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Coordinating Committee. June 19, 2008 State Department Federal Credit Union Alexandria VA. Agenda. Lunch 12:15 to 1 pm Welcome and Introductions TSP Briefing Planning for Evaluation Around the Room Next Meeting: 18 Sep 08, FINRA. Partners Report.

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Coordinating committee

Coordinating Committee

June 19, 2008

State Department Federal Credit Union

Alexandria VA


Agenda

Agenda

  • Lunch 12:15 to 1 pm

  • Welcome and Introductions

  • TSP Briefing

  • Planning for Evaluation

  • Around the Room

  • Next Meeting: 18 Sep 08, FINRA


Partners report

Partners Report

  • First Quarterly Message: Debt Reduction

  • Active Grassroots Effort

  • Feedback

  • Recruitment & Referrals


Federal retirement thrift investment board tsp

Federal Retirement Thrift Investment Board (TSP)


Thrift savings plan

Thrift Savings Plan

  • Demographics

  • Legislative Initiatives

  • FRTIB Initiatives

  • TSP Education & Training


Coordinating committee

TSP Demographics

  • 3.9 million participants

  • Participation rates and average account balances:

    • FERS: 86% $71,901

    • CSRS: 70% $65,262

    • U.S: 26% $ 9,491

  • $231 billion in assets as of the end of April

  • Largest defined contribution plan in the world


  • Coordinating committee

    TSP Investment Funds

    • Total: $230.5 billion

    • G Fund: $95.9 billion

    • F Fund: $15.9 billion

    • C Fund: $75.2 billion

    • S Fund: $17.2 billion

    • I Fund: $26.4 billion


    Coordinating committee

    Participation in the L Funds

    • 586,284 participants are investing in the L Funds

      • Number of participants has increased every month, even during the down market period

    • Breakdown:

      • Uniformed Services – 17%

      • FERS – 15%

      • CSRS – 11%


    Thrift savings fund expense ratio 1988 2007

    Thrift Savings FundExpense Ratio1988 - 2007


    Transfers and rollovers into the tsp dollars and number of checks received

    Transfers and Rollovers into the TSPDollars and number of checks received

    20,694

    20,006

    20,048

    Dollars (Millions)

    13,891

    14,553

    2,791

    *The figures for 2001 are from July 1–December 31, 2001


    2007 tsp loan activity

    2007 TSP Loan Activity

    • Total loans

      • Disbursed: 260,908

      • Dollars: $3,267,728

      • Average loan: $12,524

    • Total Outstanding Loans: 696,267

    • Usage: about 20%


    In service withdrawals

    In-Service Withdrawals

    • Usage continues to climb –

    • Financial Hardships

      • 2007: 104,352 Average: $ 8,038

      • 2008: 22,999 Average: $ 9,373

    • Age-Based

      • 2007: 9,772 Average: $54,008

      • 2008: 2,758 Average: $57,894


    Coordinating committee

    Legislative Initiatives

    • Automatic Enrollment

      • 26% of 401(k) plans currently auto-enroll

      • Auto-enrollment typically sets default contribution rate at 2-4% of pay; TSP proposal is 3%

      • Auto-enrollment would apply to civilians under both retirement systems and members of the uniformed services

    • Default Fund

      • Currently G Fund for TSP;L Funds proposed


    What s hot

    What’s Hot

    • IFT limits implemented 1 May

      • Participants may make two IFT’s each month any allocation of the balance among the TSP funds

      • After first two IFT’s, participant may continue to request subsequent IFTs which result in an increase in the G Fund balance and decrease or no change in other funds

    • TSP share price reflected four decimal places 1 July

      • Will increase the account balance of participants

        • 2,000 shares x $10.51 = $2,1020.00

        • 2,000 shares x $10.5125 = $2,1025.00

      • Daily increase in G Fund share price


    What s hot1

    What’s Hot

    • Transfer of withdrawal to a Roth IRA

      • Started February 2008 for TSP age-based and post-service withdrawal options

      • Balance considered a taxable event when transferred

        • TSP transfers proportionate tax-deferred and tax-exempt balance if plan willing to accept tax-exempt contributions

      • Participant must qualify for Roth IRA

    • Inherited IRA death benefit payment for non-spouse beneficiaries

      • Started January 2007; popular option for death benefit payment


    Coordinating committee

    TSP Web Enhancements in 2008

    • May

      • Unmasking account numbers

      • 4-4-5 display

    • June

      • Customizable User IDs

    • Later

      • Profiles


    Coordinating committee

    TSP Web Redesign Project

    • Total redesign and modernization

    • Agency/service representative input

    • Participant Web survey posted for two weeks; results used to provide preliminary redesign proposal this week

    • Decisions on changes; then timeframe for development


    Coordinating committee

    TSP Video Updates

    • On the drawing board –

      • CD/DVD for new participants

        • which will replace the video

      • Update of the L Funds DVD

        • still “selling like hot cakes”

      • Develop to allow for viewing on the TSP Web site


    Tsp education and training activities

    TSP Education and Training Activities

    • Continuing to conduct “free” TSP briefings at DoD, PHS, NOAA and USCG sites

    • Free TSP training for agency/service representatives

      • Classes scheduled at FRTIB

      • Classes can be scheduled on-site

    • Exhibit/information booths at:

      • AUSA

      • Navy League (San Diego & DC)

      • Modern Day Marine (Quantico)

      • Air Force Association

      • Uniformed services Health Professionals/Assoc of Military Surgeons

      • AFCPE


    Coordinating committee

    Exclusive Savings for Military

    Servicemembers & Veterans…

    From Chase

    June 2008

    Richard V. Trosko

    VP, Corporate Affinity

    856-396-2834

    [email protected]


    Mortgage and real estate

    Mortgage and Real Estate

    • Up to $2,500 cash back – when buying or selling a home with Home Connect from Chase

    • Up to $500 off Closing Costs – plus, full access to Chase fixed-rate and adjustable rate mortgage options

    • National Guard and Reserve Members – defer part or all the mortgage payments during State or Federal mobilization lasting at least 30 days, with no late payment fees and no negative impact to credit


    Banking

    Banking

    • Free Chase ATM access – including no Chase fee for two non-Chase ATM transactions per statement cycle

    • Unlimited check writing – plus, get first order of 50 checks for free

    • Free 24/7 phone and on-line banking – with a free on-line bill payment option and free e-mail and voice account alerts

    • Free built-in security features – such as Zero Liability protection

    • Chase Visa@ Check Card – accepted at millions of Visa locations worldwide


    Credit card

    Credit Card

    • Low interest rates

    • Blue Star Benefit – rebates all interest on purchases charged during deployment in a military campaign

    • Military Free Cash Rewards – earn 2 points for every $1 spent on eligible on-base purchases and 1 point for every $1 spent elsewhere

    • Receive up to 1% off your origination fee and save up to $400 on a Chase Private Student Loan.


    Overall campaign goals

    Overall Campaign Goals

    • Brand recognition

    • Command engagement (campaign)

    • Non-profit engagement (campaign)

    • Family involvement (automatic savings)

    • Leadership engagement (command identification)


    1 brand recognition

    #1 Brand Recognition

    • Campaign name recognition

    • Website utilization

    • Resource for promoting

      • Asset development

      • “Positive Savings Culture”


    2 command engagement

    #2 Command Engagement

    • Intentional campaign involvement

    • Personnel assigned (project officers and supporting “voluntolds”)

    • America Saves Week activities

    • Year-round promotional activities

    • Policy statements


    3 non profit engagement

    #3 Non-Profit Engagement

    • National (HQ) Level

    • Policy statement

    • Web links/other regular publicity

    • Direct campaign promotion

      • Print

      • Virtual

      • Face to face

    • Product/program offerings


    4 family involvement

    #4 Family Involvement

    • Saver enrollment

    • Savings behavior

    • Financial literacy

    • Campaign involvement (carrying the message)


    5 leadership engagement

    #5 Leadership Engagement

    Commands and other organizations self-identify as intentionally developing savings culture

    Develop simple protocol for organizations to sign on to the campaign


    Measuring behavior change

    Measuring Behavior Change

    • PFM/FE/CFS utilization

    • SDP participation

    • TSP participation

    • Relief Society utilization

    • Small group comparative study (by military unit)


    Military saves campaign 2009

    Military Saves Campaign 2009

    Office of Personal Finance and Transition

    OUSD (Military Community and Family Policy)


    Coordinating committee

    • New Directorate

    • Military Saves 2009

    • Lessons Learned/The Way Ahead


    Coordinating committee

    Military Saves Campaign 2009

    Letter from Dr. Chu Sep 2008

    • Financial Council Meeting with Service Personal Financial Managers (PFM)

    • Military Youth Saves

    • Coordination meetings/ DoD Partners

    • Service Communication Plans

    • Coordination with OSD public affairs


    Coordinating committee

    Office of Personal Finance and Transition

    Points of Contacts

    • Dr. Bruce Brunson, Director

      • [email protected], 703-602-4949, x114

    • CDR Dave Julian, Deputy Director

      • [email protected], 703-602-4949, x111

    • Dr. Randy Eltringham, Program Manager

      • [email protected], 703-602-4949, x160

    • Mr. Ron Horne, Program Manager

      • [email protected], 703-908-1238

    • Ms. Brenda McDaniel, Program Manager

      • [email protected], 703-602-4949, x106

    • Mary Bell, Curriculum Developer


    Navy marine corps relief society

    Navy-Marine Corps Relief Society

    NMCRS Policy

    • Require budget (Spending Plan) on all cases (except Emergency Leave)

    • Encourage short term emergency and periodic liquid savings

    • Look toward long term savings and planning goals


    Coordinating committee

    Navy-Marine Corps Relief Society

    Quick Assist Loans (QAL)

    • Huge success – over $2M in 5 months

    • QAL clients are predominately first time visitors to NMCRS

    • Distribute materials to encourage saving

    • Encourage clients to return to develop spending (savings) plan

    • QAL clients are returning for spending plans


    Military saves navy effort

    Military Saves – Navy Effort

    • Command-administered initiative

    • Financial partner involvement

    • Strong media campaign

    • Support by Navy leadership

    • Focus on education vs. sign up

    • Military Millionaires in the Making

    2008 Highlights

    • 45,000 participate in week-long event

    • Over 4,231 Navy Youth involved

    • Spouse participation soars by 50%

    • Installation partner efforts up 74%

    • 13,946 more participate than previous year


    Coordinating committee

    Fort Carson ACS/Chaplain Partnership


    Fort carson acs chaplain partnership

    Fort CarsonACS/Chaplain Partnership

    1,700 Soldiers

    Total Money Makeover LIVE Presentation

    150 Families in Financial PeaceFinancial Readiness Training

    704 turned in Saver Pledge

    41


    Dave ramsey fbn military families special

    Dave Ramsey FBNMilitary Families Special

    Aired on 22 & 27 May,

    Will air again on 3 July


    Coordinating committee

    • Story on Major Hudson

    “It has been a miracle. We have paid almost $20,000 in debt which is 12% of our total debt within the last 4 months. God is awesome! This program works and I thank you for sharing this with us.”

    - Leviticus Legget, US Army


    Coordinating committee

    • 18 Dave Ramsey

      Video Vignettes on

      Financial Readiness


    Dave ramsey military saves site

    Dave Ramsey Military Saves Site


    Coordinating committee

    Dave Ramsey Military Saves Site

    47


    Coordinating committee

    Added more FREE content

    TSP link - 344 “click through” rate

    Military Saves link – 372 “click through”

    Dave Ramsey Military Saves Site

    48


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