The US Government Stopping Pension and the Federal Thrift Savings Plan Matching Contributions

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in Government, Retirement

The Treasury Department announced it is suspending contributions to the Federal Thrift Savings Plan in an effort to conserve cash while the U.S. government waits for Congress to raise the national debt limit. Treasury Secretary Timothy Geithner said in a letter to congressional leaders that because of the statutory debt limit, he is “unable to invest fully” the required $156 billion into the Government Securities Investment Fund, commonly known as the G Fund.  This action has been taken during previous debt limit impasses. This measure is temporary and once the debt ceiling is raised on time, federal workers and retirees will be reimbursed for any shortfalls.

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{ 2 comments… read them below or add one }

Kevin March 16, 2013 at 9:53 pm

Thank you for putting so much info in such an accessible format. One request: Please date your posts. I can only guess about the the publication dates based on dates in the comment section.

Thanks again.

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MJ January 16, 2013 at 9:00 pm

The Pentagon is starting a civilian hiring freeze, effective immediately, Bloomberg News is reporting Wednesday. The move is related to the budget sequester that will take effect in March if Congress and the White House don’t act to turn off the sequester or replace its automatic spending cuts.

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