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The congressional stalemate over funding a long-term highway bill is reviving fears that lawmakers could raid the Thrift Savings Plan. House Republicans have proposed cutting the G Fund's interest rate to free up $32 billion over ten years.
Congress is working on two bills that impact the Thrift Savings Plan. But this time you don't need to worry about someone messing up a good thing. Kim Weaver is director of external affairs at the Federal Retirement Thrift Investment Board. She tells In Depth with Francis Rose how both bills may affect you.
A hidden proposal in the new budget resolution the House of Representatives is about to pass would change the way the G-Fund in the Thrift Savings Plan bears interest. The idea is to save the government money by paying less into the fund. But that means participants would receive less money out of the fund. Kim Weaver, director of external affairs for the Federal Retirement Thrift Investment Board, tells In Depth with Francis Rose, about the details behind the proposal and why it could be a big headache.
"It would drop the interest to virtually zero, which would make the G Fund worthless to our participants," the Federal Retirement Thrift Investment Board's Kim Weaver said of the House proposal.
More of your colleagues than ever invest for retirement in the Thrift Savings Plan. 88 percent of FERS employees across government save in TSP accounts. Kim Weaver is director of external affairs at the Federal Retirement Thrift Investment Board. On In Depth with Francis Rose, she told what the TSP thinks that number means.
A snowstorm forced the Federal Retirement Thrift Investment Board to close down one of its call centers on the busiest call day of the year.
Retirement plan participants last year paid less than 29 cents in administrative costs for every $1,000 they invested, the Federal Retirement Thrift Investment Board's Kim Weaver told Francis Rose.
A new outreach initiative at the Thrift Savings Plan comes from their Enterprise Risk Management Office. That Office is about two years old. The TSP wants the longest list possible of potential risks to their operation. Kim Weaver is director of external affairs at the TSP. On In Depth with Francis Rose, she said the ERM Office's new effort will look at risk in a number of different ways.
The G-fund never has a bad day, which is the good news. The bad news, says Senior Correspondent Mike Causey, is that the G-fund also never has a really good day.
President Obama signs a bill that changes how new Federal employees will save for retirement. Instead of having 3% of their pay go into the G Fund if they don't choose for themselves, the money will go into one of the TSP's lifecycle funds. Kim Weaver is director of external affairs at the Federal Retirement Thrift Investment Board. On In Depth with Francis Rose, she said the TSP has been behind this idea for a long time.
Now that Congress has passed the Smart Savings Act, the Federal Retirement Thrift Investment Board is programming a new savings default option for those who join the federal government late next year.
Some new choices may be coming to your Thrift Savings Plan account, but you won't see those choices for a while. First, the TSP board wants to know the best way to offer those choices. Kim Weaver is director of external affairs at the Federal Retirement Thrift Investment Board. On In Depth with Francis Rose, she explained what may become part of your TSP account.
All TSP funds, except for the I fund, posted positive results for the month of October, according to the Federal Retirement Thrift Investment Board.
A very experienced investment expert thinks you're in good shape, retirement-wise. Kim Weaver is Director of the Office of External Affairs at the Federal Retirement Thrift Investment Board. On In Depth with Francis Rose, she talked about the Wall Street executive that thinks between the TSP and your pension, you're in pretty nice shape.