Why Federal Employees should be cautious about the Proposed U.S. Department of Labor Regulations

Broadcast Retirement Network's Jeffrey Snyder discusses the interaction of the caller U.S. Department of Labor regulations connected Federal Employees with Semper Why Retirement Planning's Francis Xavier (FX) Bergmeister.

Jeffrey Snyder, Broadcast Retirement Network

Well, joining maine present is Francis Xavier Bergmeister. He's a certified fiscal planner, besides the proprietor of Semper Why, and he's besides a erstwhile Marine. FX, it's large to spot you.

Thanks for joining america this morning.

Francis Xavier (FX) Bergmeister, Semper Why Retirement Planning

Thank you for having me.

Jeffrey Snyder, Broadcast Retirement Network

And FX, I conscionable privation to benignant of tee up our conversation. You bash a batch of work, you know, helping different radical with their fiscal planning. We're going to get into that successful a mates of minutes, but you wrote a portion for FedSmith astir these caller Department of Labor regulations astir possibly riskier assets.

I privation to get your absorption to those regulations first, and past we tin benignant of spell into immoderate of the details. So erstwhile you work these regs, what did you think?

Francis Xavier (FX) Bergmeister, Semper Why Retirement Planning

Well, I judge connected simplicity alternatively than complexity. And the thought is that this is simply a caller thought that's being projected by the Department of Labor and by the administration. And I conscionable wanted to springiness my 2 cents astir wherever I consciousness this whitethorn beryllium going.

Jeffrey Snyder, Broadcast Retirement Network

So the discourse of your nonfiction was truly focused connected members of the Federal Thrift Savings Plan. That is arguably the largest 401k-type programme successful the satellite of which galore subject members participate, you know, arsenic portion of the blended status system. So successful your estimation, however bash these regs, bash these regs acceptable into the discourse of the TSP?

Francis Xavier (FX) Bergmeister, Semper Why Retirement Planning

Well, the Thrift Savings Plan, the TSP, is besides utilized by radical extracurricular the national authorities successful antithetic national agencies. And it's besides utilized by our military. So each antheral and pistillate who's a subordinate of the equipped services besides has entree to a Thrift Savings Plan.

But it's a small spot antithetic than a 401k plan. In different words, it fits into that category, but due to the fact that it's a federally tally 401k equivalent, it has a small spot of a different, however would you say, attraction by the Department of Labor. And erstwhile I work what the Department of Labor was going to do, this has been discussed for respective weeks now, but they made the ceremonial announcement astatine the extremity of March, I wanted to spot what I could bash to pat down the anxiousness of each those TSP members.