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Postal Service may not pull out of TSP after all

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The U.S. Postal Service is walking back a statement made earlier this week regarding their plans for the Thrift Savings Plan. I asked the Postal Service last week whether their proposal to pull out of federal retirement programs and create their own system would also mean creating their own defined contribution program. Spokesman David Partenheimer emailed me Sunday to say, “Under our proposal, we would not participate in TSP.”

Partenheimer this morning emailed me again to say their earlier statement was inaccurate:

Our legislative proposal, as currently outlined in the white paper, does not call for pulling out of TSP. We are [reviewing] all options related to this issue, and changes to Postal Service involvement in the TSP program is one of those changes, but no decision on this has been made.

So a postal-only 401(k) plan is at least still on the table. Stay tuned as we look further into the USPS’ plans.

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Comments

  1. Fedline » Postal Service plan includes pulling out of TSP Says:
    August 17th, 2011 at 11:31 am

    [...] August 15th, 2011 | Postal Service | Posted by Stephen LoseycloseAuthor: Stephen Losey Name: Stephen LoseyEmail: slosey@atpco.comSite: About: See Authors Posts (497) Tweet var addthis_product = 'wpp-261'; var addthis_config = {"data_track_clickback":true,"ui_language":"en"};UPDATE, 11:30 a.m. Aug. 17: Or maybe not. [...]

  2. The Postman Says:
    August 17th, 2011 at 6:36 pm

    So, how long was there head up their butts before they realized that the coulnd’t manage that either?

  3. Ed Says:
    August 17th, 2011 at 7:58 pm

    Wow! Am I glad I borrowed half my TSP to buy silver which is real money unlike our fiat dollars, (and our fiat TSP?)

  4. tom fau Says:
    August 17th, 2011 at 8:24 pm

    pull out

  5. Dale McConnell Says:
    August 18th, 2011 at 12:58 am

    As a postal employee with 34 yrs & only 54 yrs old & in the Civil service retirement , how does the postal service plan to do with employees like me? Do the plan to put in about $700,000 in their new postal retirement plan since that about how much they need to do on employees like me, and where do they plan to get this money from?

  6. jojo Says:
    August 18th, 2011 at 1:12 am

    That is Postal Speak for, yes a decision has been made but we want you to think you have a say so in the matter.

  7. Tony Says:
    August 18th, 2011 at 6:36 am

    Glad to hear it. If they do decide to create a new 401(k) system, I don’t want my TSP money transferred into it. The new 401(k) account should start from scratch.

  8. Captain America Says:
    August 18th, 2011 at 8:45 am

    Another example of the leadership at the Postal Service, collectively run by idiots.

  9. joyce dean Says:
    August 18th, 2011 at 2:47 pm

    you do not here any of the big shots in the postal service giving up any of their benefit or any cut in pay.

  10. shafferj Says:
    August 18th, 2011 at 8:13 pm

    Why don’t they just lay off the 20,000 employees who have less than 6 years in the Post Office. That would be a great start. And close all offices 13 and below unless the next town is more than 15 miles away.

  11. MIke D Says:
    August 19th, 2011 at 2:05 pm

    Glad I retired when I did! I don’t miss the place and what a mess for everyone now. I never thought it could get worse, but was I ever wrong. Just like bad medicine, the Postal Service addresses only the perceived symptom, not the real ailment. Waging war on the backs of those who’ve for years done their best to make the orginization a good place to work, had to follow countless moronic leaders and stupid orders, all that for this? Thank the Lord we had a good business to fall back on after retirement. Life is good and fun now that we don’t have to answer to idiot supervisors and postmasters. There is life after that place. I hope you all make it !

  12. ed montana Says:
    August 21st, 2011 at 1:09 pm

    Mike D-thanks, couldn’t have said it better I’m almost there.

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