Alphacarina
New member
I'd like to do something so no one else ever has to go through what I just did, but I'm not sure where to start, so any suggestions are welcomed
My 'generic' collection of TSP investments has outpaced the very specific recommended investments in my MFS IRA for the past 2 years, so I decided to transfer that money into my TSP account. I thought it would be a simple process - A couple of phone calls, a FAX or two, they mail a check and 'Presto!' . . . . my money would be moved
Didn't happen quite that way
Like many other financial institutions, MFS refuses to fill out the TSP form 60 Section II as they term it 'third party paperwork' so you have to refer to the back of the form, where they tell you what to do in that case. From reading there, it seems there are 3 options. Either you fill out Section II (which MFS says they can't do) or you have the financial institution send 'An IRS Letter of Determination' (which MFS also says they cannot do or 'A letter (on the organizations letterhead) confirming that the funds are being transferred from a qualified plan' - This final option is what MFS chose to do - They mailed (and FAXed) such a letter
Unfortunately, MFS did not send the check, the letter and the copy of my TSP 60 in the same envelope - It took about a week and several phone calls to TSP to confirm that they did indeed receive all 3
Then, I get a letter and a phone call from TSP that the check cannot be deposited because the letter was 'incomplete'. What's missing from the letter varies, depending on which customer service rep you get when you phone TSP and every new call gets you a different representative to talk to. I got 3 different versions of why the letter wasn't satisfactory. To get to the bottom of the problem, you really need to speak to a supervisor, but evidently there is only one (Brandi) and she is so busy, she doesn't accept calls. You can request an audience with her, and she will call you back within 2 (business) days. I had the honor of speaking with Brandi twice over the MONTH that it took to get my check deposited and her declaration was . . . . that MFS must send the 'Letter of Determination' despite the fact that the reverse of the TSP 60 doesn't say that at all - According to the TSP 60 instructions, MFS had complied with the requirement
Over the month, I made at least 16 or 18 phone calls to the TSP and an equal number to the customer service representatives at MFS - Both organizations have an extensive log of the situation (each customer service rep must put you on hold for 3 or 4 minutes to read it all so they can get caught up enough to try to help you) and there are literally hours of recordings, since every phone conversation with both compaines is recorded . . . . all just to try to get a check deposited from one account to another, both in my name
In desperation, I decided to try a new tactic. Since TSP told me they cannot speak with any MFS represntative directly concerning my account without me on the line, I wanted a 3 way phone call between the MFS office which generated the letter, Brandi and me, but that could not be done - TSP won't release Brandi's phone number - She cannot be called! So . . . . the 3 way call included yet another TSP customer service rep instead. The man from MFS politely explained that every bit of info he could legally put in the letter was included when they sent it 3 1/2 weeks ago and he did not understand what else the TSP needed. The letter of determination was discussed and again he expained that he couldn't do that. He did offer that MFS had a 'Letter of Organization' that he could FAX to them and after more discussion, the TSP rep said that would be sufficient. After the TSP rep hung up, he told me he didn't think sending her that letter would accomplish much - It is a letter that is available to the general public on the MFS website so he didn't see how the lack of that information could have anything to do with holding up my check deposit
As it turned out, that several page FAX of public information appears to be exactly what was needed, as I received a phone call the next day from TSP telling me that they had accepted that bit of public info, and my check was finally going to be deposited - It hasn't happened yet, mind you, but I have my fingers crossed and hope in my heart that my month of phone calls, e-mails and FAXes may be coming to an end
All of this because the TSP did not have some bit of public information about MFS which is on their website! You would think that my case was the first ever transfer of funds between the two companies, so this was a 'learning experience' for both, but one TSP rep told me that 'we deal with MFS all the time'
Something needs to change
Who should I contact to find out 1.) What REALLY went wrong, 2.) What I can do to ensure that it doesn't happen to someone else next week, 3.) What they can do to clarify the Section II instructions on the back of the TSP form so that it tells the financial institution exactly what is required and lastly 4.) How someone can talk to Brandi without wating 2 days for her to call you back?
If you've read all of this, thank you - Be very glad you weren't trying to transfer money from MFS to TSP over the past month, or all of the above could have been you!
Don
My 'generic' collection of TSP investments has outpaced the very specific recommended investments in my MFS IRA for the past 2 years, so I decided to transfer that money into my TSP account. I thought it would be a simple process - A couple of phone calls, a FAX or two, they mail a check and 'Presto!' . . . . my money would be moved
Didn't happen quite that way
Like many other financial institutions, MFS refuses to fill out the TSP form 60 Section II as they term it 'third party paperwork' so you have to refer to the back of the form, where they tell you what to do in that case. From reading there, it seems there are 3 options. Either you fill out Section II (which MFS says they can't do) or you have the financial institution send 'An IRS Letter of Determination' (which MFS also says they cannot do or 'A letter (on the organizations letterhead) confirming that the funds are being transferred from a qualified plan' - This final option is what MFS chose to do - They mailed (and FAXed) such a letter
Unfortunately, MFS did not send the check, the letter and the copy of my TSP 60 in the same envelope - It took about a week and several phone calls to TSP to confirm that they did indeed receive all 3
Then, I get a letter and a phone call from TSP that the check cannot be deposited because the letter was 'incomplete'. What's missing from the letter varies, depending on which customer service rep you get when you phone TSP and every new call gets you a different representative to talk to. I got 3 different versions of why the letter wasn't satisfactory. To get to the bottom of the problem, you really need to speak to a supervisor, but evidently there is only one (Brandi) and she is so busy, she doesn't accept calls. You can request an audience with her, and she will call you back within 2 (business) days. I had the honor of speaking with Brandi twice over the MONTH that it took to get my check deposited and her declaration was . . . . that MFS must send the 'Letter of Determination' despite the fact that the reverse of the TSP 60 doesn't say that at all - According to the TSP 60 instructions, MFS had complied with the requirement
Over the month, I made at least 16 or 18 phone calls to the TSP and an equal number to the customer service representatives at MFS - Both organizations have an extensive log of the situation (each customer service rep must put you on hold for 3 or 4 minutes to read it all so they can get caught up enough to try to help you) and there are literally hours of recordings, since every phone conversation with both compaines is recorded . . . . all just to try to get a check deposited from one account to another, both in my name
In desperation, I decided to try a new tactic. Since TSP told me they cannot speak with any MFS represntative directly concerning my account without me on the line, I wanted a 3 way phone call between the MFS office which generated the letter, Brandi and me, but that could not be done - TSP won't release Brandi's phone number - She cannot be called! So . . . . the 3 way call included yet another TSP customer service rep instead. The man from MFS politely explained that every bit of info he could legally put in the letter was included when they sent it 3 1/2 weeks ago and he did not understand what else the TSP needed. The letter of determination was discussed and again he expained that he couldn't do that. He did offer that MFS had a 'Letter of Organization' that he could FAX to them and after more discussion, the TSP rep said that would be sufficient. After the TSP rep hung up, he told me he didn't think sending her that letter would accomplish much - It is a letter that is available to the general public on the MFS website so he didn't see how the lack of that information could have anything to do with holding up my check deposit
As it turned out, that several page FAX of public information appears to be exactly what was needed, as I received a phone call the next day from TSP telling me that they had accepted that bit of public info, and my check was finally going to be deposited - It hasn't happened yet, mind you, but I have my fingers crossed and hope in my heart that my month of phone calls, e-mails and FAXes may be coming to an end
All of this because the TSP did not have some bit of public information about MFS which is on their website! You would think that my case was the first ever transfer of funds between the two companies, so this was a 'learning experience' for both, but one TSP rep told me that 'we deal with MFS all the time'
Something needs to change
Who should I contact to find out 1.) What REALLY went wrong, 2.) What I can do to ensure that it doesn't happen to someone else next week, 3.) What they can do to clarify the Section II instructions on the back of the TSP form so that it tells the financial institution exactly what is required and lastly 4.) How someone can talk to Brandi without wating 2 days for her to call you back?
If you've read all of this, thank you - Be very glad you weren't trying to transfer money from MFS to TSP over the past month, or all of the above could have been you!
Don
