ETFnerd
03-17-2009, 09:42 AM
Hi Everyone,
I'm a new member. I have a background in investment management and hope to engage in some discussion on TSP issues. I once ran a small index mutual fund. I post my unconventional views sometimes on the bogleheads forum under this username, and I also frequent the financial independence forums from time to time. Let me know if I can be of any assistance. Look fwd to some lively discussion.
I stumbled onto this forum because I am now employed at the federal gov't and ran into a problem recently. I asked Tom and he asked me to post it here in new member introductions for added exposure. I have copied it below:
In the beginning of the year, I made a plan to contribute $2,750 for the first four pay periods and $250 for the subsequent 22 pay periods bringing my total contributions to $16,500. The goal was to frontload the contributions while at the same time maximizing my matching contributions.
On Feb 19, I changed my contribution from $2,750/pp to $250/pp on employee express. I thought this would take effect in pp5. When I received my pp5 check, $2,750 had been contributed again to my TSP account.
Now I don't have enough room to contribute 5% on my salary for the rest of the year. It looks like I will not be able to contribute for the last 10 pay periods or so if I contribute 5% of my salary. This will cause me to leave ~$2,000 in matching contributions on the table. :(
I contacted my payroll administrator, who told me that they would contact the TSP administrator to either reverse or adjust my pp5 contribution to $250. I was told shortly thereafter that they could not reverse contributions for prior pay periods.
I was wondering if there was any way that my prior period contribution could be reversed or adjusted down to $250.
Many thanks in advance.
In gratitude and agony,
ETFnerd
http://www.tsptalk.com/mb/images/misc/progress.gif
I'm a new member. I have a background in investment management and hope to engage in some discussion on TSP issues. I once ran a small index mutual fund. I post my unconventional views sometimes on the bogleheads forum under this username, and I also frequent the financial independence forums from time to time. Let me know if I can be of any assistance. Look fwd to some lively discussion.
I stumbled onto this forum because I am now employed at the federal gov't and ran into a problem recently. I asked Tom and he asked me to post it here in new member introductions for added exposure. I have copied it below:
In the beginning of the year, I made a plan to contribute $2,750 for the first four pay periods and $250 for the subsequent 22 pay periods bringing my total contributions to $16,500. The goal was to frontload the contributions while at the same time maximizing my matching contributions.
On Feb 19, I changed my contribution from $2,750/pp to $250/pp on employee express. I thought this would take effect in pp5. When I received my pp5 check, $2,750 had been contributed again to my TSP account.
Now I don't have enough room to contribute 5% on my salary for the rest of the year. It looks like I will not be able to contribute for the last 10 pay periods or so if I contribute 5% of my salary. This will cause me to leave ~$2,000 in matching contributions on the table. :(
I contacted my payroll administrator, who told me that they would contact the TSP administrator to either reverse or adjust my pp5 contribution to $250. I was told shortly thereafter that they could not reverse contributions for prior pay periods.
I was wondering if there was any way that my prior period contribution could be reversed or adjusted down to $250.
Many thanks in advance.
In gratitude and agony,
ETFnerd
http://www.tsptalk.com/mb/images/misc/progress.gif