Better Watch Your TSP Account Closely

[tsptalk]

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[url]http://www.govexec.com/mailbagDetails.cfm?aid=31527[/url]

[url]http://www.govexec.com/dailyfed/0605/062005d1.htm[/url]

A little bird tellsme that contractors that are running our TSP do not have the same interest as gov't employees when it comes to finding and fixing TSP system bugs. Gov't employees were in the TSP. Contractors are not. The gov't TSP folks have been hit hard by the RIF bug.

That bird also tells me we should keep daily copies of our account balances and transactions, just in case.

 

[biggdog1]

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Good info. I already check,update and print out copies daily.

 

[Aggie76]

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Thanks for the info. Don't they have auditor's checking out the TSP accounts? Is Arthur Anderson still in business? :shock:

 

[Mike]

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I'm manually tracking my account on MS-Money and comparing the numbers once per week or so - no major deviation yet (a couple cents at most - due to the fraction issue).

 

[96Bravo]

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This is Tom's 'little bird'. What I've beensaying is that when TSP was under NFC/USDA it was entirely run by Federal Civil Servants, persons who had the second largest part of their retirement invested in TSP - they had a very personal vested interest in making sure the system was accurate and functional. They created and massaged that system from infancy. NFC was contracted to do the work by the TSP Board in Washington and from the early 80s right up to a few years ago everythig was fine.

About the time the TSP fund went into the many-billions-of-dollars in valuation the Board started making decisions that left a lot of people scratching their heads. Remember the contract that AMS failed to fill in completing the new system? Welleven though they failed to do the work they werecontracted to they were paid $40-million (oh yeah, they got a $5-million fine). Guess where that money came out of - if you guessed the TSP fund itself you guessed right. Wake up call - all of the administrative costs of the TSP come out of the fund itself. If there are profits that helps, but during down-periods it still comes out of the Fund - your contributions and earnings.

Now enter the new contractors the Board has chosen. The Board and the Contractors will have all of your TSP retirement monies in their hands and the ability to write checks against it for 'expenses'. This is the same Board that paid $40-million out of your retirement money to a company that failed to complete a contract. These contractors will be staffed with civilian workers who will have not one penny invested in TSP - where is their incentive to keep costs down and systems operating? If you make 100% or lose 100% on your investments it's nothing to them as it does not effect their retirement one cent. The Federal jobs that once managed and oversaw your reirement investments have been outsourced to civilians. Are these companies or their execs politically connected? Do you smell cigar smoke and brandy in these decisions? You do the homework and follow the companies involved.

Securing your retirement investments requires more than watching the investments, you have to watch the folks who fondle your money. I've talked to people who were involved in the set up of the new system and they have real questions about its stability. They may be bitter and, after working the system for over fifteen years before having it yanked away from them, be dishing out sour grapes - but then...

To those of you who are checking your balances daily are you also tracking and balancing your contributions from your pay and the matching amounts?

 

[grandma]

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I have only been printing the notice they send of my change. I don't suppose there is any way to do an historical daily, is there?

96Bravo - I find that information frightening -. We are, what, 3 millionstrong?, is there something that as a group we can mobilize ?? I am going to share this at work - Thank you for the information!

 

[96Bravo]

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Look at this link to see what I was talking about and where the money goes:

http://www.govexec.com/dailyfed/0603/062303t1.htm

 

[jwlane]

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I just noticed the closing prices listed on the TSP site for 6/20/2005 for the S and I funds are 15.06 and 15.31, respectively. However, the prices on my interfund transfer emailon that day show 15.09 and 15.37. Too late to call tonight, will have to try tomorrow.

 

[cowboy]

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jwlane wrote:

I just noticed the closing prices listed on the TSP site for 6/20/2005 for the S and I funds are 15.06 and 15.31, respectively. However, the prices on my interfund transfer emailon that day show 15.09 and 15.37. Too late to call tonight, will have to try tomorrow.

Mmmmm? Interesting as these were posted at 15.09 and 15.37 respectively before today and suddenly changed. Keep us posted as their others that have interfund sheets on that day.

 

[mlk_man]

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Most of that week is screwed up. Here's what they have on the TSP site today:





Jun 24, 2005
10.90
10.69
12.81
14.85
15.35

Jun 23, 2005
10.90
10.67
12.90
14.95
15.33

Jun 22, 2005
10.90
10.67
13.05
15.06
15.40

Jun 21, 2005
10.90
10.63
13.05
15.02
15.39

Jun 20, 2005
10.90
10.61
13.08
15.06
15.31

Here's what the S fund actually was based on my records and confirmed by at least one interfund transfer confirmation:








6/20/2005
15.09

6/21/2005
15.06

6/22/2005
15.09

6/23/2005
14.95

6/24/2005
14.85

Privatized social security? Oh boy..................

 

[96Bravo]

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I'm not just talking share prices I'm talking the funds in TSP too. That huge pot of our contributions is a tempting target. If you looked at that last link I sent you will see that we, ALL OF US, paid twice for the current program TSP's using. We paid nearly $40-million to the politically connectedcompany that did not complete the contract and left the program screwed up and then paid another $33-million to a second well connected company that took the program away from direct Federal oversight. That's some $70-million of our contributions and potential earnings that are lost to us forever. How many hours of our lives down the drain?

As I said before, all of the expenses to run the TSP program come out of OUR pockets, the money is drawn out of our accounts. If the TSP funds are down when the money's withdrawn it's that much more of a potential loss to us as that money is not going to be earning any interest when the funds go back up, it's gone forever. Up until the TSP Board gave the program to private contractors the workers' salaries were coming out of the Civil Service pot; now the salaries of the workers AND THE EXECUTIVES of the private contractors will be coming directly out of our pockets. What is going to restrain those with the power to write the paychecks from raising their salaries at our expense? If they want to hold seminar or meetings in Aspen, Vale, or Hawaii who's to stop them from dipping into our funds to pay for the junkets? If someone wants to hire Beltway bandit consultants for more questionable work who's saying yes or no?

If that does not give you the idea that we all should be demanding indepth and constant scrutiny of this new hijacking of what amounts to 1/3rd of our retirement plan you must be independently wealthy. We trade irreplaceable parts of our lives for that paycheck and we in turn give part of it to TSP with the hope that they'll take care of it.I've been hammering on my Reps and Senators to get iinvolved in making sure that TSP stays a safe retirement plan and not a private fishing hole for politically well-connected people. It's your retirement folks and if someone screws it up don't count on Sam to come to your rescue.

 

[cowboy]

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All of the funds are screwed up and showing differentvalues in the week of june 20th. If they did something wrong we need to find out as it effects all transfers that were done at that time also.

 

[jwlane]

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This afternoon theI and S prices are reflecting what was on my interfund transfer confirmation.

 

[Artful Dodger]

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Has anyone else noticed that as of today November 13, that the TSP aacount page still has not updated account balances since Thursday November 10? I didn't see anything on the site indicating there is a problem. This isn't the first time I've seen this. If there are no known problems then I think this is pretty pathetic.

 

[tsptalk]

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No problem. They were closed Friday because of the holiday.

 

[Artful Dodger]

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tsptalk wrote:

No problem. They were closed Friday because of the holiday.

Duh, my bad on the holiday. When you're retired you kind of lose track of some of those holidays.