Cost of administering the TSP to increase in 2010

Government Executive: The board overseeing the Thrift Savings Plan on Thursday voted to increase the federal retirement program's budget about 14 percent next year, partly to pay for implementation of automatic enrollment and other changes mandated by a law enacted in June.

During a meeting, the Federal Retirement Thrift Investment Board agreed to raise the TSP's administrative budget to $130.3 million for fiscal 2010, a 14 percent increase over the $114.5 million approved for the fiscal year ending Sept. 30. The increase would be even greater -- nearly 19 percent -- if compared with the $109.7 million the TSP anticipates spending in fiscal 2009.

Listening in to the meeting on a speaker phone from Florida, board member Alejandro Sanchez questioned whether such an increase is appropriate in today's economic climate. "We need to reflect reality," he said. "In the private sector, nobody's going up 20 percent. Not even 3 percent. Here in Florida, most of the local governments are cutting back. We can't get used to this, if the tough times continue."  Read Article

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