer DOD USMC COMSYS Fri Oct 10, 2008 12:37 PM
Current financial situations call for "analysis of all parties" affected by such large and expensive changes to the TSP. Creating a ROTH option is one thing - how much? but to obligate 300 million to a "cause" like smoking is another which can wait. Leave my retirement alone.
Funding Tobacco Legislation
Analyst USDA Tue Jun 9, 2009 9:23 AM
Leave my TSP alone!
Funding Tobacco Legislation w/TSP Fund
Information Technology Specialist USDA Mon Jun 15, 2009 8:58 AM
What a crock! It will take 10 years or more to realize any savings on this legislation.
No one should be taking money out of the TSP fund; isn't that how the banks got in trouble by making poor choices investing our money!!! The tobacco industry should be funding this bill, put more taxes on the tobacco & the higher prices will encourage even more people to stop smoking. Anyway, if someone wants to smoke & the 2nd hand smoke is not an issue, then let them! It is their choice to smoke and no one including the President or Congress can make them quit.
TSP Changes
CSI USDA-Food Safety & Inspection Service Mon Jun 15, 2009 6:09 PM
I'm planning to retire in another 9 months so I just hope there is some money left in my TSP when I want to take it out. It makes me wonder if the real reason the government established the TSP in the first place was to rip us off instead of helping out our retirement income. Isn't Social Security already in trouble because the powers that be can't keep their hands off of it?
Congress involved with TSP
Retired Manager Treasury Tue Jun 23, 2009 11:34 AM
Since Congress has set its sights on the TSP, I am sorely tempted to withdraw from the plan. When has Congress ever been fiscally responsible. Up until now, the TSP was considered a well run, low expense plan. We can now kiss that goodbye. The TSP will go the way of Social Security - tapped until it is underfunded for those who will be ready to use it.
Can't anyone keep these vultures out of this plan - I am beginning to feel totally helpless with the government taking over every breath we tak.
Congress
DOI
Fri Aug 1, 2008 9:31 AM
Does Congress really believe we are so stupid to go along with their nonsense of borrowing from our TSP??? Give up some pork and fund this themselves.
Re: Congress
USDA FS
Fri Aug 1, 2008 10:30 AM
The TSP funds are not PUBLIC dollars.
If the government uses TSP funds for this Bill it would be considered stealing to me.
I'm trying really hard to save for retirement and don't want the government stealing from my account.
Re: Congress
Garrison
Mon Aug 4, 2008 6:55 AM
I wonder what's going to happen when a lot of TSP investors quit investing in or transfer their money out of TSP? I disagree with FedSmith that we will see a benefit in the long term. I imagine TSP having financial difficulties just like social security. Like a number of us keep saying if it isn't broken, don't try to fix it.
Let's Inform Congress Hands OFF the TSP
OFCCP
Fri Aug 1, 2008 9:31 AM
FedSmith already has the website, how about asking federal employees what they think about Congress messing with the TSP and then sending the responses on to Congress?
Let's get the names of those in Congress supporting the changes to the TSP and get the word out about them.
Re: Let's Inform Congress Hands OFF the TSP
DoD
Fri Aug 1, 2008 11:52 AM
I support automatic enrollment of new employees and a Roth option for the TSP. I am going to lobby my representatives to remove the provisions allowing new investment options without proper oversight.
tobacco and our tsp
usda
Fri Aug 1, 2008 9:42 AM
I put a comment in the other article about the changes to our tsp. i read the article about this tobacco thing then. Not one person came back with any comments. you should have put strobe lights on the title of the article. i wanted to stay working for the government until i retired. now, i just want out. it is not worth it. we get no respect from other government agencies and the public hate us. they think all we do is sit around and drink coffee and surf the internet all day. maybe some offices have the time to do that. we do not. we are overworked and underpaid. and now congress wants to steal the money i put away so i can buy food when i am older. it is kind of like pooping on us because we actually thought about our future. tell me how to get my money out of tsp now and into my own roth ira in a credit union.
TSP funding tobacco regulation
veterans affairs
Fri Aug 1, 2008 9:42 AM
I'm still a bit unclear, I think.
Does hte report say that the funding will come from increased taxes because federal employees will move their savings from pretax money in the regular funds to after tax money and put it in a Roth?
On the face of it, that seems stupid for us to do, but on the other hand, we may see a decrease in tax furhter in the future when those same employees begin drawing on their tax free Roths.
Or am I misunderstanding the whole thing?
pay now or pay later
NAVAIR
Fri Aug 1, 2008 9:45 AM
The gist that I got is that the congress says the funding will come from paying taxes up-front instead of at the time of withdrawal (on the newly opened roth accounts). This doesn't generate revenue, it only changes the period that the reveneue is generated. If the window that is looked at is pushed out to the period when the money is expected to be withdrawn, doesn't that change the openning of the Roth option make it look more revenue neutral? Smoke and mirrors.
Re: pay now or pay later
treasury
Fri Aug 1, 2008 11:59 AM
Relax everyone ...
This is an issue of how money Congress receives is spent - and that is an altogether different issue.
This just bugs me.
ATF
Fri Aug 1, 2008 9:47 AM
What gives them the right to get their hands into our money in any form? This should not be allowed. I have high doubts that anything they do with "our" money will do any of us any good.
Funding Tobacco Legislation with Changes to TSP
DOI
Fri Aug 1, 2008 9:52 AM
Can you say Class Action Lawsuit
Re: Funding Tobacco Legislation with Changes to TSP
DHHS
Fri Sep 19, 2008 9:02 AM
My vote is to keep their hands off OUR retirement plans. Union officials go to jail for that!
TSP and tobacco legislation
postal service
Fri Aug 1, 2008 9:53 AM
It only took Congress, what, 20-25 years to start eyeballing our money as a source of funds for their inability to REALLY control their spending? I don't believe their figures for a minute! Leave our money alone!
Congress
DOD
Fri Aug 1, 2008 9:54 AM
Somebody needs to make this newspaper headlines about how Congress is trying to make TSP go the way of Social Security (which once was hands-off to them) and Medicare. Does anyone have any pull with Sean Hannity, Glenn Beck or Bill O'Reilly to get this out in the media.
Congress is full of greedy porkers, pun intended, who have a ravenous appetite for anything that is not theirs that will line their already bulging pockets with more of OUR money.
Re: Congress
vha
Fri Aug 1, 2008 12:42 PM
TSP FUNDING OF TOBACCO LEGISLATION
SOUTHWEST REGIONAL MAINTENANCE CENTER
Fri Aug 1, 2008 9:56 AM
Isn't this similar to how Social Security funding has
become an issue;redirecting money for an alternative
use and replacing it with an IOU.
TSP
DOD
Fri Aug 1, 2008 9:58 AM
Despite all the warnings about rolling your TSP account to an URA, it looks like the TSP may end up becoming so fragmented it will be a shadow of what it was. Rolling it to a low cost IRA at Vanguard may become a much more palatable choice than it has been. I fully expect Congress to figure out a way to "borrow" the money in the TSP at some point so they claim they are reducing the deficit. You are right when you say that our legislators are incapable of keeping their grimy paws out of any large pot of money.
TSP
DOD
Fri Aug 1, 2008 10:00 AM
I have already contacted my congressman, I will add another comment now and just keep complaining! If everyone doesn't do the same, there will more attacks on the TSP funds! Thank you FedSmith for the early warning.
Re: TSP
DOD
Mon Aug 4, 2008 6:29 AM
They all need to go to credit counseling to learn how to balance the government checkbook. You do not spend money on extra things (pork) until you have paid your credit debt and your regular bills.
Stop sending lawyers to Congress and start sending accountants - like the woman in Missouri running for office.
THRIFT SAVINGS PLAN TINKERING
USPS
Fri Aug 1, 2008 10:03 AM
Please help us get mobilized to stop any takeover or changes that will increase our expenses in the TSP. It has been reported that it is the most cost effective investment option available. I for one don't want the rules changing in the middle or end of the game. I have faithfully funded my TSP and I am CSRS. No matching funds for me. We can't allow Congress to screw up another of our programs. CRY FOUL!!!!!!!!!!
tobacco and congress
usda
Fri Aug 1, 2008 10:03 AM
i have a great idea. why don't we have congress give up 20% of their retirements and pay for this legistation. after all, most of us make way less than them, and they will get more when they retire. if people want to smoke and die let them. why do i have to pay so they can tell people not to smoke? people know they can die from it and they do it anyway. we have speed limits and people speed and die. we have seatbelt laws people ignore and die. the government should not have to spend our money educating people that do not care.
TSP Abuse
DOT
Fri Aug 1, 2008 10:05 AM
Can you spell "Snake Oil"? Congress can.
Another Perspective
OCC
Fri Aug 1, 2008 10:10 AM
Fire! Fire! Fire! Once again I think you are taking a very slanted view of what the rule proposes. With a current "burn rate" of $12 billion a month on the war on terrorism...$300 million is less than a what we spend in one day in Iraq. The house provisions actually improve the Thrift Savings Plan. Under these provisions, long wait periods before enrollment starts have been eliminated. There will be immediate automatic deposits, so that employees will receive government matching funds from their first day. There will be a Roth option available, something that many employees have been asking for. In addition, the bill provides authority to the Thrift Investment Board to investigate the addition of a “self-directed investment window” which would consist of passively-managed index funds and other investment options. The Board will make its determination based on the best interests of the Thrift Fund’s participants and in consultation with the Employee Thrift Advisory Council.
Re: Another Perspective
USDA
Fri Aug 1, 2008 3:31 PM
Re: Another Perspective
VA
Fri Aug 1, 2008 4:10 PM
That the house has actually come up with a good way to use our hard earned money and that the TSP will remain solvent. I think I have heard that before just look at social security. I don't understand how you take something that is working well and jack around with it.
HANDS OFF
Re: Another Perspective
FedSmith.com
Tue Aug 5, 2008 9:35 AM
Re: Another Perspective
DFAS
Thu Sep 18, 2008 9:30 AM
Isn't TSP our retirement account. This sounds like it will become nothing more than a bank account. If so who will bail out the federal employees when they retire with no savings?
Funding Tobacco Legislation by Changing TSP
Dept. of Veterans Affairs
Fri Aug 1, 2008 10:19 AM
How dare Congress mess with TSP! This is a simple retirement system that works well. Anything they touch becomes tainted. Stay away from our TSP. It is fine on its own. I for one don't want any interference from Congress on the money I invest into my TSP account.
Re: Funding Tobacco Legislation by Changing TSP
vha
Fri Aug 1, 2008 12:49 PM
TSP Funding Tobacco Legislation
NRC
Fri Aug 1, 2008 10:25 AM
This smells extremely fishy to me. Rep. Waxman can't be trusted; in fact I don’t trust any of our Congressmen or Senators when they have their sights on $226 billion dollars. They have nearly spent the entire social security trust fund now they can’t wait to dig into the TSP. I have just a few words for Rep. Waxman and all those carpet baggers on the hill “Keep you grubby hands off my hard earned money.”
Congress & our TSP
IRS
Fri Aug 1, 2008 10:28 AM
What makes Congress think that we aren't doing it already - fully funding our TSP and have a ROTH IRA? Tho, having my ROTH in the TSP will give me lower fees.
This reminds me of 9 months ago when CA raised it's state gas tax because (gasp!) people were using less and the state's income from the gas tax had fallen. Does this make sense? The less people use, the higher government taxes it?
Shouldn't it be the other way around?
Disagree
BLM
Fri Aug 1, 2008 10:41 AM
I do not want any other investment firm or Congress to be able to use the TSP funds however they want without the participants in the fund to have a vote. I believe this will bankrupt the TSP fund within 15 years.
This is also very discriminatory by only allowing minorities or women owned businesses to have access.
Do we have any options .........
Various
Fri Aug 1, 2008 10:56 AM
......... other then what is being thurst down our preverbial throats? All this gobbly-gook and wheeling and dealing of OUR money, to me, defeats the whole nice and simple and straightforwardness/easily understood Thrift Savings Plan as originally created. Ok, I'll let these greddy imbociles play with the gov't share of my account but please don't touch any of my hard-earned money! Editor, other then us writing to our representatives in protest - which I don't think will help as it sounds like an already done deal - is there anything you can do to assist in the matter? How about making copies of all of our commentary here and forwarding it to Congress? And folks, lets vote these people out of office!
Re: Do we have any options .........
vha
Fri Aug 1, 2008 12:52 PM
Congress Leave the TSP Alone
DoD
Fri Aug 1, 2008 11:00 AM
Mr Waxman, if you want to fund the Tobacco Bill with a retirement plan then use yours and the rest of Congess` retirement. Congress already has Social Security in trouble. I guess things wouldn`t be "complete" without screwing up the TSP too!
Thrift Savings Plan
US Postal Service
Fri Aug 1, 2008 11:18 AM
How can I convey a message to the so called guardians of our livelihood. For most of us in the federal sector savings is a difficult but necessary burden. Trying to save for a now bleak future to supplement retirement has been the dream of all government workers. Now you have these legislators trying to raid our retirement plan with their hidden agendas.
To this I yell at the top of my voice "STOP", our plan has proven successful to target our goal to enter those golden years.Everyone should be writing his/her representatives in congress to bar anyone from imposing damage to our Thrift Savings Plan before it's too late.
TSP Expenses
FAA
Fri Aug 1, 2008 11:29 AM
So even though the 3,000 so called day traders who were willing to pay for their excess trades, and were over ruled by the TSP Board becasue of the posible excess costs to all of the othere participants, it is now okay the TSP Board with Congressional approval to now increase our expenses at will. So more and more our money is becoming Congree or the TSP Board's money. How about leaving the TSP alone.
CONGRESS & OUR TSP
VA
Fri Aug 1, 2008 11:47 AM
Instead of venting on this message, YOU NEED TO TAKE THE TIME AND EMAIL YOUR CONGRESSMAN AND TELL THEM TO KEEP THEIR HANDS OFF OF "OUR" TSP"!!!! It can really make a difference. Are we surprised they are trying to push such a bad bill through? D O N O T H E S I T A T E ! ! !
TSP
NCIS
Fri Aug 1, 2008 12:06 PM
You have got to be kidding me! Beware whenever our Congressional representatives say they are here to protect us. That's how we got FERS to begin with. I'm wondering if I can rollover my TSP funds into a privately-run retirement account. I'd do it in a heartbeat.
TSP
USG
Fri Aug 1, 2008 12:10 PM
Consider the state of our social security program. The same thing will happen to our TSP. Write your repersentatives and express your views.
TSP & Theft
DOD
Fri Aug 1, 2008 1:00 PM
Well it looks like THE Crooks in Congress are winning.
You have to hand it to them for some of the crappy ways they come up with to get OUR Money.
Maybe we should have a gaint recall of Congress.
Congress and TSP
Social Security Admin
Fri Aug 1, 2008 1:00 PM
Hmmmm..wonder how they will feel when people start withdrawing from TSP and going to a regular IRA. Honestly, it is not worth the worry of Congress draining MY money for the stupid pet projects.
My 2 cents worth
SSA
Fri Aug 1, 2008 2:12 PM
I believe in simple solutions, if there is such a thing in todays complicated and convuluted world. Congress has just adjourned for a 5 week vacation without taking any substantative action on the myriad of problems facing OUR country and the ELECTORATE. Another example of FLEECING the taxpayers. They're off enjoying themselves at OUR expense with their recess being funded by OUR tax dollars and the dollars pumped into their bank accounts by lobbyists and special interest groups, including contributions from countries hostile to the USA.
This may seem extreme to some, but, dire circumstances sometimes dictate extreme measures. The Federal workforce should stage a "sick out" as a way of expressing their ire over this TSP boondoggle. Of course, it would have to be well orchestrated and planned. Can you imagine the impact this would have? It would certainly be an attention getter. Obviously, only those agencies not involved with homeland security would participate.
Simple, but effective
My TSP
FDA
Fri Aug 1, 2008 3:10 PM
O.k., I've had enough! Tell Congress to keep their filthy hands off my retirement money! I totally agree, I do not feel comfortable one bit about Congress looking out for my best interest. Never have, never will. I only have three more years to retire. This may be a good pogram for people who just started in the federal govenment, but what about me and the rest of the 60% who will be retiring within the next few years? When will people learn???
TSP G FUND
DOE
Fri Aug 1, 2008 3:37 PM
I see there is no mention regarding Congress already attaching our G Fund contributions to bail themselves out most years.... Add their newest goal of getting all my TSP contributions and we could have a good time watching our savings go where they want to buy votes...Write your congressman now & object to the theft. These folks in Congress are not accountants & financial experts, so quit pretending.
Relax, all is well .......
Dod
Fri Aug 1, 2008 7:48 PM
Don't worry. Nancy Pelosi has everything well in hand and has our future and the good of the country as her top priority. Just relax and trust them.
Now, if you all will excuse me, I think I'm going to step out and make a withdrawal from my TSP while there is still something left.
Keep smiling (and hoping for change).
TSP & Congeress
Bureau of Land Management
Fri Aug 1, 2008 8:43 PM
Several years ago I had the 'opportunity' to change to the FERS retirement from the CSRS. My reasoning was: Congress never leaves money untouched that they can get their slimy little hands on. I believed then, and now, that when we were told that this would be a better system than the CSRS that it was just an untruth. I believe in the CSRS and I can invest any extra monies in the stock market myself. What's really great about any body investing their own money in the stock market is. They are going to treat their money with more care than congress or business men will. It requires work, but, all good things require work. Any object that is worthwhile takes work to nourish, as a general rule the more worthwhile the item the more work to protect and feed it.
TSP
USDA
Fri Aug 1, 2008 11:06 PM
PLEASE leave our TSP alone, it is OUR TSP! I'm hoping there will be something left of it by the time I retire!
Contact your Senator
DFAS
Sat Aug 2, 2008 10:01 AM
Typical Washintonians in action. It's time for all of us to take action. Don't just talk/write about it...take action and contact your senator today at senate.gov and urge them to vote against any legistation that allow the looting of our retirment account. Yes, that's right looting, stealing, whatever you want to call it, a vote for this legistation by any senator is a vote to steal your money. Hold your senators accountable!
Philosophical Implications
DoD
Sat Aug 2, 2008 2:49 PM
This modern liberalism in it's purest sense... the Government taking money that isn't theirs and doing what they want with it.
Not Pay as you go just Politics as usual
FSIS
Sat Aug 2, 2008 11:10 PM
If these politicians want the Tabbacco bill to pay for itself let them take the farm subsidy and pay for it that way. It is only a health hazzard anyway that costs our health care system much more money than this.
In this time where everyone should be looking at their retirement prospects the politicos in Washington see nothing but dollar signs and they don't go into any of their own accounts. They already get better benifits than the rest of us and exempt themselves from the parts where they have to pay. Yet they say they are only looking out for the peoples benifit well I think people could benifit a whole lot if these people would leave TSP and my retirement well enough alone.
Vent to Congress
IMKOM-K
Sun Aug 3, 2008 3:08 PM
Please folks write to congress or better yet lets protest at washington. This message board is fine but it will fall on deaf ears.
Let's Inform Congress Hands OFF the TSP
DOD
Mon Aug 4, 2008 6:13 AM
How about funding this with some of the Pork projects (Earmarks) that line the pockets of some of our leaders!!!
Re: Let's Inform Congress Hands OFF the TSP
vha
Mon Aug 4, 2008 8:13 AM
TSP Skimming
US Army Civilian
Mon Aug 4, 2008 6:28 AM
Maybe I'm crazy but this whole thing sounds no different than the teamsters union funding gangster projects out of their retirement funds . . .
Funding Tobacco Legislation by Changing the Thrift
DOD
Mon Aug 4, 2008 6:43 AM
" No doubt, this will reassure all TSP investors that Congress is looking out for the safety of their financial future." Congress looking out for our interests???? Who do they and Smitty think we are, a bunch of idiots. As usual Smitty has drunk the kool aid again.
Tell me one program that Congress has run effeciently. This is our money!! Not Congress's. Cut spending and pork.
DOD
Re: Funding Tobacco Legislation by Changing the Thrift
FedSmith.com
Mon Aug 4, 2008 6:50 AM
Directory of US Governors/Senators/Represenatives
Garrison
Mon Aug 4, 2008 7:10 AM
http://directory.usayfoundation.org/
For those of you who need to locate your Congressman and his/her Address, here's a good site. If you've never written them before, do it now.
congress
navmed
Mon Aug 4, 2008 10:09 AM
As with everything else, Congress passes laws that effects everyone else. Take away their cosy retirement and make them contribute to TSP or Social Security and see how fast things get corrected. What part of Representative don't they understand???
TSP and FERS
Department of Justice
Mon Aug 4, 2008 10:30 AM
I thought I had a protected retirement plan at Qwest Communications. They were able to dig into it, however. Then I came here and started over and thought, though I could not catch up, I could protect what I had. Who is lobbying Congress about this to protect us? Who is writing letters? I have seen everything I had in 26 years erode. I beg you not to let it happen here.
TSP Changes
USDA
Mon Aug 4, 2008 10:57 AM
Please write your representatives regarding ANY changes to TSP. The updated list of reps/senators can be found on WWW.USA.GOV at top of webpage. Write today!!! Even if our elected officials are not in office, their staff is.
TSP changes
Us Postal Service/Now Retired
Tue Aug 5, 2008 9:03 AM
These comments continue to validate my point that we need to make financial literacy training mandatory for all federal workers. What is being proposed is what most 401k plans(that is what the thrift plan is) already have. Automatic enrollment(to increase participation) that makes people save(they can always opt out) and a roth choice within the Thrift. Yes people can always do their own Roth IRA but for many it make senses to do a roth within the Thrift.
I think everyone who has a problem with the legislation should learn something about what the Thrift plan actually is.
Whoa! Funds from Roth Tax not TSP!
Air Force
Tue Aug 5, 2008 2:35 PM
FedSmith your early statement "As the funds in the TSP plan are now about $226 billion, ... Congress isn't generally known for ignoring large amounts of money that can be used for its own purposes." startled us.
Three things:
1 - the funds for tobacco stuff would come from taxes paid from Roth IRAs established in the TSP, not from TSP monies.
2 - our TSP monies are in a vested individual account, not a pooled fund like social security.
3 - Check the documents!
a. TSP law, linked to FRTIB site:
http://www.access.gpo.gov/nara/cfr/waisidx_07/5cfrv3_07.html#1600
b. pending bill of article:
http://www.govtrack.us/congress/bill.xpd?bill=h110-6500
c. and another TSP Roth bill:
http://www.govtrack.us/congress/bill.xpd?bill=h110-6500
Both bills make Roth possible, the first one adds other stuff. I've read both and they seem okay to me.
long term loss
DoD
Thu Aug 7, 2008 7:57 AM
Yes, more money in the near future But, look much further down the road to the real loss. For illustration purposes, two employees each put i$100,000 in their TSP. Employee "A" uses the pre-tax TSP and pays no taxes during the contribution period (CP) Employee "B" uses the after-tax TSP (ROTH). Both are in, and will be in, the %25 tax bracket. The government gets $25,000 in taxes from employee "B" during the CP and nothing "extra" from employee "A". However, at distriubtion time ,( assuming both accounts have grown to $300,000 what does the government get from employee "B" ?.....ZERO. However, from employee "A", all is taxed as ordinary income and the government gets $75,000. If the government is going to forfeit $75,000 (25% of his $300,000 distribution) from employee "B" to gain only $25,000 in short term gain, it seems that that represents a $50,000 loss. (not withstanding the time value of money since Congress hasn't considered that either)
TSP
IHS
Thu Aug 7, 2008 9:26 AM
Why, why can't they leave a good thing alone. Keep your hands off our TSP.
TSP inside the Tobacco bill
IHS
Thu Aug 7, 2008 9:30 AM
You know if this was done in the corporate world, the CEO and/or Board would be put in jail or put off the bord and loose their jobs at the least. People, remember who these idots are and remove them in November!
Leave my money alone!
DISA
Thu Aug 7, 2008 11:32 AM
How can they touch our money? Isn't TSP like a 401(k)? I mean, if I put money into a Fidelity or Vanguard fund, I don't expect them to mess with my money. So what gives Congress the right to do this with our TSP?
They are the ones that took the more generous structured retirement plan that we know as CSRS away from us and replaced it with FERS/TSP. Let them live with their choice!!
Funding Tobacco Legislation by Changing the Thrift
USACE
Thu Aug 7, 2008 3:15 PM
Congress can touch our life savings because they are the crooks who make the laws, you know, the fox guarding the chicken coop. We keep voting these nimrods into office, so we don't have anyone to blame but ourselves. They think they are above the law and know better than us.
When I retire, I'm pulling my money out because it won't be there, because the crooks will have already spent it on their pork barrel projects.
A very cynical Fed
Monkeying with the TSP
NRC
Thu Aug 7, 2008 9:58 PM
Just one more thing to rook the person contemplating retirement in the next five years. First it's real estate, then the economy in general and now it's getting specific - my TSP. No wonder people are planning to work longer. Agencies will have to start offering incentives to make people leave. Otherwise we'll stay into our eighties. Of course our bodies will be broken but we'll hobble to work anyway because we'll have to.
tsp robbery
DVA
Tue Aug 12, 2008 9:21 AM
Nixon did this with the "old" system in the early 70's and look at the long term results of that! now we have a system (tsp) that is very risky to start, and now "they" want to take our money again. When they got the tobbaco settlement, the money was supposed to go towards smoking isssues/programs, instead most of our elected officials spent it elsewhere and raised taxes.
As employee's, lets let our officials know "NOT WITH OUR RETIREMENT"... LET it come out of their pockets, not ours.
thanks for the head's up
forest servcie
Tue Aug 12, 2008 11:27 AM
I have been contributing at the max level; however, with the news of above, and how congress can manipulate the funds, i'm going to only contribute what the feds match, and find another investment option to contribute the additional funds for the maximum tax benefit.
typical congress!! they've screwed social security, now they will screw with tsp. tsp should have it's own board with a hand's off policy to congress.
Re-Congress
USDA Forest Service
Tue Sep 9, 2008 11:40 AM
Congress needs to learn to keep their political paws out of the TSP. The numbers of current and retired fed employees out here can make or break some of these jokers at the ballot box.
WHY IS CONGRESS USING OUR RETIREMENT TO FUND
DFAS
Thu Sep 18, 2008 9:23 AM
This smells of the congressional abuse of Social Security accounts. How long before TSP suffers the same impact that we are now facing with Social Security.
If this is such a great idea, why not use the Congressional Retirement System to fund it.
NO, NO, and NO!
DOD USMC COMSYS
Fri Oct 10, 2008 12:37 PM
Current financial situations call for "analysis of all parties" affected by such large and expensive changes to the TSP. Creating a ROTH option is one thing - how much? but to obligate 300 million to a "cause" like smoking is another which can wait. Leave my retirement alone.
Funding Tobacco Legislation
USDA
Tue Jun 9, 2009 9:23 AM
Leave my TSP alone!
Funding Tobacco Legislation w/TSP Fund
USDA
Mon Jun 15, 2009 8:58 AM
What a crock! It will take 10 years or more to realize any savings on this legislation.
No one should be taking money out of the TSP fund; isn't that how the banks got in trouble by making poor choices investing our money!!! The tobacco industry should be funding this bill, put more taxes on the tobacco & the higher prices will encourage even more people to stop smoking. Anyway, if someone wants to smoke & the 2nd hand smoke is not an issue, then let them! It is their choice to smoke and no one including the President or Congress can make them quit.
TSP Changes
USDA-Food Safety & Inspection Service
Mon Jun 15, 2009 6:09 PM
I'm planning to retire in another 9 months so I just hope there is some money left in my TSP when I want to take it out. It makes me wonder if the real reason the government established the TSP in the first place was to rip us off instead of helping out our retirement income. Isn't Social Security already in trouble because the powers that be can't keep their hands off of it?
Congress involved with TSP
Treasury
Tue Jun 23, 2009 11:34 AM
Since Congress has set its sights on the TSP, I am sorely tempted to withdraw from the plan. When has Congress ever been fiscally responsible. Up until now, the TSP was considered a well run, low expense plan. We can now kiss that goodbye. The TSP will go the way of Social Security - tapped until it is underfunded for those who will be ready to use it.
Can't anyone keep these vultures out of this plan - I am beginning to feel totally helpless with the government taking over every breath we tak.