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GovCon Expert Post: Army Veteran William Boykin on New Federal Savings Plan Investment Window

(The opinions expressed here are those of the author and do not necessarily reflect the views of Executive Mosaic, its newsroom, or any of its affiliates)


By Lt. Gen. William “Jerry” Boykin, (US Army, Ret.)

As it stands, the people who manage our federal retirement funds will mark Memorial Day with a blatant act of betrayal of our men and women in uniform, past and present, and their civilian colleagues. Based on my own experience serving our country, I believe that what they are doing by causing Thrift Savings Plan participants to unwittingly invest in businesses owned or controlled by the Chinese Communist Party (CCP) amounts to a treacherous sedition.

On May 24, I joined five prominent retired military leaders in advising the Federal Retirement Thrift Investment Board (FRTIB) that, in “our professional judgment…mutual funds with such portfolio companies should be excluded from the mutual fund window that the Thrift Savings Plan expects to open in
federal retirees [on June 1st].

We observed that:

According to Chinese law, everything Companies in the PRC are required to assist the Party and its People’s Liberation Army (PLA) whenever requested. Worse still, some of these Chinese companies listed or traded on our capital markets actually operate directly for the PLA. It is utterly unacceptable that our military men and women, past and present – or, for that matter, their civilian counterparts among the federal workforce – are placed in a position where their investments can help weapons intended for kill them.

We have asked the Federal Retirement Thrift Investment Board (FRTIB) “to refrain from opening mutual funds for investment by TSP participants unless and until you have satisfied yourself that nothing such investments will contribute to enriching, empowering or empowering the Communist Party of China.”

I am convinced that the vast majority of participants in the Thrift Savings Plan are our financial results – if not, as I hope, Each of them – would strongly agree: “The government of the United States should prevent any underlying the CCP’s disturbing military buildup and human rights abuses, without legitimizing or facilitating them.

This is not the first time that the FRTIB and its main fund manager, Larry Fink’s BlackRock, have tried to help Chinese Communists access the retirement savings of our federal employees. They attempted a relatively honest effort in 2020 for the same purpose by replacing the only international investment option of TSPs with an index fund whose portfolio consisted mainly of CCP companies. To his credit, President Trump personally intervened to block this scheme.

So now TSP fund managers have sneakily hinted at a much less transparent system, in which participants are asked to place up to 25% of their retirement investments in one or more of 5,000 mutual funds. Although the FRTIB does not disclose which of these mutual funds it offers – and,
thus, at least implicitly in legitimizing and approving cautious investments, it is generally expected that many will have problematic Chinese companies in their portfolios. Still, TSP managers said they won’t make transparent which funds include which companies.

Besides the fiduciary irresponsibility of such an arrangement, there is another factor which should concern each TSP participant still working in a sensitive position with or for the federal government: Professional harm could be caused to security-cleared government employees if they end up having what would rightly be considered, at a minimum, a conflict of interest because of their investments in what is become our greatest enemy of all time.

For these reasons, I urge Thrift Savings participants and other patriotic Americans to take a stand immediately and express their righteous outrage at the Federal Retirement Thrift Investment Board’s insidious and potentially dangerous aid to the Chinese Communist Party. You can do this quickly and easily with your own elected officials and with the FRTIB Board at

Please do it today.

Lt. Gen. William “Jerry” Boykin capped off a highly decorated 36-year career in the U.S. Army, including service as commander of its elite special operations unit Delta Force and as a deputy Assistant Secretary of Defense for Intelligence.