TSP board to limit interfund transfers

[Show-me]

JMO.

TheGreatBear and everyone else,

Send any letter, e-mail, voice mail, or what ever to get the word out to the elected officials that there is a problem. It does not need to be elegant, articulate, or correct spelling in my opinion as long as it gets "face time". Even if your facts are off they will get sorted out as long as we all send something that gets "face time".

Elected officials do not just work for the articulate, they are suppose to work for all citizens and if you don't write as well as others.......SO WHAT!!! Get the letter out and in their hand so they know you are not happy because YOU have a VOTE. You don't need to be educated by the best school to say your piece. SAY IT!!!

Toms letter is excellent and I will send it, also send one in your own words. Send one every week even if it only sez, I hate what the Thrift Board has done with Inter Fund Transfer limits and I would like it corrected.

Take the time to send one every week because the "squeaky wheel gets the oil." wink wink

The details will get done by the lawyers and politicians. First make you voice heard.

 

[Show-me]

NOW, if I really was "Day Trading" my account. I would have sold the rally at +1% today and been sip'n a Crown and Coke by now. Instead, I'm freak'n waiting for the close to see if I'm screwed or not. LOL

Set'n up the Scottrade until this gets worked out.

 

[jayhawker]

It was the Employee Thrift Advisory Council that recommended a fee be charged for taking out a TSP loan. Maybe they would be willing to take the same stance rather than restrict the number of IFT's. The ETAC represents us.

From March 1, 2004:

"In general, there seemed to be a consensus among ETAC members that many TSP participants are making excessive use of the TSP loan program. There was general support for the thrust of the Board’s proposals, though there was a diversity of opinions on the specific ideas. Most of us agree that charging a fee for the loans makes sense as a way of discouraging excessive use of the program and for more fairly allocating the administrative costs of the loan program. However, not all the organizations that make up ETAC favor the restrictions on second TSP loans. We look forward to discussing proposed revisions to the regulations governing the loan program at our next ETAC meeting later this month."

Link

 

[FUTURESTRADER]

NOW, if I really was "Day Trading" my account. I would have sold the rally at +1% today and been sip'n a Crown and Coke by now. Instead, I'm freak'n waiting for the close to see if I'm screwed or not. LOL

Set'n up the Scottrade until this gets worked out.

careful with Scottrade, Show-me. Don't submit a 'cancel' order then buy or sell for a different price, they may not cancel your first order. Just make a 'change' order. They hosed me on that a few years ago. Ultimately my fault, tho.

 

[Show-me]

careful with Scottrade, Show-me. Don't submit a 'cancel' order then buy or sell for a different price, they may not cancel your first order. Just make a 'change' order. They hosed me on that a few years ago. Ultimately my fault, tho.

Always a learning curve, but you have options at your finger tips. Thanks for the heads up.

 

[Frixxxx]

It was the Employee Thrift Advisory Council that recommended a fee be charged for taking out a TSP loan. Maybe they would be willing to take the same stance rather than restrict the number of IFT's. The ETAC represents us.
....

I'm asking for status quo on this.....I feel that any charges per trade will inevitably keep going up and we will be asked for more and more. Before TSP, CSRS employees knew what they were getting for retirement, no negotiation. Years X Rate X .?? = retirement pay. The government didn't want to keep that kind of retirement plan on the books. It was too expensive. THEY decided to reduce THEIR cost by giving us TSP. They realized that they could wash their hands of this and blame the employee if they didn't save. WELL, MR. GOVT, Thank you for giving me the right to take my destiny into my own hands. Let me take care of it or reinstate a freakin pension plan that mirrors the last one. OK?

 

[Show-me]

SENATE APPROVES COLLINS’ BILL TO GIVE FEDERAL EMPLOYEES MORE FLEXIBILITY TO CONTRIBUTE TO RETIREMENT FUNDS
Thrift Savings Plan Open Elections Act Would Make “Open Seasons” Year-Round for Employees WASHINGTON, DC -- The U.S. Senate today unanimously approved Senate Governmental Affairs Committee Chairman Susan Collins’ (R-ME) legislation (S. 2479) to provide federal employees with maximum flexibility to tailor their investment decisions by eliminating the current restrictions on when employee contributions to the Thrift Savings Plan (TSP) can begin or be modified.

“Allowing employees to join the Thrift Savings Plan or to make other changes when they choose -- not just during two yearly “open enrollment” periods -- will give employees more control over their investment decisions,” said Senator Collins.

Since its inception in 1987, the TSP has provided federal employees with the opportunity to participate in a retirement savings plan similar to the 401(k) plans offered by many private companies. Under current law, newly hired employees can sign up to contribute to the TSP during an initial 60-day eligibility period. If an employee chooses not to make an election during that time, he or she must wait until an “open season,” or biannually designated period, to do so. If an employee stops contributing to the TSP outside of an open season, he or she must wait until the second open season after contributions stop before contributions can resume.

Open seasons were practical when TSP was first created because the program lacked the administrative capability to quickly enroll participants and to implement investment elections on a real-time basis. With introduction of the automatic record-keeping system, however, the program has outgrown its existing framework.

Senator Collins’ legislation, the Thrift Savings Plan Open Elections Act of 2004, has the support of the Federal Retirement Thrift Investment Board, the Employee Thrift Advisory Council, the American Federation of Government Employees, the National Treasury Employees Union, the National Association of Retired Federal Employees, the Federal Managers Association, and the Senior Executives Association.

See anything we can use in this old press release? I do. Jayhawker found it before me.

 

[Show-me]

It was the Employee Thrift Advisory Council that recommended a fee be charged for taking out a TSP loan. Maybe they would be willing to take the same stance rather than restrict the number of IFT's. The ETAC represents us.

Bingo! We found a new best friend!

Send a carbon copy of your letters to them.

 

[camper65]

Please Note, Collins is my senator. My union rep has work with and for her.
Says he can get me an appointment.

(MMmmmm, I'm thinking about it!)

 

[Show-me]

http://www.law.cornell.edu/uscode/html/uscode05/usc_sec_05_00008473----000-.html

This is how the council is made up.

 

[Guest2]

Let'm Know

http://www.tsp.gov/curinfo/feedback.html

 

[Spaf]

I've been with the "Government" for 28+ years. Often as it is, someone tries to screw with the retirement system; raises, time in service, social security, TSP, whatever.
We send troops to war without adequate protection; body armor, vehicle armor, etc.
I'd better take my Moderators Hat off!
Cause I'm tired of this stuff!
Who said "ask not what what your country can do for you but what you can do for your country" They must have not seen the military cemeteries that crisscross our country and other foreign battlefields.
Who said "We don't have any troops in Cambodia!" I looked at my map and guess where I was!.....Fiiggen Liar!
I guess I'm just tired of how "Government Employees" seem to get the "short end of the stick"
Maybe TSPTalk should have a special thread devoted to anti-government-employee folks.
I don't mind shooting the bad guys, done that before. But on homeland if convicted you get 3-square meals, TV, a bed, and you don't have to pay taxes.............. Na..I'd miss my dog!

 

[troxel]

Two questions come to mind.
1. Can we transfer our entire TSP to a private broker, such as AG Edwards if we still are working?
2. If we can, would we have to wait until 59 1/2 to withdraw. Now we can the year we turn 55 if retired?

Any response would be appreciated.

The best weapon would be to put these clowns out of business.

I don't think so. That would be interesting to have private enterprise competing in terms of service and price for this function.

 

[Guest2]

I've been with the "Government" for 28+ years. Often as it is, someone tries to screw with the retirement system; raises, time in service, social security, TSP, whatever.
We send troops to war without adequate protection; body armor, vehicle armor, etc.
I'd better take my Moderators Hat off!
Cause I'm tired of this stuff!
Who said "ask not what what your country can do for you but what you can do for your country" They must have not seen the military cemeteries that crisscross our country and other foreign battlefields.
Who said "We don't have any troops in Cambodia!" I looked at my map and guess where I was!.....Fiiggen Liar!
I guess I'm just tired of how "Government Employees" seem to get the "short end of the stick"
Maybe TSPTalk should have a special thread devoted to anti-government-employee folks.
I wouldn't mind shoting them, done that before. Besides if convicted you get 3-square meals, TV, a bed, and you don't have to pay taxes. Na..I'd miss my dog!

Trust Me My Friend, No Pets Allowed.

 

[camper65]

I don't think so. That would be interesting to have private enterprise competing in terms of service and price for this function.

Service, YEA! Now your talking, what we get now s--kS!

 

[BorderCopper]

I was horrified to learn from the associated Govexec article that there were 2018 investors who traded into the I Fund on October 19 amounting to $371M and three days later the same 2018 investors traded $391M out of the I Fund. How dare these 2018 government workers run out with a profit of $9.9K in three days...such audacity!

Well that is some fuzzy math going on. If we....um I mean those exact 2018 traders traded into the I Fund with $371M on the 19th @$25.13 per share and went three trading days to the 24th closing @ $25.32 per share before trading out, I am not understanding how that equates to $391M. Try playing with those numbers for that whole week and its still fuzzy math.

Once again we have another entity deciding that we should all be restricted from bettering ourselves in the same manner that the "professionals" do for the L Funds (which apparently costs nothing to make daily adjustments) for the greater good i.e. looking out for those that pay ZERO attention to their investments and are satisfied with taking whatever is there when they retire.

One Mad Migra Fed (2nd day trader)

 

[jayhawker]

I was horrified to learn from the associated Govexec article that there were 323 investors who traded into the I Fund on October 19 amounting to $371M and three days later the same 2018 investors traded $391M out of the I Fund.

Do these dates correllate to moves by the EbbTracker? Seriously, do they?

 

[FUTURESTRADER]

I was horrified to learn from the associated Govexec article that there were 323 investors who traded into the I Fund on October 19 amounting to $371M and three days later the same 2018 investors traded $391M out of the I Fund. How dare these 2018 government workers run out with a profit of $9.9K in three days...such audacity!

Well that is some fuzzy math going on. If we....um I mean those exact 2018 traders traded into the I Fund with $371M on the 19th @$25.13 per share and went three trading days to the 24th closing @ $25.32 per share before trading out, I am not understanding how that equates to $391M. Try playing with those numbers for that whole week and its still fuzzy math.

Once again we have another entity deciding that we should all be restricted from bettering ourselves in the same manner that the "professionals" do for the L Funds (which apparently costs nothing to make daily adjustments) for the greater good i.e. looking out for those that pay ZERO attention to their investments and are satisfied with taking whatever is there when they retire.

One Mad Migra Fed (2nd day trader)

that's about 1% gain in 5 days...borrowing from another site "and these 2018 need to be protected from themselves?"

 

[CountryBoy]

Well, I've written both my Senators and Congressman and even Senator Collins, explaining how the TSP Board is trying to over ride here successful legislation.

I also sent a letter to Losey. I did this after letting the heat of anger die to just a slow burn, so as to come across not so half witted and ready to start shooting. :nuts:

I used some of my own words, but I also liberally plagarised from many of the well said comments presented by our many members. Apologies to those that I may have offended.

Now if we could just get Andrew Saul in a room to explain the situation, I'd feel so much better.

Lets hope for the best. This may work out yet. I'd be happy with 4 moves per month. I had to raise Tom 1 move.


CB

 

[kam]

beautiful....more like this, we may have a chance...thank you, kam

Thanks FUTURESTRADER. Following up on my last post, an article in the NY Times, November 17, 2007, has the Executive Director of the Federal Retirement TSP Board, Andrew M. Saul receiving campaign contributions for his run against Rep. Hall in NY State that "could conflict with state ethics rules barring state employees and members of unpaid boards, ..., from taking donations from companies or individuals seeking to do business with their agency.

http://www.nytimes.com/2007/11/17/nyregion/17mta.html?_r=1&oref=slogin

The next step would be to look at filings with the FEC (Federal Elections Commission) and find any TSP related contributors to Mr. Saul's Congressional Campaign.