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Return to Article: Snowball effect

• 4982
  

  I paid off a loan on 5/21/04 sent it express and was received on 05/22/04, but didn't get posted 06/01/2004 now I was told I have to wait 2 weeks for it to clear. It was a money order for goodness sakes, what is the problem here? I need a car in the worst way and they are stalling it seems. Why are they so slow? Why should we have to wait like this? It has been 20 days now plus I lost the $13 for sending it express with my new loan application which was denied because I had two outstanding loans. This is not fair. It's my money and I haven't touched this money in 4 years.

  Kristine Meinhard Posted June 9, 2004 11:17 AM
• 1405
  

  I, too, have paid off a loan on my TSP account. The check I wrote to TSP has cleared my bank. However the TSP website still shows the loan as having not been paid off. When I contacted the TSP service center by phone, they were unhelpful and couldn't even verify that the check I wrote had been received. I was told it takes a minimum of 10 business days before a transaction is posted to the website. Ten business days ??? why ??? -- It has been been over 15 business days and I continue to have loan payments deducted from my pay.

  GovExec.com reader Posted August 21, 2003 8:38 PM
• 1404
  

  Apparently the U.S. Government bites off more than they can chew in most cases. A government as mismanaged as this one cannot possibly, with a straight face, think they could develop (have developed) a system to service everyone and have it work. Perhaps the whole thing should be done at the Dept or Agency level. Folks shouldn't have to suffer when promises aren't followed through. Many feel that you shouldn't even be able to get a loan from your TSP. Why not, it's my money? If the government can't handle it then they need to stop. It seems like any overarching program (Defense Travel System) they try to implement fails and the users/customers pay the price.

  GovExec.com reader Posted August 21, 2003 3:36 PM
• 1403
  

  I resent all these complaints from other TSP members AND Mr. Amelio about TSP members borrowing against OUR OWN retirement funds. If the TSP program does not want us to do that then they should NOT make it an option to be able to borrow. And as far as the other TSP members commenting about not being able to handle our funds it is NONE of YOUR business!! You do not know us or what goes on in our lives.

  GovExec.com reader Posted August 21, 2003 1:40 PM
• 1402
  

  Today is 8/21/03 at 12:45 EST. I am looking at my account access screen in TSP. It states: Your account balance based on the most recent share price date of 08/19/2003 is shown below. This information is updated by 6 a.m. central time of each business day. On occasion, heavy volume during the nightly processing cycle may delay the update a few hours.

  TSP officials need to provide a sytem that works or post notices when there is a system problem. It this were a private firm, there would be major changes.

  GovExec.com reader Posted August 21, 2003 12:45 PM
• 1401
  

  Granted, participants should not be making loans against their 401K, but isn't the real issue here the fact that TSP won't respond? I have tried NUMEROUS times to call them and can't get through. Doesn't it make you wonder if you could even process the retirement papers when you're ready to retire? We transferred money to an account with TSP over two months ago and it still hasen't been posted. If they don't respond now, will they respond when you retire? They have our life's savings and we don't know where it is. Is anyone out there going to do anything about this?

  GovExec.com reader Posted August 21, 2003 12:39 PM
• 1400
  

  It's not just loans, I have been writing and faxing since April to get 1099s for my deceased wife's account so I can file taxes. Not even an acknowledgment. It's like their correspondence section is some black hole. Meanwhile I am incurring penalties because I'm late filing her 2002 tax return. About 3 layers of administrators should be fired for this fiasco.

  JJ Deuel Posted August 21, 2003 11:34 AM
• 1397
  

  For the record, I applied for a TSP loan on-line week before last. I requested direct deposit of the proceeds. The deposit was made within two business days of my application. I admit, for the first few weeks, things didn't work; however, for the past two weeks, things seem back to normal for TSP and it is much better than having to wait until the end of the month, once a month, to have your loan disbursed.

  Robert Broughton Posted August 21, 2003 10:16 AM
• 1395
  

  This and other recent articles about the backlog of loan transactions makes me wonder if I'm the only one who isn't borrowing against my TSP investment. I was taught that retirement investments are that - money one sets aside for investment and that isn't "touched" until one retires. It's a real benefit to be able to borrow against one's TSP account, but it sounds like this feature has been oversold in the marketing of the TSP.

  GovExec.com reader Posted August 21, 2003 9:35 AM
• 1394
  

  Mr. Amelio seems to have no real concern for his customers and all of the problems and heartache he has caused them. Where are these managers found and how can they continue to remain in these positions?

  GovExec.com reader Posted August 21, 2003 9:33 AM
• 1388
  

  After reading the article "Snowball effect" I wondered why the 401K which is set up to assist us to save for our RETIREMENT is being used as a savings account. Some employees will have valid emergencies which require assistance but to blame the TSP system for our inability to plan our debt to earning ratio is unacceptable.

  GovExec.com reader Posted August 21, 2003 3:07 AM