A new Senate bill from Sen. Marco Rubio (R-FL) would force the Thrift Savings Plan to revamp its international fund to take out companies the Chinese government owns or owns parts of. Those restrictions don’t apply to other funds, according to Kim Weaver, director of external affairs at the Federal Retirement Thrift Investment Board.
- Weaver said the bill would be very challenging as it would eliminate the I Fund, which is part of every L Fund.
- The bill is highly pervasive, would present significant difficulties and is not in the best interest of participants, said Weaver.
- Weaver said a second bill would rewrite the board’s fiduciary responsbilities and make it hard to keep Thrift Savings Plan participants on track for retirement savings and long-term investments.