Hello fellow carriers! I said I would post weekly to give updates on my transition from CCA to Regular. Well, I have ran into a new obstacle this week and I figured that I would share it so that others could learn. As you know, I am enrolled in the CCA retirement plan so that no matter how long you are in the position, something good can come from it. I enrolled in the retirement plan as soon as the MBA introduced it. Earlier this week, I called to have the plan transferred to my TSP plan, as the brochure said it would do. What the brochure doesn't say is that if you decide to use the Roth IRA instead of the Traditional IRA that it will not transfer. As a matter of fact, this is what it says:
City Carrier Assistants who participate in the plan may transfer their Traditional or Roth IRA funds to the Thrift Savings Plan once they become career letter carriers. The surrender charge will be waived in this instance only.
I addressed this to the MBA and also mentioned that they may want to update their brochure. I encourage you all to be mindful of what you are choosing and if you do want to enroll, make sure you choose the Traditional IRA so that it can be transferred. I have informed some union reps and they are looking into it. Hopefully something comes out of that and I may be posting a new blog on some changes. Thank you for reading and until next time, keep informing others on the BUY BACK OPTION. Time is running out!
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