TSP board to limit interfund transfers

[Guest2]

Has anyone on the restricted list tried the phone method yet? I'll try in the morning....

Really thinking about moving to G until this gets resolved. Seems like the safest thing to do.

John

I believe that members have documented (in other threads) that attempts
have been made with the Thriftline but with no luck. When the restriction
came through the website, a few made calls and stated that they never
got a letter. That didn't help either.

 

[Gaetaone]

Okay, I give up... Tried the thrift line and was able to make it all the way to the end and then it said "You have made more than Blah blah blah blah.. you were notified by register mail blah blah blah blah......

It was worth a try....

 

[Guest2]

Okay, I give up... Tried the thrift line and was able to make it all the way to the end and then it said "You have made more than Blah blah blah blah.. you were notified by register mail blah blah blah blah......It was worth a try....

From me to you, I wish it be different. Figure a good 7 days for a TSP-50
to be prcessed. PO Boxes will limit your mailing options. But we had a huge
jump today and maybe for tomarrow. If you mail it out wednesday, maybe
you'll be out before losing too much of this rally. Heck, maybe it will keep
going until next wednesday and your timing would be perfect. Either way,
good luck is in order.

 

[683KEU]

This snail mail restriction by the TSP is extremely punishing. Consider the following:

1. TSP-50 only gives you a P.O. Box for the mailing address, which means you can't send in your IFT using Federal Express Overnight.

2. From Virginia, the Post Office will not guarantee Express Mail overnight delivery to the TSP P.O. Box in Birmingham, Alabama. They will only guarantee a 2-day delivery.

3. Although my IFT could arrive at the Post Office prior to noon on the second day, the piece of mail probably won't be picked up at the Post Office by a TSP employee until later in the day, or possibly the next morning.

4. Once a TSP employee finally picks up the mail at the post office, he then has up to 5 business days to process the TSP-50. (This is entirely arbitrary and depends on their mood. If they like you, then maybe they'll process it on the first business day. If they don't like you because you are a rabble raiser on TSP Talk, then you get the full 5 day treatment.)

NOTE: This policy change was apparently made on 2-26-08 (in anticipation of the snail mail restrictions). The policy used to be that TSP would process your TSP-50 within 2 business days, but it is now 5 business days. The new policy effective 2-26-08 is shown on the following link (copy and paste into your browser):

TSP: Civilian Features chapter 10, Interfund Transfers; 2008 Feb 26 If you use Form TSP-50, your request will generally be processed and posted to your account within 5 business days of the day it is received by the TSP. www.tsp.gov/features/chapter10.html

Agree 100%; there's not much point in even attempting at snail-mail IFT (unless you happen to have the Oracle of Delphi living with you) given the time lags inherent in the process. I've decided that I am stuck where I'm at for the duration.....

I'm thinking that if I lose 40% like I did in the "buy and hold" crash of 2000 (which I just regained prior to the new transfer rules thanks to TSPtalk and the advice herein), I might simply close my TSP account, pay the taxes/penalties and hire some 'gentlemen' I know back East to pay the board back in kind for causing the loss. I sure won't be able to retire on the money that's left, so I might as well put it to good use. The only problem is deciding what 40% of what they should lose.....

 

[Guest2]

We need these gentlemen to pay the Board a little visit, if you know what I mean...

Next thing you know, you'll be calling Wednesday's; Prince Spaghetti Day
and hanging out at the Pizza Shop.

It's ok, It's ok, I happen to be Italian. Maybe the Board should have a few
more guyz wid vowls at the end their name, no wad Imeen. Ahhhhhhhhhh,
fugeddaboutit !
:nuts:

 

[Miss_Piggy]

It's hard to keep up with all the threads re: IFTs so I apologize if the links below are redundant.

I thought someone once asked about the CFR citation related to TSP-50/IFTs:
http://209.85.173.104/search?q=cach....32.pdf+TSP-+50+form&hl=en&ct=clnk&cd=7&gl=us
and
http://a257.g.akamaitech.net/7/257/...s.gpo.gov/cfr_2005/janqtr/pdf/5cfr1601.32.pdf

Also a website I haven't seen before which provides nice summaries like we have been trying to do re: the current IFT controversies:
http://www.myfederalretirement.com/public/department44.cfm

 

[Intrepid_Timer]

Back To The Future, Coming Soon To A Planet Near You

We may not have to worry about IFT's in a couple months anyway. This baby starts up in June and if we get a big black hole, which they say is highly unlikely (yeah, I've heard that one before), WATCH OUT.! There's something about the last sentence here:

"The Large Hadron Collider (LHC) can achieve energies that no other particle accelerators have reached before. The energy of its particle collisions has previously only been found in Nature. And it is only by using such a powerful machine that phyicists can probe deeper into the key mysteries of the Universe. Some people have expressed concerns about the safety of whatever may be created in high-energy particle collisions. However there are no reasons for concern."

http://public.web.cern.ch/public/en/LHC/LHC-en.html

 

[weatherweenie]

Like Squalebear I too received a FedEx delivery from Greg Long today.

'They' are definitely monitoring the message boards. In the letter they referenced posts on www.tsptalk.com by 'weatherweenie' and 'nsurf9'.

My request was denied. 'This is a final decision and may not be appealed.'

Finally Mr Long stated: Among other things Mr Long had this to say

You noted in your letter that 'approximately 3500 other members are, as I understand it, also either locked into the G fund unable to move into equity funds; or, stuck in the equities funds, afraid and/or unable to timely move to the G fund to safeguard their retirement.' Your understanding is wrong. As a result of the January mailing, mor than 85% of the recipients valuntarily changed their investment strategies and were therefore unaffected by the interim regulation.

 

[Braveheart]

Like Squalebear I too received a FedEx delivery from Greg Long today.

'They' are definitely monitoring the message boards. In the letter they referenced posts on www.tsptalk.com by 'weatherweenie' and 'nsurf9'.

My request was denied. 'This is a final decision and may not be appealed.'

Finally Mr Long stated: Among other things Mr Long had this to say

You noted in your letter that 'approximately 3500 other members are, as I understand it, also either locked into the G fund unable to move into equity funds; or, stuck in the equities funds, afraid and/or unable to timely move to the G fund to safeguard their retirement.' Your understanding is wrong. As a result of the January mailing, mor than 85% of the recipients valuntarily changed their investment strategies and were therefore unaffected by the interim regulation.

YOUR APPEAL IS IN U.S. DISTRICT COURT & CONGRESS - DON'T CORRESPOND WITH SOMEONE WHO IS GOING OUT OF THEIR WAY TO VIOLATE YOUR RIGHTS AND LAW - CONGRESSIONAL INVESTIGATION I WOULD WANT TO KNOW EVERYTHING ABOUT THIS MAN AND DO A FOIA REQUEST TO START WITH INCLUDING EVERY RECORD/TRANSATION FOR THE PAST 7 YEARS.

 

[FundSurfer]

Given that we know this message board is being monitored, I'd suggest that discussion of lawsuits be carefully worded. You do not want Gregory to know exactly what plans are being made.

How can that kind of discussion occur behind closed doors? I'm sure there is a way.

I personally have not been impacted by the new rules yet. I happened to take on an attitude of riding out the volitility end of last year and never recieved a letter in Janauary. I've made more that 2 moves in every month since but have not been restricted.

If someone does start a lawsuit, I'll chip in some bucks.

I do think it would be best to wait till after the final decision. Of course, it would not be a bad idea to start now since the outcome seems a forgone conclusion.

 

[amoeba]

Like Squalebear I too received a FedEx delivery from Greg Long today.

'They' are definitely monitoring the message boards. In the letter they referenced posts on www.tsptalk.com by 'weatherweenie' and 'nsurf9'.

My request was denied. 'This is a final decision and may not be appealed.'

Finally Mr Long stated: Among other things Mr Long had this to say

You noted in your letter that 'approximately 3500 other members are, as I understand it, also either locked into the G fund unable to move into equity funds; or, stuck in the equities funds, afraid and/or unable to timely move to the G fund to safeguard their retirement.' Your understanding is wrong. As a result of the January mailing, mor than 85% of the recipients valuntarily changed their investment strategies and were therefore unaffected by the interim regulation.

You mean he said that since not everyone got letters, they could move and you couldn't? that's a "neer neer neer neer neer neer" if I ever heard one! (and an admission of unequal treatment).

I wonder how Mr. "Long" is doing on his TSP, probably sitting on a bunch of C since 9/11.

If you are monitoring, read this, Mr. Long:

You have your way, I have mine, Mr. Long. My money is mine, and yours is yours. It's mine to do with what I please - which - in my case works. Monitor away. You might learn something.

 

[Corvette]

Thrift Savings Plan Cracks Down on Frequent Traders

By Stephen Barr

Thursday, April 24, 2008; Page D04

There is now a rule: Trading curbs will be placed on "market timers" in the Thrift Savings Plan.

more

Stephen Barr's e-mail address isbarrs@washpost.com.

 

[qibovin]

Additional steps? What the hell does THAT mean?:worried:

This is their own fault. I was hearing talk about taking the fund share prices out 2 more decimal places months ago. Apparently the FRTIB got so busy monitoring TSPTalk that they haven't had time to implement that simple, logical change yet.

Hmm, I wonder if I mail in an IFT today and one tomorrow if I can capture that G-penny due on 3 June. They're so full of $#¡†.

 

[ChemEng]

The windfall they secure comes at the direct expense of long-term G Fund investors

Windfall is an interesting word here. Is this an admission from FTRIB that people do make money with trading?

 

[FUTURESTRADER]

Account Access
Your Civilian Account Menu

--------------------------------------------------------------------------------




Please choose from the following items:

Your Account Balance
Participant Statements
Contribution Allocations
Interfund Transfers (Interfund Transfer Rule Change Coming May 1, 2008)
Loans
Withdrawals
Your TSP Address (for separated participants only)
Change Web Password
Most Recent Transactions
IRS Form 1099-R (only for

 

[James48843]

New data is out on the TSP FTRIB electronic reading room.

It's exactly what I expected.

March minutes of the FTRIB meeting are now posted- and in February amount of shares traded plummeted- to less than 134,000 trades for the month- half what previous months were.

And that caused the "I" fund to MISS it's index by a record 211 basis points.

That's right folks- you read it here first- the imposed limits have INCREASED costs dramatically.

I am still studying all the data in the newly released Thrift Board meeting minutes from Februray- but the first glance shows they did a special "fair valuation" on Janaury 31 and again on February 29th, and clipped money from those who were trading that day, turning almost a million dollars in profits from those who bailed out, and missing the index by 211 basis points in the process. The FV clipping allowed Barclays to steal almost a million dollars from you- $969,796 to be exact, making the numbers show that trading in the I fund GAINED for those who remained in the fund an extra $969,796 profit. That's right- the I fund trading costs were NEGATIVE for the month- but the index itself missed by 211 basis points in the process.



Read the new March minutes posted at the electronic reading room of the FTRIB.

 

[RPM]

New rules posted on tsp.gov

http://edocket.access.gpo.gov/2008/pdf/E8-8957.pdf

 

[Guest2]

New data is out on the TSP FTRIB electronic reading room.

It's exactly what I expected.

March minutes of the FTRIB meeting are now posted- and in February amount of shares traded plummeted- to less than 134,000 trades for the month- half what previous months were.

And that caused the "I" fund to MISS it's index by a record 211 basis points.

That's right folks- you read it here first- the imposed limits have INCREASED costs dramatically.

I am still studying all the data in the newly released Thrift Board meeting minutes from Februray- but the first glance shows they did a special "fair valuation" on Janaury 31 and again on February 29th, and clipped money from those who were trading that day, turning almost a million dollars in profits from those who bailed out, and missing the index by 211 basis points in the process. The FV clipping allowed Barclays to steal almost a million dollars from you- $969,796 to be exact, making the numbers show that trading in the I fund GAINED for those who remained in the fund an extra $969,796 profit. That's right- the I fund trading costs were NEGATIVE for the month- but the index itself missed by 211 basis points in the process.

Read the new March minutes posted at the electronic reading room of the FTRIB.

Thanks James, we'll all be reading it! Can't wait to see how this all plays out !

 

[Braveheart]

The way I see it POSSIBLE since wording isn't 100% clear loop hole

is say you are 40% C Fund 40% S Fund 20 % I Fund

the way around the rule is 1st IFT 50% C Fund 50% S Fund

2nd IFT -- 10% G Fund 50% C Fund 40% S Fund

3rd IFT -- 20% G Fund 40% C Fund 40% S Fund

4th IFT -- 30% G Fund etc. etc.

10IFT 100% emergency G Fund

 

[qibovin]

The way I see it POSSIBLE since wording isn't 100% clear loop hole

is say you are 40% C Fund 40% S Fund 20 % I Fund

the way around the rule is 1st IFT 50% C Fund 50% S Fund

2nd IFT -- 10% G Fund 50% C Fund 40% S Fund

3rd IFT -- 20% G Fund 40% C Fund 40% S Fund

4th IFT -- 30% G Fund etc. etc.

10IFT 100% emergency G Fund

This raises the question:

If the interval market action moves your 50C/50S allocation to 49.9C/50.1S, will this resultant move INTO the C fund, if you try 10G/50C/40S be allowed as a third and subsequent move "to the G"?