Armed Polite Society
Main Forums => Politics => Topic started by: Ben on April 18, 2019, 04:46:41 PM
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The TSP (fed.gov 401K) has to date been a pretty awesome investment vehicle that the fed.gov has mostly kept their grubby mitts off of. Now some dems want to change that by trying to make it "climate change friendly".
If they want to start an additional "climate friendly" fund for dummies to invest in, I don't care, but you'd better keep your grubby paws off the current funds - that's my money, not a leftist piggy bank or political activist fund. Politics has no place in people's retirement future.
https://www.fedsmith.com/2019/04/17/lawmakers-want-know-tsp-address-climate-change/
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It wasn't too long ago the Ds wanted to capture the cash in all existing retirement savings plans and give you a promise to pay you a monthly annuity when you retired.
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(https://armedpolitesociety.com/proxy.php?request=http%3A%2F%2Funiteordie-usa.com%2Fwp-content%2Fuploads%2F2018%2F07%2Falexandria-ocasio-cortez-all-your-money-are-belong-to-us.jpg&hash=683a5f0dea4eee5a91040c4f8b1e742560d91e43)
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Ever notice her teeth? She has nascent fangs. They fully extend when the moon is full and she comes and sucks the blood of MSM reporters who become her acolytes.
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It wasn't too long ago the Ds wanted to capture the cash in all existing retirement savings plans and give you a promise to pay you a monthly annuity when you retired.
They float this idea every few years hoping it will gain traction. It eventually will with all the socialists infesting Congress.
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They float this idea every few years hoping it will gain traction. It eventually will with all the socialists infesting Congress.
What I'm afraid of here is that because it's a federal employee thing with the TSP, they might actually get traction on it both from legislators figuring gov employees are good guinea pigs, and frankly, because a whole lot of fed employees would be for it (without actually understanding the likely negative results for them). Kind of like driving a Prius, they'll look at it as a progressive status symbol, damn the consequences and damn the fed employees and retirees that want nothing to do with it.
Like I said, if they want to start a separate "feel good fund" that is an opt-in and that has zero effect on the current funds, I couldn't care less. More power to them if they think they can do better than the TSP C fund or Lifecycle funds. Otherwise, however, I expect the TSP Board to be like Vanguard and tell these idiots to get bent.
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It wasn't too long ago the Ds wanted to capture the cash in all existing retirement savings plans and give you a promise to pay you a monthly annuity when you retired.
That’s a good way to really piss off a lot of people.
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Can you roll it over to an IRA?
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This is like the progressive universities and cities selling off RJ Reynolds or S&W stock in their retirement portfolios because tobacco and guns.
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Can you roll it over to an IRA?
If they actually screwed with the current TSP funds, yeah I can roll them over and would seriously consider moving the stock portion of them to my Vanguard IRA. It would be a bummer, because TSP funds have probably the lowest admin costs of any funds out there.
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A bit more on it:
https://www.fedsmith.com/2019/04/20/c-fund-esg-tsps-future/
Apparently they want to mimic a fund called the S&P ESG Fund. Fedsmith seems to be staffed by libs, so it was interesting to read the "what a good idea!" perspective of the author, then read the comments. A larger percentage of the people who read Fedsmith, Govt Executive, etc., are generally left leaning, but all the comments are telling them to drop dead and go to hell. I guess it matters when it's your money and not other people's money. :laugh:
The idea of these kinds of funds is scary. As the article said, this all started with divesting from the tobacco industry, but as can be seen in the article, has been greatly expanded, and there seems to be no "cap" on what is socially acceptable (or not) to these idiots, and their criteria are pretty ambiguous:
Climate Change
Fossil Fuels
Nuclear Energy
Diversity
Human Rights
Also of note is something I was unaware of: Even if they just add a separate fund you can opt-in to, it raises the costs of ALL funds, so it still screws all investors in the TSP.