GovernmentExecutive.com

Return to Article: TSP officials ask lawmakers to end open seasons

• 4421
  

  The problems with TSP are with the people that are handling our accounts, they are idiots and unlike a private bank where if you don't like what they do you can close your accounts and change banks, in the TSP system we can't fire these people even if they need it. Which I think they they do, but oh well what can one do but keep putting the bucks in and hoping for a great retirement from what you have earned, and that didn't get ripped off by the management at TSP.

  GovExec.com reader Posted April 22, 2004 12:05 PM
• 3967
  

  TSP management has a lot of nerve. None of the changes they implement are ever submitted to those of us who have our hard earned dollars at stake in the funds. Information as to the value of shares is consistently late, sometimes 4 or 5 days late. They recently issued dramatic changes to the loan regulations (down from two loans to only one, a $50.00 charge for applying, etc) and now are implying we cannot handle making our own decisions as to how to apply the funds! How much more arrogant can you get? Do they forget who they are really working for? Where their salaries are coming from? Instead of constantly criticizing federal employees as to how many loans are applied for and how we handle our own money they should come down off their pedestals in Wall Street heaven and be a lot more humble and grateful to be working where they are, and remember who they are supposed to be working for, not against.

  mike lee Posted March 24, 2004 9:17 AM
• 3713
  

  Before I invest another nickel, I want to know who owns the money I put into the TSP. I recently went to a retirement seminar and I asked the question, "whose money is it" and the presenter could not tell me.

  Before I spend one more nickel can someone tell me who owns the money we put into TSP. Don't tell me "I think" tell me who.

  GovExec.com reader Posted March 5, 2004 1:41 PM
• 3679
  

  The current processes used by TSP are too restrictive, and too difficult to understand. Prior to the "new" daily valued system, I was able to project monthly what my account balance would be, and then determine just how much interest I had accumulated in addition to my contributions.

  Now, my balance goes up and down several times a month, and it is difficult if it is due to market fluctuations or costs to my account itself.

  Our quarterly reports never show costs being taken out of our accounts, so we cannot determine if we are actually getting a good deal or if in fact we are paying less than $ .11 per hundred as Mr. Amelio had recently stated.

  What was intended to provide a supplement for CSRS employees, and the basis for retirement for FERS employees has turned into a political nightmare for us all.

  I am glad we have the TSP, but I do not believe it is being operated for the good of its participants, and no one is looking after those the funds are to benefit.

  GovExec.com reader Posted March 4, 2004 7:05 AM
• 3676
  

  The open season really doesn't do a thing for you unless you are not already contributing to the TSP. Getting rid of the open season will allow the newly-hired individuals to start contributing to the TSP right away and also receive matching funds. If you are already contributing to the TSP, you can make an interfund transfer every single day and move your money from one fund to another fund. Now you have to make the interfund transfer prior to 11 am central time for it to be effective the following day, but you can control how your money is invested.

  GovExec.com reader Posted March 3, 2004 7:27 PM
• 3666
  

  I would like to know how eliminating open season and having more participants is going to "...simplify plan administration." Relatively recent articles strongly indicate that participants are unable to get connected to TSP personnel in order to receive various services for their accounts, paperwork is lost, unable to receive timely approvals to loan requests, ad infinitum. It would appear that just the opposite would occur, i.e., more participants equates to more tasking on the part of TSP equals more confusion - not simplification. How the process would be simplified is not explained. When TSP can give timely service, then may be the time to look at increased participation. But I don't think it is justifiable at this time.

  GovExec.com reader Posted March 3, 2004 12:54 PM
• 3654
  

  This would be an excellent move, allowing investors to more easily control their contributions. Very smart!

  GovExec.com reader Posted March 3, 2004 8:16 AM
• 3647
  

  Excellent suggestion. I always have to find my last e-mail on TSP to remind me when "open Season" is. This would definitely simplify my management of my account and give me more flexibility. It's like going to the bank to make a transaction and not having to think about if you can make that transaction today or not.

  GovExec.com reader Posted March 3, 2004 7:01 AM