A Georgia woman has been waiting for months for her retirement savings to be transferred to her private IRA after she requested the federal government to process the rollover.
“Where is your money actually going?” Channel 2 consumer investigator, Justin Gray, questioned Robyn Smith, a resident of Walton County.
Smith mentioned that the location was somewhere in the stratosphere.
On October 19th, Smith took the initiative to transfer her Thrift Savings Plan (TSP), which is the equivalent of a 401k for federal government employees, into her IRA.
Unfortunately, the check never reached its intended destination. Furthermore, there has been a complete absence of any earnings from her investment and no monthly disbursements have been made for the past three months.
Smith admitted that his money had been sitting idle since October 19th.
Retired federal law enforcement officer, Susan, depends on the monthly payments from her retirement account to cover her expenses.
She expressed her frustration, stating, “I’ve been dealing with a 50% reduction in my monthly income for the past four months.”
In July 2023, a Channel 2 Action News investigation revealed the struggles faced by thousands of federal employees and retirees in accessing and making money transfers from their Thrift Savings Accounts.
Retired postal carrier Michael Pointer experienced immense frustration as he dedicated months of effort to obtain a statement confirming his account balance for a legal matter.
“They told me, ‘We cannot provide you with any information since we are unable to locate your account,'” Pointer recounted.
In 2022, a significant issue arose due to the transition of a new computer system, resulting in the government’s internal auditors at the GAO issuing an alert. The scale of the problem was substantial.
Jennifer Franks from the GAO informed Gray that there was an overwhelming influx of complaints and numerous widespread issues at that time.
Months after TSP assured Channel 2 Action News that it had made progress on the issues, Smith has been forced to repeatedly call about her rollover check. Despite her efforts, she has received no answers regarding the whereabouts of her retirement savings.
“I’m not relying on taxpayer funds or government assistance. This is money that I personally earned and invested,” stated Smith.
During the period when Smith’s money has been temporarily out of the market, the stock market has experienced a bullish trend.
She will never see the major investment gains, even when this is finally resolved.
Smith expressed his disbelief at the possibility of recovering the lost money, stating, “There’s absolutely no way I can make up for that amount. Even if I were to receive a check in the mail today, it still wouldn’t be enough to cover what I’ve lost.”
The Government Accountability Office (GAO) anticipates releasing the findings of its investigation into the Thrift Savings Plan (TSP) by spring or early summer.
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