DoD backs automatic TSP enrollments

[unhappycamper]

DoD backs automatic TSP enrollments
By William H. McMichael - Staff writer
Posted : Sunday Jun 8, 2008 9:45:38 EDT

The Pentagon supports proposed changes to the government’s Thrift Savings Plan that would automatically sign up troops and offer an investment option that provides tax-free earnings at retirement, if draft legislation now being considered makes it into law.

The idea behind automatic sign-ups is simple. “The consensus within the financial community is that you should be investing for your retirement,” said Army Maj. John Johnson, director of the Pentagon’s Armed Forces Tax Council. “And a big reason why a lot of people don’t is inertia. They just don’t take that action.”

The Federal Retirement Thrift Investment Board, which oversees the TSP program, shares that view. “Automatic enrollment (is) a good way to make inertia work in favor of participation,” said Tom Trabucco, the board’s legislative director.

Under the proposal, troops who are automatically enrolled could opt out of TSP if they desired.

If lawmakers approve, the proposal to add a Roth IRA option to the TSP would be a boon to many combat troops who do not pay taxes on earnings or bonuses received in the war zones.


Rest of article at: http://www.airforcetimes.com/news/2008/06/airforce_tspenroll_060808w/

[havocmom]

1. Has Wall Street already taken other investors for a ride & needs new blocks for the pyramid scheme?

A future where workers are forced to buy health insurance (Big Insurance & Wall Street need the money coming into the pyramid) and now we will force service personnel into investing. Thinking the opt out red tape will become a nasty jungle and anyone traversing it will be harangued constantly by superiors.

Why the hell doesn't the top 1% just come out and admit that we and the troops are all slaves and all we have must go to the structures which support them in the lifestyle to which they have become accustomed but don't actually pay for themselves?

Give the troops the option to OPT IN, not force them in and pretend it is easy to opt out.

[unhappycamper]

2. I started to post a comment similar to yours, but didn't want to seem snarky. n/t

[havocmom]

3. I hope mine didn't come off as a snark. But, DAMN, ask the ENRON investors of less means

how that investing thing worked out for them.

Wall Street has been buying pols to steal SS for their grubby paws. Not working, so they are onto other schemes to get forced infusions of money from people who really do not have discretionary money nor investment capital in an economy where real wages have been shrinking for decades.

The pyramid is shaking and in jeopardy of falling over. They need more slaves to haul the foundation stones and get in there to fix it so the top doesn't fall. They like the view from the top and don't care about the slaves that get rolled under the foundation blocks. They can't see the blood from where they are and they sure as hell don't see the blood of the warrior class that protects their comfy kingdom.

[unhappycamper]

4. Your post was fine.

There are times that I'll write a really snarky comment about the shenanigans these assholes are doing and then I delete it (because I'm a mod.) I do appreciate you stopping by and commenting. :thumbsup:

[havocmom]

5. LOL and THAT is why I resist the suggestions by some to become a mod!

PM me your gems if you really feel strongly about some of them ;) I love a good yarn now and again.

[unhappycamper]

6. Here's an interesting fact:

The only time you see uhc comments, especially about $$$$, is when I'm able to stifle myself. I've learned to channel my anger.

Seriously, try out being mod next term.

[NYVet]

7. Have you ever opted out of TSP?

I will tell you how easy it is.


mypay.dfas.mil, access your account and click on the tab labeled "Thrift Savings Plan (TSP)", then set the % of your pay to be put into your account and hit the "Save" button.
You can set anything between 0 and 100% of Basic Pay, Special Pay, Incentive Pay, and Bonuses to be withheld.





It took me longer to type this out than it does to access the TSP settings.