Treasury set to take your pension

Posted: April 6, 2011 in Corporate World, Finance, Government, Politics, USA
Tags: , , , ,

 

Treasury may borrow federal retirement funds in debt emergency

By SEAN REILLY

The government could temporarily tap tens of billions of dollars from two federal employee retirement programs if Congress fails to raise the federal debt ceiling next month, Treasury Secretary Timothy Geithner told lawmakers.

The government expects to hit a $14.3 trillion debt ceiling on May 16 or before, Geithner said in a Monday letter.

Geither implored Congress to extend the debt ceiling by that deadline and said that if Congress does not, Treasury will be forced to borrow money from the Civil Service Retirement and Disability Fund, and the Thrift Savings Plan’s Government Securities Investment Fund, or G Fund, both of which are invested in U.S. Treasury securities. Those two moves could free up $142 billion through early July

Read more here:

http://www.federaltimes.com/article/20110405/BENEFITS02/104050306/1001

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s