Saturday, February 19, 2005

Thrift Savings Plans - Do As I Say, Not What I Do.

This is a nifty little act created by Congress in 1986. It allows Federal employees to put pre-tax dollars into a TSP account, which they own and can invest in one of five low-cost, low-risk funds, from government securities to stock-index funds. This account is basically a 401(K)program. I have a payroll (not part of my pension fund) account into which I place pre-tax funds. The Florida Retirement System also allows employees to participate in a program which allows them to put a portion of their pension into a similar account. I mention this as my way of showing that I have some familiarity with this type of investment. And we've all heard about the Galveston Texas retirement system and the Chilean program.

I suggest that everyone whose congressman is against Social Security Personal Retirement Accounts, contact that congressman to ask if they are in the TSP. If they are, ask why these accounts are good enough for Federal employees, but not good enough for the citizens who pay their salaries and vote them into office. If they are a part of the TSP, and are against PRA, then they are hypocrites.

I'll be checking into what Senator Bill Nelson has to say about PRA. If he's against it, I'll ask my question. I'll also check up on Mel Martinez and Katherine Harris.

I dare you to check out your own congressmen.

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