Nearly all of the portfolios in the federal government’s 401(k)-style retirement savings program continued their trend of slow but steady growth last month.
The Thrift Savings Plan’s C Fund, composed of large- and mid-size businesses, gained 3.03% in August. So far in 2021, the C Fund has gained 21.56%. The small- and mid-size businesses of the S Fund increased 2% last month, bringing its 2021 gains to 16.31%.
The international (I) fund posted 1.76% in growth in August, bringing its performance since January to 11.7%. The fixed income bonds (F) fund was the only portfolio to end August in the red, losing 0.18%. So far this year, the F Fund has lost 0.55%.
The G Fund, which is composed of government securities, grew 0.11% in August. So far in 2021, the fund has grown 0.88%.
Each of the TSP’s lifecycle (L) funds, which shift to more conservative investments as participants get closer to retirement, finished August in the black. The L Income Fund grew 0.63%; L 2025, 1.16%; L 2030, 1.5%; L 2035, 1.63%; L 2040, 1.77%; L 2045, 1.88%; L 2050, 1.99%; L 2055, 2.42%; L 2060, 2.42%; and L 2065, 2.41%.
So far in 2021, the L Income Fund has increased 4.43%; L 2025, 8.33%; L 2030, 10.54%; L 2035, 11.5%; L 2040, 12.46: L 2045, 13.28%; L 2050, 14.12%; L 2055, 17.18%; L 2060, 17.18%; and L 2065, 17.18%.
Payroll Processor Open Despite Hurricane
Officials at one of the federal government’s largest payroll processors announced Monday that although the agency is based in New Orleans, it will open despite Hurricane Ida, which made landfall as a category 4 storm on Sunday.
The Agriculture Department’s National Finance Center, which provides payroll services to hundreds of federal agencies, announced that it had moved its physical operations to an alternate work site further inland in Bossier City, La., and will continue to process federal workers’ paychecks on time. This week, most federal workers serviced by the agency will receive their checks on Thursday and Friday as scheduled.
The widespread power outages and cellular service disruption in Louisiana as a result of the storm could lead to delays in customer service, however.
“Due to widespread impacts reported to the electrical grid and cellular services across Louisiana and neighboring states, customers contacting the [finance center] may experience extended wait times resulting from limited connectivity,” the agency said in an email to customers. “Until further notice, the operating hours for the contact center are 8 a.m. to 4 p.m. central standard time to receive customer calls and provide support.”