By Mike Miles
January 19th, 2012 | Uncategorized
Q. I have 26 years of Defense Department service with a target of six years to go before retiring. The Federal Employees Retirement System isn’t doing very well with the Thrift Savings Plan Offset. Because of a failing market, I have missed my TSP target by a large sum. Does the government have any plans to assist the FERS employees looking to retire with a failed TSP? Most FERS employees are having to work past their target because they can’t afford to retire. The Civil Service Retirement System is much better. Combining FERS, TSP and Social Security, we still fall short compared to CSRS retirements.
A. No. They put the responsibility for managing your TSP account prudently in your hands.
Joe Commentor Says:
January 20th, 2012 at 4:06 pm
“A: No. They put the responsibility for managing your TSP account prudently in your hands.”
And then they tied our hands! In May of 2008, severe restrictions on IFTs were put in place so that ‘actively’ managing our accounts was no longer possible. This has cost many participants a great deal of money.