TSP and interest


Q. Is there any way to have the Federal Retirement Thrift Investment Board add an investment option to the Thrift Savings Plan offering for religious reasons?  The holy books of the Christians (Bible), Jews (Torah), and Muslims (Qur’an) all forbid earning or paying interest (aka usury-defined as a “use fee” for cash). Since I practice my faith as best I can, that leaves me no option to participate in the TSP program because all the offerings have some element of interest derived income in them. Although in modern times “usury” means exorbitant interest, in the holy books it was just a blanket term for any fee charge for the sake of using someone else’s cash.

With all that being said, I am being effectively locked out of the employer matching because of this and I would like to rectify it. I’d like to have a cash option. How would you suggest I go about having a cash option added?

A. I suggest that you start by contacting the FRTIB at 202-942-1600.


About Author

Mike Miles is a Certified Financial Planner licensee and principal adviser for Variplan LLC, an independent fiduciary in Vienna, Virginia. Email your financial questions to fedexperts@federaltimes.com and view his blog at money.federaltimes.com.

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