WASHINGTON, Oct. 19 (UPI) -- Federal employees and retirees are concerned about administration borrowing from their retirement fund, the head of the largest federal union said Tuesday.
The National Treasury Employees Union said the borrowing is to keep government spending below the congressionally mandated debt limit.
In a letter to Treasury Secretary John Snow, NTEU president Colleen Kelley asked for an update on actions the secretary has taken so far "to avoid breaching the federal debt limit," as well as his assessment of "the expected duration of the current crisis."
Kelley said this the third time in three years that the economic policies of the administration and its inability to secure a timely increase in the national debt limit have led to borrowing from the federal Thrift Savings Plan.
The TSP represents the savings of federal employees and retirees.
By law, federal employees and retirees who have invested in the TSP G Fund are to be made whole after the conclusion of a federal debt crisis.
