Shows & Panels
- The 2014 Big Picture on Cyber Security
- AFCEA Answers
- Ask the CIO
- Building the Hybrid Cloud
- Connected Government: How to Build and Procure Network Services for the Future
- Continuing Diagnostics and Mitigation: Discussion of Progress and Next Steps
- Federal Executive Forum
- Federal Tech Talk
- The Future of Government Data Centers
- The Future of IT: How CIOs Can Enable the Service-Oriented Enterprise
- Government Perspectives on Mobility and the Cloud
- The Intersection: Where Technology Meets Transformation
- Maximizing ROI Through Data Center Consolidation
- Mitigating Insider Threats in Virtual & Cloud Environments
- Modern Mission Critical Series
- Moving to the Cloud. What's the best approach for me
- Navigating Tough Choices in Government Cloud Computing
- The New Generation of Database
- Reimagining the Next Generation of Government
- Satellite Communications: Acquiring SATCOM in Tight Times
- Targeting Advanced Threats: Proven Methods from Detection through Remediation
- Transformative Technology: Desktop Virtualization in Government
- The Truth About IT Opex and Software Defined Networking
- Value of Health IT
- Air Traffic Management Transformation Report
- Cloud First Report
- General Dynamics IT Enterprise Center
- Gov Cloud Minute
- Government in Technology Series
- Homeland Security Cybersecurity Market Report
- National Cybersecurity Awareness Month
- Technology Insights
- The Cyber Security Report
- The Next Generation Cyber Security Experts
Shows & Panels
In shutdown scenario, do's and don'ts of TSP
Friday - 2/25/2011, 11:56am EST
Federal News Radio
A Thrift Savings Plan loan could help financially float workers during a potential furlough, but it may already be too late to get one.
"Even if these were normal times and you asked for a loan, I mean, I think it would probably take weeks and weeks for them to process at normal times. So it's not a very liquid source of money," said Arthur Stein, Certified Financial Planner with SPC Financial, Inc. If government shuts down, all TSP loans that would be processing would sit idle until operations resume.
Stein said this does not leave feds with many options. He strongly suggested setting up an emergency fund and having a home equity line of credit. As a fallback, Stein said running up credit debt could be a last resort.
"My recommendation is then, well, reduce your contribution [to TSP] down to 5 percent, build up your emergency fund and then resume your maximum contribution to the TSP," said Stein.
This way, feds can be ready for any type of situation that would require time off work.
Earlier this week, Tom Trabucco, director of external affairs at the Federal Retirement Thrift Investment Board, told the DorobekInsider that timing is everything when taking money out of your TSP.
Employees who have already finalized their TSP loan should remember that loan payments can be suspended while in non pay status.
John Buckner is an intern with Federal News Radio.
(Copyright 2011 by FederalNewsRadio.com. All Rights Reserved.)