Federal Daily - October 13, 2008
TSP Head Advises Prudence, Not Panic
With financial markets in global freefall, the head of the Thrift Savings Plan (TSP) advised investors on Oct. 8 to not panic and move all their retirement money from the stock-market-based funds, which have seen sharp declines. “News about the economy is front and center,” said Gregory Long, TSP executive director. “The C, S, and I Funds, which are invested entirely in stocks, have experienced sharp declines. However, I view this as a time for prudence, not panic.” Although participants may be tempted to dump all their money into the G Fund, which is guaranteed by the U.S. Government and never declines in value, such a move may not be the best strategy, Long said. The G Fund is a good option for those nearing retirement age and who will need immediate access to their money, Long said. However, the stock-based funds may still be a better choice for those with longer-term goals, Long said, noting that the stock markets eventually do recover. “Experts agree that if you seek long-term growth, allocating a portion of your account to stocks remains a prudent choice,” Long said. Some TSP participants had asked Long if the government could funnel off some of the fund assets to pay for the Wall Street bailout plan. The government does not have access to the money, Long said, pointing out that by law the assets in the TSP are held in trust for each individual participant. To see more, go to: www.tsp.gov/curinfo/login/2008Oct7-Message-Exec-Direct.pdf.
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State Department Needs to Increase Funding, Staff
The State Department needs to hire nearly 5,000 staffers and increase its budget by $2 billion over the next few years if its going to fulfill its diplomatic mission of representing American interests overseas, said a recently released report. The report, by the American Academy of Diplomacy and the Stimson Center, detailed how the multiple stresses of staffing diplomatic missions during wartime have reduced the State Department’s capacity. The department lacks the staffing, authorities, programs and funding to execute the country’s foreign policies, the report said. For example, as of Fiscal Year (FY) 2008, State faces a shortfall of about 2,400 personnel for enduring core diplomatic work. The number of public diplomacy staffers has fallen 24 percent, from 1,742 in 1986 to 1,332 in FY 2008. Persistent staffing gaps at hardship posts also continue to impede important policy pursuits. “Our foreign affairs capacity is hobbled by a human capital crisis,” said the report, released earlier this month. “We do not have enough people to meet our current responsibilities. Those positions that do exist have vacancy rates approaching 15 percent at our embassies and consulates abroad and at the State Department in Washington, D.C.” The report recommended that the department hire 4,735 more Foreign Service staffers and other key personnel between FY 2010 and FY 2014. To see more, go to: www.academyofdiplomacy.org/publications/FAB_report_2008.pdf.
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OMB Expects 5 million HSPD-12 Cards by Month’s End
Federal Computer Week—The Office of Management and Budget (OMB) expects agencies by Oct. 27 to have issued personal identity verification cards to all federal employees and to contractors who have access to their facilities under the Homeland Security Presidential Directive 12. The cards will assure the owner’s identity for entrance to the agency building. In the future, agencies plan to use the cards for computer or logical access. Agencies have told OMB that they anticipate providing HSPD-12 cards to 4.6 million federal employees and 1.3 million contractors. “We’re doing a lot of outreach with the agencies now to track what’s happening,” said Karen Evans, OMB administrator for e-government and information technology, at an identity management conference Oct. 7 sponsored by the Information Technology Association of America. The ability to assure authentication with a common standard will increase trust and confidence in the process and between agencies, she said. To read the full story, go to: www.fcw.com/online/news/154024-1.html.
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MHS Extends Feedback Period for Military Health Questionnaires
DoD said Oct. 9 that the Military Health System (MHS) will extend by two weeks the deadline for returning questionnaires about how well MHS delivers its health care services. MHS initially had established an Oct. 15 deadline for servicemembers and their families to return feedback, but DoD said it now will move the deadline ahead to Nov. 28 due to an “overwhelming response.” To see more, go to: www.health.mil/Press/Release.aspx?ID=378 or www.federaldaily.com/federaldaily/archive/2008/10/FD100708.htm#c.
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