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Federal workers lose big by pulling out of low-cost retirement plans
CNN: Soldiers. Park rangers. IRS agents. They all have access to one of the cheapest retirement savings plans available. Yet some are giving up their low-fee plan -- and they are paying thousands of dollars more in fees as a result.
The Thrift Savings Plan, used by millions of federal workers, is like a 401(k), except it's a lot cheaper. Last year it charged an average expense ratio of a mere 0.03%. That means just $3 in fees for $10,000 in savings, or $30 for a $100,000 portfolio.
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