The Thrift Savings Plan (hereafter TSP) is billed as the world’s largest defined contribution retirement plan. Having in excess of $700 billion of assets under management, I’m sure it makes a very tempting target for politicians looking for some new and interesting way to make their mark or get their name in the papers.
Most recently, Senators Bob Menendez (D-NJ), Alex Padilla (D-CA), Ben Ray Lujan (D-NM), Sherrod Brown (D-OH), Jeff Merkley (D-OR), Tim Kaine (D-VA), and Cory Booker (D-NJ), have sent a letter of interest to TSP’s managing board encouraging them to increase the presence of “racially, ethnically, and gender diverse asset managers” overseeing this giant pot of money.
That’s fine, I suppose, if what you’re into is some kind of feel good, hold hands, and sing along kind of moment. When it comes to TSP, though, the only thing I care about is that the fund managers are the very best money makers that can be found for the job. I want the people in charge of growing my principal retirement account to be relentless and absolutely ruthless in finding better returns. It’s simply never occurred to me to care whether they also happen to be black, white, brown, yellow, straight, bi, gay, men, women, or other.
However admirable the above listed senators believe their goals may be, when it comes to managing a vast portfolio for millions of current and future retirees, the old adage is true – if it doesn’t make dollars, it doesn’t make sense. As such, I’d encourage these distinguished members of the US Senate to take their genuine imitation do-gooder tendencies and pandering elsewhere.
Maybe I should just run for Congress. From the sounds of it, getting your jollies by telling other people how to live their lives or what they’re supposed to care about is a far better way to feather your nest anyway.