Braveheart
Analyst
- Reaction score
- 12
Below is a link to a report Dated July 20, 2006. I read about how Congress and the Senate have a problem with The Federal Retirement Thrift Investment Board's (FRTIB). It details their tactics and exposes the (ETAC) for not taking input from the Employees they serve. Recently in the Washington Post it was stated there were Meetings and this (ETAC) was all for the new IFT Limit and going after the large group who make extra IFT's but they are not an elected body as was pointed out below. So enjoy the reading because the (ETAC) and the TSP Board are hand selected and was addressed below as Mr. Porter states "I thought we were in a Democracy."
http://www.fedsmith.com/article/987/
Did You Ask Each Member?
“A group [FRTIB] that is supposed to look out for federal employees has cost them millions of dollars,” said Government Reform Committee Chairman Tom Davis (R-VA) in his opening statement. He said that REITs were the fastest-growing part of his personal investment portfolio and accused the FRTIB and its executive director, Gary Amelio, of “running out the clock [on the study]”.
Davis announced at the hearing that he would soon ask his committee to approve legislation (H.R. 1578) that would add REITs to TSP. “I don’t think this committee can wait on this unelected body [FRTIB],” he said. At press time, consideration of the REITs bill had been put on the panel’s schedule without a specific date.
While most of the REIT proponents’ venom was leveled at the FRTIB, ETAC and its members were also criticized. “ETAC representatives do not systematically solicit the feedback from their constituents. I thought we were in a democracy; apparently we are not,” Porter said. “I mention the problems with ETAC not to criticize the employee groups, who are doing what they can with a broken process and who are forced to take action and make recommendations without the benefit of good tools for gathering important information from the federal employees they serve.”
Sauber responded that while the employee and retiree organization do not survey each of their members on every relevant issue that comes before the Congress, most of the groups have a participatory policy-making process and several methods of receiving member feedback. “I am absolutely convinced that I know where our members are [on policy issues], and I know other organizations in ETAC are similarly situated,” he said.
Likewise, Strombotne pointed out that although members of Congress may have a good grasp of their constituents’ opinions, they do not necessarily poll them on each and every issue.
Porter concluded that he might introduce legislation that would help ETAC groups survey their respective memberships about the TSP.
“We all want what’s best for federal employees, and it is regrettable that we are not in agreement on this one issue,” said NARFE’s Ostergren. “No new fund should be added to TSP until an impartial analysis is completed. Only then can the Congress and Thrift Board make an educated decision about REITs or other new TSP options.”
http://www.fedsmith.com/article/987/
Did You Ask Each Member?
“A group [FRTIB] that is supposed to look out for federal employees has cost them millions of dollars,” said Government Reform Committee Chairman Tom Davis (R-VA) in his opening statement. He said that REITs were the fastest-growing part of his personal investment portfolio and accused the FRTIB and its executive director, Gary Amelio, of “running out the clock [on the study]”.
Davis announced at the hearing that he would soon ask his committee to approve legislation (H.R. 1578) that would add REITs to TSP. “I don’t think this committee can wait on this unelected body [FRTIB],” he said. At press time, consideration of the REITs bill had been put on the panel’s schedule without a specific date.
While most of the REIT proponents’ venom was leveled at the FRTIB, ETAC and its members were also criticized. “ETAC representatives do not systematically solicit the feedback from their constituents. I thought we were in a democracy; apparently we are not,” Porter said. “I mention the problems with ETAC not to criticize the employee groups, who are doing what they can with a broken process and who are forced to take action and make recommendations without the benefit of good tools for gathering important information from the federal employees they serve.”
Sauber responded that while the employee and retiree organization do not survey each of their members on every relevant issue that comes before the Congress, most of the groups have a participatory policy-making process and several methods of receiving member feedback. “I am absolutely convinced that I know where our members are [on policy issues], and I know other organizations in ETAC are similarly situated,” he said.
Likewise, Strombotne pointed out that although members of Congress may have a good grasp of their constituents’ opinions, they do not necessarily poll them on each and every issue.
Porter concluded that he might introduce legislation that would help ETAC groups survey their respective memberships about the TSP.
“We all want what’s best for federal employees, and it is regrettable that we are not in agreement on this one issue,” said NARFE’s Ostergren. “No new fund should be added to TSP until an impartial analysis is completed. Only then can the Congress and Thrift Board make an educated decision about REITs or other new TSP options.”
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(just because I mentioned how important TSP is to supplement the measly SS that we will get). From Diane Feinstein, the letter says (I think) that she supports the TSP board to save money for all participants, a.k.a. parrotting the words of the TSP board.
