Hillary Clinton wants a TSP Account Plan Congress Currently Utilize MUST READ

[Braveheart]

Key Components of Hillary Clinton’s American Retirement Accounts Plan MEMBERS OF CONGRESS CURRENTLY UTILIZE THE TSP !!!!!!!

Here is Link - http://benefitslink.com/pr/detail.php?id=41211
Matching Tax Cuts to Help Middle Class and Working Families Save: This new proposal will provide a matching refundable tax credit—dollar-for-dollar—for the first $1,000 of savings done by every married couple making up to $60,000. The plan will provide a 50% match on the first $1000 of savings for every couple making between $60,000 and $100,000, which will be phased out after that. This matching tax credit will be available to all Americans in existing 401(k) type accounts as well as the new American Retirement Accounts. That means tens of millions of middle-class families will get matching tax cuts of up to $500 and $1000 to help them build a nest egg for retirement.
A New “American Retirement Account”: Like Hillary’s approach to health care, her American Retirement Account plan will build off the existing employer-based retirement savings system. Those who like their current retirement savings accounts can keep them —the only change is that they may be eligible for generous new matching tax credits. For those who want a new choice, Senator Clinton will let all middle class Americans open a new American Retirement Account. These accounts will allow individuals to contribute up to $5,000 per year on a tax-deferred basis. The first $1000 contributed into the accounts will be eligible for the new 1-to-1 and 50% government matches. In addition, the new American Retirement Accounts will:
Offer secure, diversified investment options: Individuals will have the choice to set-up their accounts with any private provider that offers diversified investment options and that includes as a default option, a passively managed lifecycle-type fund. Individuals will also have a fall-back option of setting up accounts through a similar system to the one that Members of Congress currently utilize. :D
Help Build Wealth and Provide a Cushion During Economic Downturns: The new American Retirement Accounts would, like existing IRAs, limit penalty-free withdrawals to major life investments—buying a home, paying for higher education, and retirement. But in light of the growing economic uncertainty facing American families, workers will also be able to withdraw 10-15% of the savings from their American Retirement Accounts to help tide them through periods of extended unemployment. Individuals would also have the option of taking out loans from their American Retirement Accounts in limited circumstances.
Provide the First Fully Portable Matching Account: The American Retirement Account will be the first account that provides a secure, diversified opportunity to get generous matching financial incentives for saving regardless of whether you are working for a firm that provides an employer match or traditional 401(k). This is particularly important to middle class workers who start their own businesses, take time off to care for a child or relative, or work independently or part-time. Hilary does not believe that we should deny matching retirement incentives to these workers and parents simply because they are outside the employer-sponsored system. Rather than having to rely on full-time jobs with certain employers, these Americans will continue to receive a strong financial incentive to build wealth throughout their lives.
New Choices Without New Bureaucracy: American Retirement Accounts will be established without any new government bureaucracy, by creating competition in the private sector to provide plans that are both secure and marketable. Individuals will get to choose how they want to set up their American Retirement Accounts. They can set them up with private providers who offer diversified investment options with a default passively managed lifecycle-type option and low administrative costs. Or they will have an option of opening an American Retirement Account through a publicly managed clearinghouse similar to the Thrift Savings Plan which Members of Congress can currently utilize. :D Investments in the accounts opened through this public clearinghouse would be held and managed by private financial institutions, who to the greatest extent possible would manage administrative and transactional support.

[Braveheart]

Well One would think Congress would step up here since this has an impact on them. I wonder if they got a letter. They make big $$ so the target group would be those who have been in Congress for 15 years + but is that a conflict of interest and the reason why they have not stepped up.

It is clear Hillary Clinton would be on our side in this. She has the power and connections to get people moving Obama forget it and McCain probably doesn't know what it is.

I am sending her a message and so should you. I used workers concerns but Military & Discrimination are the other choices. She has Millions of Government Workers and their families, relatives and friends that need her to stop this now in PUBLIC and tell those at the TSP the investigation is on !!!!!!!!! Here is her link -

http://www.hillaryclinton.com/help/contact/?30385f40

[Braveheart]

Well One would think Congress would step up here since this has an impact on them. I wonder if they got a letter. They make big $$ so the target group would be those who have been in Congress for 15 years + but is that a conflict of interest and the reason why they have not stepped up.

It is clear Hillary Clinton would be on our side in this. She has the power and connections to get people moving Obama forget it and McCain probably doesn't know what it is.

I am sending her a message and so should you. I used workers concerns but Military & Discrimination are the other choices. She has Millions of Government Workers and their families, relatives and friends that need her to stop this now in PUBLIC and tell those at the TSP the investigation is on !!!!!!!!! Here is her link -

http://www.hillaryclinton.com/help/contact/?30385f40

Not a single reply :suspicious: - this is amazing you want a voice you have it. You want the links you've got them. You think anything is going change without someone like this on our side you will regret this last chance to do something about. Talk is cheap action is louder than words. I have taken action and for anyone interest President Bill Clinton signed into Law that the Military be included into the TSP. So I can read post after post about outrage and we're going to do this bla bla bla THIS WILL STOP IN IT'S TRACTS WITH YOU SENDING THE MESSAGES TO HER. Don't do it and don't complain in May when you have 2 trades per month. :rolleyes:

[Braveheart]

It's the weekend. Some people are out enjoying the nice weather. Some of us are busy writing sample comment letters to the FRTIB's proposed rule prior to the April 9 deadline for comments (since the FRTIB is required by the official rulemaking process to read, analyze and publish a response to each comment in the Federal Register). Hopefully, some of us are busy writing individual letters to members of Congress. My point is that there's a lot of activity currently going on, so please don't get discouraged if someone doesn't reply to your post quickly enough.

I personally agree with you 100%. The proposed rule can only be stopped by someone in Congress. However, not a single one of them has stepped up to the plate for us yet and so I am really fed up with the whole bunch of them! Also, Hillary has other things on her plate right now (such as Pennsylvania, Florida, Michigan, etc.) so I am doubtful that she is going to have time to read her emails and take up the fight for us anytime soon.

However, we still need to pursue all possible avenues and I would encourage everyone to use the link and send Hillary a NICE message ASAP (even if you don't like her, which I can't for the life of me understand why). Thanks for posting the link. I will be using it shortly, and will also be writing letters to certain individuals in Congress (it's been said that a handwritten letter usually gets more attention than an email).

Also, please note the following which I posted on 12-16-07:

The Thrift Savings Plan Open Elections Act of 2004, sponsored by Senator Susan Collins of Maine, eliminated the existing restrictions of only one interfund transfer per month and allowed participants to make an interfund transfer on any business day of the year. At the time, Senator Collins remarked that this would “give employees more control over their investment decisions.” Senator Collins’ legislation had the support of the Employee Thrift Advisory Council and many federal employee unions. Now, instead of expanding the investment options and services within TSP, the Thrift Board is proposing to take a giant step back into the Dark Ages by restricting the number of allowable interfund transfers and thereby giving employees less control over their investment decisions.

Therefore, I would think that Senator Susan Collins of Maine is possibly our best hope for fighting this thing, and if someone could provide an email link and mailing address for her it would be greatly appreciated. Even though she's a Republican, she's been at odds with Bush and his buddies for a long time and might not like it that Gregory T. Long is messing with her TSP Open Elections Act of 2004.

Senator Susan Collins Contact Information - Links & Web access link with more contacts !!!!!!!!!!!!!!!

http://collins.senate.gov/public/continue.cfm?FuseAction=ContactSenatorCollins.Emai l&CFID=10753555&CFTOKEN=30381158

http://www.visi.com/juan/congress/cgi-bin/newmemberbio.cgi?lang=&member=MEJR&site=ctc

My point is 200 people online some 45+ members no response infact this entire section should be moved to the top or the front because many new members don't even look here that was more of my point. It is at the bottom like reading a newspaper front page news is the topic of the day no one really cares about page 60 unless your looking for something. This is so important yet burried in this format on how the topics are set up.

[Braveheart]

Excellent! Thank you. :)

You are welcome - there is one thing about Susan Collins (R) Maine she was close to President Bush but severed ties because the people in Maine were all over her. Worried about her own re-election. So she rolls with the tide and there were times in the past where she could have helped Government Workers but didn't regarding employees injured on the job. I would say results would be 99% Hillary Clinton vs. 1% Susan Collins but 1% is better than nothing - I will hound her as well nothing to lose everything to gain - Braveheart :)

[Braveheart]

Key Components of Hillary Clinton’s American Retirement Accounts Plan MEMBERS OF CONGRESS CURRENTLY UTILIZE THE TSP !!!!!!!

Here is Link - http://benefitslink.com/pr/detail.php?id=41211

Matching Tax Cuts to Help Middle Class and Working Families Save: This new proposal will provide a matching refundable tax credit—dollar-for-dollar—for the first $1,000 of savings done by every married couple making up to $60,000. The plan will provide a 50% match on the first $1000 of savings for every couple making between $60,000 and $100,000, which will be phased out after that. This matching tax credit will be available to all Americans in existing 401(k) type accounts as well as the new American Retirement Accounts. That means tens of millions of middle-class families will get matching tax cuts of up to $500 and $1000 to help them build a nest egg for retirement.
A New “American Retirement Account”: Like Hillary’s approach to health care, her American Retirement Account plan will build off the existing employer-based retirement savings system. Those who like their current retirement savings accounts can keep them —the only change is that they may be eligible for generous new matching tax credits. For those who want a new choice, Senator Clinton will let all middle class Americans open a new American Retirement Account. These accounts will allow individuals to contribute up to $5,000 per year on a tax-deferred basis. The first $1000 contributed into the accounts will be eligible for the new 1-to-1 and 50% government matches. In addition, the new American Retirement Accounts will:
Offer secure, diversified investment options: Individuals will have the choice to set-up their accounts with any private provider that offers diversified investment options and that includes as a default option, a passively managed lifecycle-type fund. Individuals will also have a fall-back option of setting up accounts through a similar system to the one that Members of Congress currently utilize. :D
Help Build Wealth and Provide a Cushion During Economic Downturns: The new American Retirement Accounts would, like existing IRAs, limit penalty-free withdrawals to major life investments—buying a home, paying for higher education, and retirement. But in light of the growing economic uncertainty facing American families, workers will also be able to withdraw 10-15% of the savings from their American Retirement Accounts to help tide them through periods of extended unemployment. Individuals would also have the option of taking out loans from their American Retirement Accounts in limited circumstances.
Provide the First Fully Portable Matching Account: The American Retirement Account will be the first account that provides a secure, diversified opportunity to get generous matching financial incentives for saving regardless of whether you are working for a firm that provides an employer match or traditional 401(k). This is particularly important to middle class workers who start their own businesses, take time off to care for a child or relative, or work independently or part-time. Hilary does not believe that we should deny matching retirement incentives to these workers and parents simply because they are outside the employer-sponsored system. Rather than having to rely on full-time jobs with certain employers, these Americans will continue to receive a strong financial incentive to build wealth throughout their lives.
New Choices Without New Bureaucracy: American Retirement Accounts will be established without any new government bureaucracy, by creating competition in the private sector to provide plans that are both secure and marketable. Individuals will get to choose how they want to set up their American Retirement Accounts. They can set them up with private providers who offer diversified investment options with a default passively managed lifecycle-type option and low administrative costs. Or they will have an option of opening an American Retirement Account through a publicly managed clearinghouse similar to the Thrift Savings Plan which Members of Congress can currently utilize. :D Investments in the accounts opened through this public clearinghouse would be held and managed by private financial institutions, who to the greatest extent possible would manage administrative and transactional support.


I really believe the TSP Forum should move this Topic to the top more exposure and better communication.

http://www.hillaryclinton.com/help/contact/?30385f40

[Braveheart]

The Thrift Savings Plan has grown into a $200 billion retirement behemoth, but its nearly 4 million participants might be surprised to learn how their money is managed.

http://www.govexec.com/features/0307-15/0307-15s1.htm (http://www.govexec.com/features/0307-15/0307-15s1.htm)

Power Play

On Oct. 17, 2006, Terry Duffy made an $8 billion purchase. Duffy, executive chairman of the Chicago Mercantile Exchange, bought the Chicago Board of Trade. His move made the Merc, as it is called, the world's largest financial exchange, overtaking the New York Stock Exchange. So it is easy to understand why on Oct. 16, Duffy was busy - too busy, it turns out, to attend the monthly meeting to oversee the federal Thrift Savings Plan, of which he is a board member.
It wasn't his first absence.
In their spare time, Duffy and four fellow TSP board members oversee the $200 billion retirement plan. Nearly 4 million people - federal employees, retirees and members of the uniformed services - are saving money in the TSP, which functions like a 401(k) with up to 5 percent matching contributions from the government.

Only Congress can add funds to the plan, but since 1986, lawmakers have done so only at the suggestion of the board. Last year saw a major clash between Congress and the board when more than 200 House members tried to force a Real Estate Investment Trust Fund into the TSP without the board's approval. They failed when the board ran out the clock on the 109th Congress by hiring an outside consultant to examine the REIT option. Congress couldn't vote to add the fund until the experts had given their verdict. The firm, Ennis Knupp & Associates of Chicago, didn't issue its report until a couple of weeks after the Nov. 7 election.

The Bush-appointed board's assertiveness, revealed in its handling of Petrick, has played out in its aggressive moves to diversify the plan and reduce costs. Amelio, the former executive director, personified this combativeness. At one of his last public appearances with the TSP, while insisting he was leaving for career and financial opportunities, he said: "One of your august members suggested I was getting frustrated with doing battle with the bullies on the Hill. I relish doing battle with bullies, particularly those that have no idea what they're doing."
The "bullies" to whom he referred include Congress members such as Tom Davis, R-Va., ranking member of the House Government Reform Committee; Jon Porter, R-Nev., ranking member of its federal workforce subcommittee; Danny Davis, D-Ill., its chairman; and Chris Van Hollen, D-Md., chairman of the Democratic Congressional Campaign Committee.
Those congressmen - after intense lobbying by the National Association of Real Estate Investment Trusts - supported legislation to make a REIT the sixth fund in the TSP. They argued that REITs, which allow individuals to buy shares in companies that run apartment buildings, shopping centers, offices, hotels and other commercial facilities, are big earners and that federal employees should have the choice, as do many 401(k) participants, to invest in them. REITs also react differently to market forces than do stocks and bonds, providing diversification, which protects assets, the lawmakers argued.
But board members bristled at the attempt to overpower them. They argued that if Congress imposed a REIT fund, then other interest groups would lobby to add funds. A proliferation of funds could raise administrative costs and reduce participation levels, they said.
The battle led to contentious hearings and a heated exchange of letters. So far, no REIT bill has been introduced in the new Congress.
Meanwhile, the board has its own plans. Members are expected to ask the new Congress for more changes, among them, automatic enrollment of all new employees in the TSP and the designation of the life-cycle funds as the default investment for new participants. Saul predicts the plan will grow to $300 billion in three years.

[hessian]

I really believe the TSP Forum should move this Topic to the top more exposure and better communication.

http://www.govexec.com/features/0307-15/0307-15s1.htm (http://www.govexec.com/features/0307-15/0307-15s1.htm)


Braveheart, Thanks for bringing us all this info.
Critical. We need to explore every possible option.
Personally, I will need some time to fully absorb all this, and act!
Nice work!;):)
VR

[Braveheart]

Braveheart, Thanks for bringing us all this info.
Critical. We need to explore every possible option.
Personally, I will need some time to fully absorb all this, and act!
Nice work!;):)
VR

No problem this is also a part of report I make this big and bold for everyone !!!

In any case, the TSP that awaits Amelio's successor is vastly different from the one he inherited.

Era of Change

Amelio and the board quickly ended the contractor lawsuit and ushered the TSP into an era of change. The biggest development since the plan's inception 20 years ago has been the switch to computerized records, allowing participants to move their investments every day. After the system went online in mid-2003, Congress ended the two annual TSP open seasons and permitted participants to move their investments among funds at any time. As Saul said in a February 2007 meeting, daily valuation is "the heart of the whole change.

[Braveheart]

No problem this is also a part of report I make this big and bold for everyone !!!

In any case, the TSP that awaits Amelio's successor is vastly different from the one he inherited.

Era of Change

Amelio and the board quickly ended the contractor lawsuit and ushered the TSP into an era of change. The biggest development since the plan's inception 20 years ago has been the switch to computerized records, allowing participants to move their investments every day. After the system went online in mid-2003, Congress ended the two annual TSP open seasons and permitted participants to move their investments among funds at any time. As Saul said in a February 2007 meeting, daily valuation is "the heart of the whole change.



Found this in Washington Post from 2007 - Why spend 20 Million on Computer Upgrades Mr. Long when you force members to use the mail !!!

At Thrift Savings Plan, a Major Upgrade
__


By Stephen Barr
Tuesday, September 18, 2007; D04

The Thrift Savings Plan hopes to get faster and better.
The TSP board yesterday signed off on a two-year project to buy computers and technology for tracking the millions of dollars in stock and bond trades made every month by government workers.
The project calls for spending about $15 million to modernize the agency's primary data center and a backup center for emergencies. Two mainframes, with more memory and faster processing times, will be installed, probably by year's end.
The project also will replace data storage systems and ensure that TSP operations are ready for the next generation of Internet protocols.
Most of the TSP's computers are nearing the end of their life spans, and a technology upgrade will enable the TSP to "skate ahead of the puck," Mark A. Hagerty, the TSP's chief technology officer, told the Federal Retirement Thrift Investment Board, which oversees the 401(k)-type savings program.
To pay for the upgrade, the board approved a $108.4 million budget for fiscal 2008, about $20 million more than this year's budget. It was the first budget increase for the TSP in three years.
Gregory T. Long, the board's executive director, called the additional spending a "prudent expenditure" that would lead to improved services at the TSP, which expects to see an increase in telephone calls and withdrawals as baby boomers retire and tap into their savings over the next few years.
Hagerty and his deputy, Roy Friend, told the board that the TSP needs a "business assurance" approach that will maintain record-keeping systems in the event of a natural disaster, power failure, communication disruption, cyber attack or terrorist attack.
Current mainframes, based in Northern Virginia (http://www.washingtonpost.com/ac2/related/topic/Northern+Virginia?tid=informline) and Pennsylvania (http://www.washingtonpost.com/ac2/related/topic/Pennsylvania?tid=informline), use technology from 2000 and do not have sufficient processing capacity for the testing necessary to make improvements. Most of the TSP's network servers are seven years old and outdated. Most data storage systems are nearing capacity, and the mainframes often wait for them to relay data, slowing operations. TSP also has trouble encrypting data in those systems.
Although the systems are in no danger of collapsing, Hagerty said that as the TSP enrolls more participants, the time it takes to process their stock and bond transactions will take longer, perhaps putting the TSP at risk of missing its trading deadlines.
Outside consultants were brought in to analyze TSP technology operations and review plans for the modernization effort, Hagerty told the board.
Technology issues are a sensitive subject at the board, which inherited a failed computer project when it took office at the start of the Bush administration. A Senate committee investigation determined that the TSP wasted several million dollars in developing the current record-keeping system because of poor planning and cost overruns.
The board, chaired by Andrew M. Saul, has moved to strengthen internal oversight of TSP operations and to improve services. Yesterday, Saul and board member Alejandro M. Sanchez supported the extra spending for new technology but cautioned Long to reduce spending in subsequent years.
According to data released yesterday, the TSP had more than $224 billion in accounts held by about 3.8 million participants at the end of August.
Civil service and postal employees and members of the armed forces may save for their retirement through contributions to stock, bond and Treasury securities funds. The TSP also offers "life cycle funds," or L Funds, that can be selected based on a projected retirement date and that move from aggressive to conservative investments as the employee nears the time to withdraw savings.
In August, when stock markets were especially turbulent, some TSP participants pulled money out of the L Funds, the first time that has happened since they were started in 2005.
About $25 million was transferred out of the L Funds, a relatively small amount compared with other interfund transfers by participants. More than $2 billion was shifted out of two funds -- the large common stock fund and the international fund -- and into lower-risk funds, government securities and bonds.
Stephen Barr's e-mail address isbarrs@washpost.com (barrs@washpost.com).

[Braveheart]

At Thrift Savings Plan, a Major Upgrade
__


By Stephen Barr
Tuesday, September 18, 2007; D04

The Thrift Savings Plan hopes to get faster and better.
The TSP board yesterday signed off on a two-year project to buy computers and technology for tracking the millions of dollars in stock and bond trades made every month by government workers.
The project calls for spending about $15 million to modernize the agency's primary data center and a backup center for emergencies. Two mainframes, with more memory and faster processing times, will be installed, probably by year's end.
The project also will replace data storage systems and ensure that TSP operations are ready for the next generation of Internet protocols.
Most of the TSP's computers are nearing the end of their life spans, and a technology upgrade will enable the TSP to "skate ahead of the puck," Mark A. Hagerty, the TSP's chief technology officer, told the Federal Retirement Thrift Investment Board, which oversees the 401(k)-type savings program.
To pay for the upgrade, the board approved a $108.4 million budget for fiscal 2008, about $20 million more than this year's budget. It was the first budget increase for the TSP in three years.
Gregory T. Long, the board's executive director, called the additional spending a "prudent expenditure" that would lead to improved services at the TSP, which expects to see an increase in telephone calls and withdrawals as baby boomers retire and tap into their savings over the next few years.
Hagerty and his deputy, Roy Friend, told the board that the TSP needs a "business assurance" approach that will maintain record-keeping systems in the event of a natural disaster, power failure, communication disruption, cyber attack or terrorist attack.
Current mainframes, based in Northern Virginia (http://www.washingtonpost.com/ac2/related/topic/Northern+Virginia?tid=informline) and Pennsylvania (http://www.washingtonpost.com/ac2/related/topic/Pennsylvania?tid=informline), use technology from 2000 and do not have sufficient processing capacity for the testing necessary to make improvements. Most of the TSP's network servers are seven years old and outdated. Most data storage systems are nearing capacity, and the mainframes often wait for them to relay data, slowing operations. TSP also has trouble encrypting data in those systems.
Although the systems are in no danger of collapsing, Hagerty said that as the TSP enrolls more participants, the time it takes to process their stock and bond transactions will take longer, perhaps putting the TSP at risk of missing its trading deadlines.
Outside consultants were brought in to analyze TSP technology operations and review plans for the modernization effort, Hagerty told the board.
Technology issues are a sensitive subject at the board, which inherited a failed computer project when it took office at the start of the Bush administration. A Senate committee investigation determined that the TSP wasted several million dollars in developing the current record-keeping system because of poor planning and cost overruns.
The board, chaired by Andrew M. Saul, has moved to strengthen internal oversight of TSP operations and to improve services. Yesterday, Saul and board member Alejandro M. Sanchez supported the extra spending for new technology but cautioned Long to reduce spending in subsequent years.
According to data released yesterday, the TSP had more than $224 billion in accounts held by about 3.8 million participants at the end of August.
Civil service and postal employees and members of the armed forces may save for their retirement through contributions to stock, bond and Treasury securities funds. The TSP also offers "life cycle funds," or L Funds, that can be selected based on a projected retirement date and that move from aggressive to conservative investments as the employee nears the time to withdraw savings.
In August, when stock markets were especially turbulent, some TSP participants pulled money out of the L Funds, the first time that has happened since they were started in 2005.

Stephen Barr's e-mail address isbarrs@washpost.com (barrs@washpost.com).

Remember the above Washington Post report is dated September 18, 2007 so how about this Mr. Long on July 7, 2004 the TSP was investigated and wasted $36 Million in TSP Funds on a botched computer project so now in 2008 the TSP is going to spend 15 Million more to upgrade the Computers YOU WERE TOLD IN 2004 was a WASTE and $33 Million was a Useless and you spent $65 Million on WHAT. Now you say we cost the TSP Money and you want to limit our trades yet your board has spent what $100 Million on Computers and you just lied stating to the Washing Post they are old and outdated by HERE IS THE PROOF. -

July 07, 2004 http://hsgac.senate.gov/_images/spacer.gifSENS. COLLINS AND LIEBERMAN SAY FAILED COMPUTER PROGRAM CONTRACT WASTED $36 MILLION IN FEDERAL RETIREMENT FUNDS
Governmental Affairs Committee Investigates Wasted Thrift Savings Plan Dollars On Botched Computer Program Contract WASHINGTON, DC -- Senate Governmental Affairs Committee Chairman Susan Collins (R-ME) and Ranking Member Joe Lieberman (D-CT) today released the findings of a months-long Committee investigation into a failed computer-programming project that wasted $36 million in federal retirement assets. The investigation examined the problems surrounding the four-year contract between the Federal Retirement Thrift Investment Board (FRTIB) and American Management Systems (AMS) to develop a record-keeping system for participants and beneficiaries of the Thrift Savings Plan (TSP). The software developed by AMS -- over-budget and behind schedule -- proved to be almost useless, forcing the FRTIB to enter into a new contract with another company in 2001 and spend an additional $33 million to develop a new system.

In a letter of the findings sent to FRTIB Chairman Andrew Saul, Senators Collins and Lieberman outlined where major mistakes were made in the project and offered recommendations to guard against repetition of such costly errors in the future. The Senators wrote, “[w]hile it is clear that AMS failed to produce a workable system and repeatedly missed its own deadlines and cost estimates, the Board should have taken more steps early on to prevent this failure and to protect plan participants and beneficiaries from paying the tab.”

In 1997, the TSP Board of Directors contracted with AMS to implement a new record keeping system that would help TSP employees better record and track retirement contributions of federal employees and to provide federal employees and retirees with online access to their retirement accounts. The work was scheduled for completion by May 2000 at a total estimated cost of $29.7 million. However, after four years of work, repeated delays and $65 million worth of AMS and internal charges, AMS was unable to implement a working system.

As a result, the Board was forced to hire a new contractor -- Materials, Communications and Computers, Inc. (MATCOM), which completed the project in 18 months for a total cost of $33 million. MATCOM essentially had to start from scratch.

In their letter of findings to Chairman Saul, Senators Collins and Lieberman pointed out that both AMS and the TSP Board have largely avoided accountability for their share of the project’s failure. After Committee staff interviewed witnesses from both the FRTIB and AMS, reviewed thousands of documents produced by both parties, and studied reports prepared by outside observers, the Senators reached the following conclusions:

-- Much of the time and money the Board spent on the project from 1998 to 2001 was wasted. TSP participants and beneficiaries should have received the benefits of a new record keeping system beginning in May 2000, but the new system was not implemented until the summer of 2003. TSP plan participants and beneficiaries had their retirement accounts debited $36 million dollars to pay the costs of the failed contract.

-- Responsibility for wasted time and money rests with both AMS and the TSP Board. While it is clear that AMS failed to produce a workable system and repeatedly missed its own deadlines and cost estimates, the Board should have taken more steps early on to prevent this failure and to protect plan participants and beneficiaries from paying the tab.

-- AMS deviated significantly from the original design, causing repeated delays and cost overruns. AMS deviated from its original project plan, drafting source code that was unnecessary and unworkable, which ultimately derailed the project altogether. The TSP Board failed to recognize these major changes, and thus did not prevent them.

-- The TSP Board and AMS failed to sufficiently staff the project. Staffing problems contributed to the Board’s failure to better manage the contract and AMS’ failure to complete the project.

To prevent future failures of similar projects, Senators Collins and Lieberman recommended that qualified staff be assigned to oversee such projects; that independent experts should be consulted to prevent the TSP Board from becoming too dependent on one contractor; and that the Board use better risk management practices and contract structures.

[Braveheart]

Proof the TSP Board who claims 3000 members cost the TSP some money well read the post below this. I have Mr. Long and the TSP Board nailed. Happy St. Patty's Day !!!!!

I have given everyone all I can regarding this. I have enough information right in this post below that identifies the TSP is Corrupt, not truthful and worse they choose to target the employees because the Senate & Congress are onto them. I don't care if your a Democrat or Republican my God Contact Hillary Clinton & Susan Collins. Read this entire thread. You won't find more links that tie all of this together and yes to quote Obama "TOGETHER WE CAN" and remember when Unions stood up "UNITED WE STAND DEVIDED WE FALL"

Remember the Washington Post report is dated September 18, 2007 so how about this Mr. Long on July 7, 2004 the TSP was investigated and wasted $36 Million in TSP Funds on a botched computer project so now in 2008 the TSP is going to spend 15 Million more to upgrade the Computers YOU WERE TOLD IN 2004 was a WASTE and $33 Million was a Useless and you spent $65 Million on WHAT. Now you say we cost the TSP Money and you want to limit our trades yet your board has spent what $100 Million on Computers and you just lied stating to the Washing Post they are old and outdated. July 07, 2004 http://hsgac.senate.gov/_images/spacer.gifSENS. COLLINS AND LIEBERMAN SAY FAILED COMPUTER PROGRAM CONTRACT WASTED $36 MILLION IN FEDERAL RETIREMENT FUNDS
Governmental Affairs Committee Investigates Wasted Thrift Savings Plan Dollars On Botched Computer Program Contract WASHINGTON, DC -- Senate Governmental Affairs Committee Chairman Susan Collins (R-ME) and Ranking Member Joe Lieberman (D-CT) today released the findings of a months-long Committee investigation into a failed computer-programming project that wasted $36 million in federal retirement assets. HERE IS THE PROOF.

[hessian]

Proof the TSP Board who claims 3000 members cost the TSP some money well read the post below this. I have Mr. Long and the TSP Board nailed. Happy St. Patty's Day !!!!!

I have given everyone all I can regarding this. I have enough information right in this post below that identifies the TSP is Corrupt, not truthful and worse they choose to target the employees because the Senate & Congress are onto them. I don't care if your a Democrat or Republican my God Contact Hillary Clinton & Susan Collins. Read this entire thread. HERE IS THE PROOF.

Braveheart, Some advice...
In Journalism, the 1st thing taught, is that most people, read the first 2 sentences of any article - then move on. Same as reading a newspaper. Only rarely, might folks scan a little farther on occasion - so the jounalist's job is to grab their attention & give all facts they can, in the first 2 sentences. After this, make sentences that follow, like bullets.
Just trying to help. :o
In my read of your post, I only got the above (in quote) - maybe later, if I can can find some time, I may go back to read more, but myself, like most I expect are simply be too busy. Just advice, not saying its not important, and hope I can get back to read it all...
VR

[Wildboar53]

I live in New Hampsire. Was born and raised in Maine. Sen Collins helped save my gov job these last few years. I just e-mailed her office with our plight. I am hoping she will take this fight up as she did to 'Save Our Shipyard'
Hehe larger retirement accounts mean more tax money for Maine

[Braveheart]

August 20, 2003 http://hsgac.senate.gov/_images/spacer.gifSENATE GOVERNMENTAL AFFAIRS CHAIRMAN COLLINS LAUNCHES INQUIRY INTO FEDERAL RETIREMENT THRIFT INVESTMENT BOARD, AMS CONTRACT

Concerned About Federal Dollars Wasted on Failed Software System

“It is outrageous that a federal agency spent tens of millions of dollars in retirement savings on a system that it couldn’t even use,” said Collins, whose committee has jurisdiction over the federal contracting process. “That’s an example of wasteful spending that should never be repeated.”

http://hsgac.senate.gov/index.cfm?FuseAction=PressReleases.Detail&PressRelease_id=412&Affiliation=R

[Braveheart]

August 20, 2003 http://hsgac.senate.gov/_images/spacer.gifSENATE GOVERNMENTAL AFFAIRS CHAIRMAN COLLINS LAUNCHES INQUIRY INTO FEDERAL RETIREMENT THRIFT INVESTMENT BOARD, AMS CONTRACT
Concerned About Federal Dollars Wasted on Failed Software System

“It is outrageous that a federal agency spent tens of millions of dollars in retirement savings on a system that it couldn’t even use,” said Collins, whose committee has jurisdiction over the federal contracting process. “That’s an example of wasteful spending that should never be repeated.”

http://hsgac.senate.gov/index.cfm?FuseAction=PressReleases.Detail&PressRelease_id=412&Affiliation=R



Go to the site from the link top right corner type in Thrift Savings Plan you will see Sen. Collins was all over them in 2003 & 2004. They had a new system now in 2008 (see below) claim the need 15 Million because they have not had a system since 2000 in Washington Post (FALSE STATEMENT)

[Braveheart]

COLLINS LAUNCHES INQUIRY INTO FEDERAL RETIREMENT THRIFT INVESTMENT BOARD, AMS CONTRACT

Concerned About Federal Dollars Wasted on Failed Software System

“It is outrageous that a federal agency spent tens of millions of dollars in retirement savings on a system that it couldn’t even use,” said Collins, whose committee has jurisdiction over the federal contracting process. “That’s an example of wasteful spending that should never be repeated.”

http://hsgac.senate.gov/index.cfm?FuseAction=PressReleases.Detail&PressRelease_id=412&Affiliation=R


In 2008 the TSP is going to spend 15 Million more to upgrade the Computers THEY WERE TOLD IN 2004 was a WASTE and $33 Million was a Useless and the TSP spent $65 Million on WHAT. Now The TSP states the IFT has to be limited because 3000 members abused the system allegedly we cost the TSP Money and you want to limit our trades yet your board has spent what $100 Million on Computers and you just lied stating to the Washing Post they are old and outdated. NAILED !!!

[hessian]

my thoughts on articles:

7. A lawsuit filed against the TSP Board by former board members is currently pending in the U.S. District Court for the District of Columbia. The lawsuit alleges that the board violated its fiduciary duty to TSP participants. We need to get a copy of this lawsuit! Apparently the TSP Board CAN be sued, and we need to read the Federal Complaint to fully understand how they were sued and what laws were alleged to have been violated. We could possibly use this complaint as a template for our own lawsuits.

8. Roger Mehle, the TSP Chairman from 1986 to 1994, filed the above lawsuit (along with Frank Cavanaugh) against the current TSP Board. He is passionate about the lawsuit. Mehle stated, "I regard the things that were done as terribly abusive of the appropriate governance of the organization." Roger Mehle resigned from TSP to return to private law practice. Let's contact Roger Mehle and hire him to sue the TSP Board for us. He already knows them inside out and is currently suing them himself in a passionate lawsuit.

9. Braveheart is correct in saying that the TSP Board is corrupt and not truthful. Just look at the proposed rule to restrict interfund transfers. It is filled with statements designed to confuse and mislead the reader into believing that they are saving the TSP from imminent ruin by the 3,000 frequent trader cohorts. We need to itemize all of the misleading statements in the proposed rule and send that in as one of our comments.

Did I miss anything?
WOW,
Excelllent job Braveheart, and Paladin, very precise, grabbed my attention and all's laid out very well.
Sumarized message below, all excellent, - and specifically focusing on quoted above, agree!! -how do we find a copy? Fed. Gov't can't be sued for damages, but persons can! -if they've overstepped & violated law/regulations!
Nice work both.
Congrats! I'm ready, let's go after them!!! Seriously!:D

[Braveheart]

WOW,
Excelllent job Braveheart, and Paladin, very precise, grabbed my attention and all's laid out very well.
Sumarized message below, all excellent, - and specifically focusing on quoted above, agree!! -how do we find a copy? Fed. Gov't can't be sued for damages, but persons can! -if they've overstepped & violated law/regulations!
Nice work both.
Congrats! I'm ready, let's go after them!!! Seriously!:D

There is more how about those 65 Million in Computers see link !!! -

http://www.govexec.com/dailyfed/0107/011607r1.htm

Thrift Savings Plan hacker attack prompts extra precautionsBy Karen Rutzick krutzick@govexec.com (krutzick@govexec.com) January 16, 2007
Hackers breached the accounts of some Thrift Savings Plan participants in late December, stealing $35,000 and prompting officials to encourage extra safeguards.
Officials with the 401(k)-style retirement savings plan for federal employees said every participant who was affected by the theft have been notified. Computers of about 25 participants were infected with software that allowed hackers to record their keystrokes and find their TSP personal identification numbers.
TSP officials are working with the Secret Service to find the perpetrators. Speaking at a TSP Board meeting Tuesday, Executive Director Gary Amelio encouraged participants to install a protective program on their computers to block unwanted spyware and to log off of the TSP Web site when finished accessing their accounts.

Board members recently hired outside consulting firm Ennis Knupp & Associates of Chicago for advice on whether the plan should have more funds. In November, the firm recommended against doing so. Board members also have been in a legislative battle to block a heavily lobbied bill to add a Real Estate Investment Trust fund to the plan. The bill has not yet been reintroduced in the 110th Congress.

[Braveheart]

Hillary Clinton demanded Congress to return to Washington apparently they are on break. Imagine this now you know the TSP times that -



HOUSE COMMITTEE MEETINGS


Monday, March 17, 2008 – Friday, March 28, 2008


HOUSE NOT IN SESSION


Spring District Work Period

[Buckeye]

I'm not quite sure what I stumbled across here, but it may hold some sort of clues to fighting the IFT limits. Paladin, Braveheart; take a peek and see if you can dig up ammunition. Sorry if this is something you may have already came across, or just junk. Just trying to help out. http://bulk.resource.org/gpo.gov/hearings/108h/90326.pdf

[tsptalk]

Nice job guys! It's a lot to digest but the more people who know the better. I would think that guys like Fedsmith, Causey, or Stephen Barr, no matter what you think of them, are good sources to send this info. They are always looking for something good to write about.

Thank you.

[Braveheart]

Can someone format and send this entire thread to Mr. Barr of the Washington Post so he can see there are 2 sides on every coin just as the TSP gave their side we have the Senate on our side and this is now a SMEAR campaign and Mr. Long is trying to make a name for himself but in the end that name will be QUILTY !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[Braveheart]

Federal Workforce, Postal Service, and the District of Columbia (http://federalworkforce.oversight.house.gov/)

Jurisdiction includes federal employee issues, non-appropriation municipal affairs of the District of Columbia, and the Postal Service, including post office namings, holidays, and celebrations.
Majority
Danny K. Davis, Chairman
Eleanor Holmes Norton
John P. Sarbanes
Elijah E. Cummings
Dennis J. Kucinich
Wm. Lacy Clay
Stephen F. Lynch

Minority
Kenny Marchant, Ranking Member
John M. McHugh
John L. Mica
Darrell E. Issa
Jim Jordan

My reply to TSPinWV - new member but sometimes you just don't know who is who so therefore I gave a reply being concerned.

The Oversite Committee is on Break from 3/17/08 - 3/28/08 which means they were gone on 3/14/08 so I wonder who this man spoke to I question that and would prefer the exact names for all I know someone from the TSP could post this !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Senator Collins would not be briefed by the TSP Reps who are they ? She would have to call for an immediate Hearing of the TSP and her Committee they stalled on her before and ignored Congress so if she was contacted by anyone or if her office contacted anyone of the TSP then it would not be on the record. There is no way Senator Collins would take a briefing from the TSP since she exposed them in 2003 and 2004 and found them QUILTY of WASTE AND ABUSE. All that is stated would be/must be on the record in a hearing. This involves 4 MILLION EMPLOYEES there is no way she would take that on without a Hearing. I would re-check that staff member. That is waaay to much responsibility to put on the word of a staff member.

Democrats

Chairman Henry A. Waxman (http://www.henrywaxman.house.gov/), California
Rep. Edolphus Towns (http://www.house.gov/towns/), New York
Rep. Paul E. Kanjorski (http://kanjorski.house.gov/), Pennsylvania
Rep. Carolyn B. Maloney (http://maloney.house.gov/), New York
Rep. Elijah E. Cummings (http://www.house.gov/cummings/), Maryland
Rep. Dennis J. Kucinich (http://kucinich.house.gov/), Ohio
Rep. Danny K. Davis (http://www.house.gov/davis/), Illinois
Rep. John F. Tierney (http://www.house.gov/tierney/), Massachusetts
Rep. Wm. Lacy Clay (http://lacyclay.house.gov/), Missouri
Rep. Diane E. Watson (http://www.house.gov/watson/), California
Rep. Stephen F. Lynch (http://www.house.gov/lynch/), Massachusetts
Rep. Brian Higgins (http://higgins.house.gov/), New York
Rep. John A. Yarmuth (http://yarmuth.house.gov/), Kentucky
Rep. Bruce L. Braley (http://braley.house.gov/), Iowa
Rep. Eleanor Holmes Norton (http://www.norton.house.gov/), District of Columbia
Rep. Betty McCollum (http://www.mccollum.house.gov/), Minnesota
Rep. Jim Cooper (http://cooper.house.gov/), Tennessee
Rep. Chris Van Hollen (http://vanhollen.house.gov/), Maryland
Rep. Paul W. Hodes (http://hodes.house.gov/), New Hampshire
Rep. Christopher S. Murphy (http://chrismurphy.house.gov/), Connecticut
Rep. John P. Sarbanes (http://sarbanes.house.gov/), Maryland
Rep. Peter Welch (http://welch.house.gov/), VermontRepublicans

Rep. Tom Davis, Virginia, Ranking Minority Member
Rep. Dan Burton, Indiana
Rep. Christopher Shays, Connecticut
Rep. John M. McHugh, New York
Rep. John L. Mica, Florida
Rep. Mark E. Souder, Indiana
Rep. Todd Russell Platts, Pennsylvania
Rep. Chris Cannon, Utah
Rep. John J. Duncan, Jr., Tennessee
Rep. Michael Turner, Ohio
Rep. Darrell E. Issa, California
Rep. Kenny Marchant, Texas
Rep. Lynn A. Westmoreland, Georgia
Rep. Patrick T. McHenry, North Carolina
Rep. Virginia Foxx, North Carolina
Rep. Brian Bilbray, California
Rep. Bill Sali, Idaho
Rep. Jim Jordan, Ohio

[Braveheart]

To all the Newspaper outlets and reporters I have contacted please I ask that you read this entire thread and feel free to use the links.

The information contained here is 100% factual. It is not what an official of the TSP would ever want you to see all Federal Employees ask for is fairness and eliminate the corruption. When you receive front page news from the TSP they are giving you one side and their side is hiding behind factual information. If you don't believe all you read here then you can contact all those members from the Senate who investigated the same people that give you information but are hiding behind their wall of lies and violations.

Thanks so much for taking your time to review and read the truth. As you know it is rare when you get the truth these days if you want to write a report then write about a member of the Military serving in

Iraq who comes home to a forclosed home, has the DAV and Walter Reed disgrace but gets a letter from Mr. Long sorry thanks for your service in Iraq but you made 4 transactions last month I told you 3 now I'll show you mail your form 50 to me Mr. Long. I'm in charge I have the power I cost the TSP 100 Million but you made a trade and

by the way thanks for serving our Country. THIS IS A DISGRACE

[Braveheart]

BREAKING NEWS !!!!! PLEASE DO NOT POST ON THIS THREAD -

THE NEXT PRESIDENT OF THE UNITED STATES SENATOR. HILLARY CLINTON HAS THIS COMPLETE THREAD. SHE WAS ASKED FOR AN IMMEDIATE INVESTIGATION INTO THE TSP SO I ASK ALL OF YOU PLEASE BE PATIENT AND WE MUST ALWAYS REMEMBER THOSE WHO STAND UP FOR US. MAKE SURE YOU TELL YOUR FAMILY, RELATIVES. CO- WORKERS AND FRIENDS WE WANT A PRESIDENT THAT GETS RESULTS AND BY GOD THERE IS NO BETTER QUALIFIED PERSON FOR THIS OFFICE OF PRESIDENT OF THE UNITED STATES. CONTINUE CONTACTING YOUR MEMBERS OF CONGRESS AND THE SENATE.

THANK YOU

ON BEHALF OF THE 4 MILLION FEDERAL EMPLOYEES INCLUDING OUR BRAVE MEMBERS SERVING TO DEFEND OUR COUNTRY - Braveheart