This is going to be very interesting.
American workers under the age of 55 have to get really involved in this battle.
Those of us over 65 have to neutralize the AARP Free Lunch Geezers.
From the AARP.org
The Thrift Savings Plan for Federal Employees
The Federal Employee Retirement System (FERS) uses a three tiered approach to retirement income: The FERS comprises Social Security, a defined benefit pension, and an individual savings plan called the Thrift Savings Plan (TSP). A number of the plans to reform Social Security include providing individuals with the opportunity to save and invest on their own. This 29-page paper by Laurel Beedon of PPI examines the TSP from a number of perspectives to determine whether the TSP is a viable model for an individual investment tier for Social Security. The paper begins by describing what Congress intended when it created the TSP, how the plan's administrative design and investment options reflect that intent. It goes on to discuss how employees have responded to the plan and what it offers. The paper concludes that the TSP provides some valuable information on how an individual, tax-favored, voluntary savings/investment account works when added to a program that includes Social Security and a pension. If, however, it is to be used as a model for reform of Social Security it must be remembered that the TSP represents 2.3 million workers, whereas Social Security represents 129 million. Thus, using the TSP as a model requires some caution.
Download or view The Thrift Savings Plan for Federal Employees in Portable Document Format. You will need Adobe Acrobat Reader to view the file. The file size is 197484 bytes; approximate download time with a 28.8 modem is 55 seconds.
While some say that Chile is not as great as first thought, I think the stories are not wide enough for us to know what is the truth. Singapore has private accounts and they seem to be able to manage. Are we not as capable as people in Asia or S. America?