FederalDaily - December 6, 2005

Careful Investigation of Pension Funds Needed

Reps. Ed Markey, D-Mass., and George Miller, D-Calif., are requesting that the Government Accountability Office (GAO) investigate whether the federal government is doing enough to monitor fraud, conflicts of interest and illegal activities in pension funds. An August 2005 Securities and Exchange Commission (SEC) report first raised the issue. Based on that report, the congressmen want GAO to review the steps taken by the SEC, Department of Labor and Pension Benefit Guaranty Corporation (PBGC). The PBGC—which takes over pension plans that are terminated by companies—has assumed responsibility for 4,000 company plans in the past three years, leaving it with a $23 billion deficit. “If money managers are giving American workers another reason to worry, then the federal government must intercede on workers’ behalf,” Miller said.

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DOE Plant Lacks Oversight, Safety

A U.S. Army Corps of Engineers study—obtained by the Government Accountability Project (GAP)—found that Washington state’s Hanford nuclear waste handling plant is suffering from mismanagement and rising costs, according to GAP. The construction budget for the plant could increase from $5.8 to $9.65 billion, and full production for the plant may start four years later than planned, in 2015, the organization added. The Department of Energy’s (DOE) Office of River Protection is in charge of the project. The Nuclear Regulatory Commission, which had been monitoring the plant’s risk, is no longer involved. Sen. Maria Cantwell, D-Wash., has written a letter to the DOE secretary asking for answers. “We need honesty and transparency, not political maneuvering, so we can get the job at Hanford done right,” Cantwell said. For more, go to www.whistleblower.org.

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Army Reserve Officer Arrested

The Department of Justice (DOJ) announced that Lt. Col. Michael Bryan Wheeler was arrested on charges of conspiring to commit bribery, money laundering, possession of automatic weapons, theft and wire fraud. The charges were part of a scheme to defraud the Coalition Provisional Authority (CPA) in Al-Hillah, Iraq, DOJ said. Wheeler was involved in developing and awarding contracts that the CPA used to fund the Iraq reconstruction efforts. According to the affidavit, Wheeler and other co-conspirators accepted bribes in return for awarding contracts to a particular company. Wheeler is also charged with purchasing personal use weapons with CPA funds. He faces up to 30 years in prison and a $250,000 fine.

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TSP Monthly Returns for G, F, C, S and I Funds

Rates of Return were updated on December 1, 2005.

The monthly G, F, C, S, and I Fund returns represent the actual total rates of return used in the monthly allocation of earnings to participant accounts. The returns are shown after deduction of accrued TSP administrative expenses. The F, C, S, and I Fund returns also reflect the deduction of trading costs and accrued investment management fees. The most current G, F, C, S, and I Fund rates of return are shown above. Returns are updated after the monthly allocation of earnings, usually by the fourth business day of the month.

For more on TSP, click here.

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