Kim Weaver, director of external affairs at the Federal Retirement Thrift Investment Board, provides an update on fiscal 2022 budget, operations and priorities for the Thrift Savings Plan board ___________ Follow our social media for the latest updates: GM on Twitter: GM on LinkedIn: GM on Facebook: Subscribe to the Government Matters podcast: For more information, visit Government Matters is a multi-platform news program dedicated to providing non-partisan information and analysis to federal managers, contractors and those supporting the federal marketplace....(read more)
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The Thrift Savings Plan (TSP) board recently announced a new recordkeeping system that will allow them to decrease their budget going forward. This is great news for the TSP and its participants, as it shows a commitment to running the plan as efficiently as possible and passing those savings on to its members. The TSP is one of the best retirement savings plans available to federal employees and military service members. It allows participants to save for retirement through tax-deferred contributions, and includes a matching contribution from the government for those in the Federal Employees Retirement System (FERS) or the Blended Retirement System (BRS). However, the TSP has historically struggled with high administrative fees, which can erode the savings of its participants over time. Because the plan is required by law to be self-funded, any costs associated with administering the plan must be paid for by the plan itself. One major source of these fees has been the recordkeeping system used by the TSP. Recordkeeping refers to the process of tracking and maintaining individual participant accounts, including contributions, withdrawals, and investment gains and losses. The TSP has historically used a single recordkeeper, which has charged high fees for its services. In recent years, the TSP has explored the possibility of switching to multiple recordkeepers, which would allow them to shop around for the best rates and negotiate lower fees. Now, the TSP has announced that it will be moving to a multiple recordkeeper system. This will allow the TSP to take advantage of competitive pricing and negotiate better rates with multiple providers. The new recordkeeping system will also provide greater flexibility and customization for participants. They will be able to choose from a variety of investment options and change their investments more easily. Overall, the new recordkeeping system is a major win for the TSP and its participants. By decreasing administrative costs, the TSP will be able to pass on greater savings to its members and ensure that the plan remains competitive and affordable for years to come. https://inflationprotection.org/thrift-savings-plan-board-utilizes-new-recordkeeping-system-to-reduce-budget-costs/?feed_id=88887&_unique_id=643e1be45f4d4 #Inflation #Retirement #GoldIRA #Wealth #Investing #abc7news #GovernmentMatters #wjla #ThriftSavingsPlan #abc7news #GovernmentMatters #wjla
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