Letters from TSP restricting transfers

[Art2007]

Did anyone get a letter yet?

This note is from the last meeting: "In the interim, however, council members gave TSP officials the go-ahead to send letters to 3,000 frequent traders, requiring them to stop their activity or face being restricted to requesting interfund transfers via mail until the automated curbs take effect."

 

[nnuut]

Not me Art2007!
Norman

 

[Show-me]

Letters will not come out until the annual reports do.

 

[Pill]

They say they will be sending letters in Febuary 2008.

http://www.tsp.gov/faq/faq14.html

 

[fedgolfer]

The CFR verbage giving the Director the power to restrict frequent trades sounds extremely discriminatory by nature. By saying "have disrupted", are they thinking of applying they're newly conceived rules to those that have frequently traded in the past when trading was never against a rule? I hope they make that mistake. That's got "easy win" written all over it in a class-action law suit.

"SUMMARY: The Agency is amending its interfund transfer regulations to
provide that the Executive Director may adopt a policy of setting
limits on the number of interfund transfer requests. In the near term,
this amendment will allow the Executive Director to immediately address
and, if necessary, restrict the activity of frequent traders, who have
disrupted management of the Funds and whose activity has resulted in
increased costs to participants.

DATES: This interim rule is effective January 7, 2008."