TSP’s Executive Director is having a change of heart.
Recently the Federal Retirement Thrift Investment Board (FRTIB – the group who runs the TSP) announced that it will finally (and they really mean it this time) consider adding a Mutual Fund Window option to the TSP. FRTIB is commencing a study that will last through 2015 on how best to implement the Mutual Fund Window option. Continue reading
John Hechinger and John Turner recently published an article picked up by Bloomberg and Businessweek alerting TSP and TSP participants to the well-known TSP ‘IRA Rollover Scandal’.
In the TSP Rollover Scandal, brokerage houses recommend any retired or separated TSP participant take their TSP balance and roll it over to their Brokerage House IRA. In most cases, this benefits the Brokerage House much more than it does the former TSP Account Holder, as the Brokerage house can collect lucrative fees by managing the participant’s retirement balance in-house. The article was well researched and rightfully took some jabs at ‘GoldBug’ IRA Brokerage Houses, but I think the author went a bit far by bashing NFCU and USAA. USAA and NFCU are Friend- Not Foe- of the Veteran’s wallet.
In defense of NFCU, USAA, Schwab, Fidelity, and Vanguard, I present the following…
5 Reasons Why Thrift Savings Plan Sucks Continue reading
Sometimes as a Personal Finance blogger I lay awake at night wondering what my next
meal ticket post will be.
Then I received this fat fastball- Pitched right over the Plate- From the Navy Reserve Recruiter:
(Side rant: I receive these emails from The Navy Reserve Recruitment system because I am Individual Ready Reservist (IRR), and the Navy is trying to convince me to go back in to a paid (SELRES) status so that I can fly across the country for Drill Weekends. The Navy recently kicked its IRR reservists to the curb as I have documented here- The Navy does not even permit its IRR reservists to access their online university (Navy Knowledge Online) to earn retirement credit points).
Back the the post. And it’s a Doozey. Here’s the ‘Immediate military retirement pay’ announcement I received in my inbox: Continue reading
Some tough times for Feds during the past month.
Last week the TSP announced that TSP Hardship Withdrawals totaled 8,200 during the 16-day Government Shutdown (versus 5,500 during the same period in 2012). So far in 2013 the number of TSP Withdrawals adds up to over 104,000 transactions.
Over 8,000 TSP hardship withdrawals in 2 weeks is pretty staggering considering that nobody actually lost income (all Federal Employees were made whole for lost pay and leave following the shutdown). Paychecks were never forfeited- just delayed. But I guess a lot of folks are in some pretty dire cash flow conditions, considering that eligibility to make a TSP Hardship Withdrawal requires one of the following: Continue reading