Budget top issue at TSP meeting

Tom Trabucco, Director of External Affairs for the Federal Retirement Thrift Investments Board, joined Chris Dorobek on the Dorobek Insider.

The 2011 budget was the top priority at Monday’s monthly meeting of the Federal Retirement Thrift Investment Board, which oversees your Thrift Savings Plan.

This year’s budget was $14.8 million under the $130.3 million approved.

“We’re not pleased with the fact that we were under budget,” said Tom Trabucco, Director of External Affairs for the Federal Retirement Thrift Investments Board, on the DorobekINSIDER.

“We would’ve liked to have accomplished more and it still awaits us for next year,” Trabucco said.

What pushed back other projects was the completion of the new Thrift Savings Plan website. Interfund transfers, loans and withdrawals can now be executed online.

“We really rely heavily on that website,” Trabucco said.

The biggest expense this year was record-keeping, costing about $100 million.

The budget was not approved Monday due to board members’ questions about the Roth option, expected to be rolled out the first quarter of 2012.

Trabucco said he expects the budget to be approved in the October board meeting.

Jolie Lee is the author of this post. Email her at jlee@federalnewsradio.com.

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