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Thread: The Govt is monkeying with our savings again

  1. #25

    Join Date
    May 2005
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    Rocky Mountains
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    30

    Angry re: The Govt is monkeying with our savings again

    I didn't know that the Gov't was tapping out the G fund as well as the Social Security Fund. Holy #%@^*&^%?^!B!!!X!!@.
    I had hoped to put about 50% of my pile of money into the G fund. So my nice fat retirement which starts this summer and is relying on my TSP account to cover about 30% of my income my be milked to death by the Beltway bandits. I wonder how many Senators and Representatives know that this is happening to their retirement programs as well. Son of a B..................

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  3. #26

    Default re: The Govt is monkeying with our savings again

    "Just two months ago the the US Treasury reported that the debt had passed the $9 trillion mark for the first time, the announcement coming just a few weeks after Congress had agreed to raise the 'debt ceiling' to $9.8 trillion. Given the rate at which the president has squandered his projected surplus it is possible that the figure will rise above $10 trillion before he leaves office. "

    I think they know... They passed the law to approve it.

    We need to clean house up there, from congress to the White House and none of the options we currently have are exciting me.

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  5. Default re: The Govt is monkeying with our savings again

    You can't have it both ways. How is the government supposed to invest the G (Government Securities) fund in government debt without borrowing the money?


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  7. #28

    Join Date
    Apr 2004
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    Default re: The Govt is monkeying with our savings again

    Now you know why you can do unlimited transfers INTO the G fund but not any other fund.

    Oh and BTW those unlimited G fund transfer are not free either!!

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  9. #29

    Join Date
    Jun 2004
    Location
    Boiled Peanut, Georgia, USA
    Posts
    76,393

    Default re: The Govt is monkeying with our savings again

    Quote Originally Posted by anidoc View Post
    I plan to roll my TSP into an IRA or other fund that I can manage as I choose as soon as I retire, if not before. We are allowed to make an in-service penalty-free withdrawal and I just might do that. The country is bankrupt and our "trust funds" are nothing but IOU's on paper. China holds a larger share of US debt than the trust funds and if it and other usual buyers choose not to buy more, the trust funds are in trouble. Debt auctions are already failing with more to come.

    Congress has an entirely SEPARATE retirement "fund" that is truly untouchable - it is not counted in the budget nor is it tapped like the "trust funds." They are entitled to it as soon as they are elected, whether they serve out their term or not. They are not covered by FERS as they are elected/appointed, not "hired" career servants like the rest of us. They can contribute to TSP but they do NOT get matching funds (sort of like CSRS employees).
    This seems to be the REAL info on this subject?
    http://www.senate.gov/reference/comm..._members.shtml
    Report on their Retirement Plan
    http://www.senate.gov/reference/reso...df/RL30631.pdf



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  11. #30

    Join Date
    Mar 2006
    Location
    Raleigh, NC
    Posts
    3,416

    Lightbulb re: The Govt is monkeying with our savings again

    Question...

    When the Gubmint shuts down in early March because 'The One' needs a $16 Trillion dollar debt ceiling (and we were whining about an $9 Trillion ceiling in 2006 and a $10 Trillion ceiling in 2008) how does that affect:

    OUR ABILITY TO TRANFER ASSETS OUT OF THE 'G FUND' AND INTO THE OTHER FUNDS...

    Yowser,

    Did anyone try that the last time the Federal Treasury went a'Vikinging...
    Lookin' up at the 'G Fund'!!!

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  13. #31

    Default re: The Govt is monkeying with our savings again

    James and others have talked about G Fund access options by the government as a budget tool in the past, and I think most folks know it's out there, but I saw this article this morning. Adds a little to the ongoing discussion/debate:

    "U.S. Treasury's tools to delay hitting debt limit" (Lawder and Younglai, Reuters, 4 April 11)

    "In a letter to Congress, Geithner repeated that the Treasury could take extraordinary measures to postpone a potential default on government obligations. But he warned that these measures would only last about eight weeks."

    "GOVERNMENT SECURITIES INVESTMENT FUND: To free up cash, the Treasury can halt reinvestment of another federal employee pension fund known as the G-Fund, which had net assets of about $125 billion at the end of 2010 invested in special short-term Treasury securities with maturities of one to four days. Normally, maturing assets in the G-Fund are reinvested daily. But the Treasury has statutory authority to retain a portion of the fund, as long as it provides proper notification and reimbursement for any lost earnings from the move. Such a move could temporarily claw back $122.3 billion in borrowing capacity."

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  15. #32

    Default re: The Govt is monkeying with our savings again

    It's all just 1's & 0's in a computer anyway. It's not like they have your G-Fund monies denominated in gold eagles & buried in a mason jar with your name on it in the backyard of the white house, waiting for you to retire so they can dig it up for you.
    (at least I hope not! )

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  17. #33

    Join Date
    Apr 2005
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    14,685
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    Default re: The Govt is monkeying with our savings again

    Quote Originally Posted by Boghie View Post
    Question...

    When the Gubmint shuts down in early March because 'The One' needs a $16 Trillion dollar debt ceiling (and we were whining about an $9 Trillion ceiling in 2006 and a $10 Trillion ceiling in 2008) how does that affect:

    OUR ABILITY TO TRANFER ASSETS OUT OF THE 'G FUND' AND INTO THE OTHER FUNDS...

    Yowser,

    Did anyone try that the last time the Federal Treasury went a'Vikinging...
    It has NO EFFECT on the ability to move accounts.

    At least, that's always been the case in the past. It simply means that instead of giving you cash (federal reserve notes??) into your account, they replace the federal reserve notes temporarily with I.O.U's. (*How about that- IOU's for IOUs...)


    One can still move from one account to the others even when the treasury is taking the G fund money.

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  19. #34

    Default re: The Govt is monkeying with our savings again

    The Washington Post reports today that the Treasury will begin borrowing money "from a pension fund from federal workers" starting May 6th. This move, along with a few more, helps the Treasury move the debt ceiling date into the first week of August.

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  21. #35

    Default re: The Govt is monkeying with our savings again

    Can anyone tell me when is the last day to move my TSP money into the equity funds before Turbo Timmy starts playing fast and loose with my G fund collateral?
    100g

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  23. #36

    Default re: The Govt is monkeying with our savings again

    Quote Originally Posted by James48843 View Post
    It has NO EFFECT on the ability to move accounts.

    At least, that's always been the case in the past. It simply means that instead of giving you cash (federal reserve notes??) into your account, they replace the federal reserve notes temporarily with I.O.U's. (*How about that- IOU's for IOUs...)


    One can still move from one account to the others even when the treasury is taking the G fund money.
    That's what concerns me... just because it hasn't happened is no guarantee in itself that it cannot.

    Does anyone know what legal provision allows the Treasury to do this?
    Official Retirement Date: 06-31-2014!


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