Thrift Savings Plan Hit by Internet Hoax

Federal government employees should aware of a hoax concerning the Thrift Savings Plan. The notice below is posted on the TSP Website:

"The Federal Retirement Thrift Investment Board (FRTIB) has become aware of an e-mail and Internet hoax purporting illegal activity on the part of an individual said to manage the Thrift Savings Plan (TSP) I Fund. The TSP is actively investigating the origins of the bogus web site.

The individual named (Samuel Hoeffler) and his connection to the TSP investment funds are completely fictitious. Be assured that the TSP’s I Fund has not suffered from accounting irregularities and is not insolvent.

All of the TSP funds, with the exception of the Government Securities Investment Fund (G Fund) are passive investments. In other words, they are invested in index funds; they are not managed by an individual actively selecting securities in an effort to outperform the market. The investment objective of each fund is to achieve approximately the same return as the particular market index that it tracks. The I Fund, for example, is invested in a stock index fund that tracks the Morgan Stanley EAFE Index. The TSP’s C, S, I, and F Funds are managed by Barclays Global Investors, one of the largest and most respected investment managers in the world.

Participants should always exercise caution if they receive unusual or suspect e-mails."

By Sara Goo  |  March 12, 2009; 12:14 PM ET  | Category:  Thrift Savings Plan
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