TSP IFTs Suspended May 26 -

[tsptalk]

May 26, noon

Last day to make investment transactions (including interfund transfers and changes to contribution allocations).... Until 1st week in June.


May 16

Last day to complete your rollover or transfer request by submitting these forms, and checks if applicable:
Form TSP-60, Request to Transfer Into the TSP
Form TSP-60-R, Request for a Roth Transfer Into the TSP

We must receive your request and any checks from new and pending requests by this date. If we receive your information after this date, we won’t be able to process your request. In that case, you’ll need to submit a new request after the transition period ends the first week of June.


More info: https://www.tsp.gov/new-tsp-features/key-transition-dates/

 

[tsptalk]

One of our members emailed me saying he asked the TSP about transactions during the last week in May.

I called the TSP line this morning and I asked them if you can call in changes and she said yes. In fact, I asked twice to make sure. that calling can be done while the internet is not available. Late May into early June.

You can follow up.

Has anyone heard anything like that... using the Thriftline to make IFT's that week?

It wouldn't make too much sense and it wouldn't be the first time the TSP help gave us inaccurate info. The website clearly says ...

"All transactions temporarily unavailable May 26 to the first week of June"

https://www.tsp.gov/new-tsp-features/key-transition-dates

 

[nasa1974]

To me it seems incompetent that the FRTIB would take away access to our accounts for at least a week. I can think of a few scenarios, good and bad, that could have a real large impact on our accounts. Why can't they shut the system down at 12:01pm Friday, May 27th and have the system back up by 9:30am Tuesday, May 31st?

 

[tsptalk]

Has anyone heard anything like that... using the Thriftline to make IFT's that week?

According to this email I just got, I don't think our member was given correct information:

As we prepare to transition to a new system next month, we’ll need to temporarily suspend certain transactions and services for a brief period beginning on May 16, 2022.
Suspension dates for each transaction will vary, so be sure to read through the full calendar for details about key transition dates, especially if you were planning to request transactions or make changes soon.

• May 16 to the first week of June: Certain My Account transactions, online tools, and forms will be temporarily unavailable.
• May 26 to the first week of June: All transactions will be temporarily unavailable, including changes to investments. My Account and the ThriftLine will also be unavailable during this time.
• First week of June: Full TSP service returns with new features, expanded support options, efficient online transactions, a new My Account with convenient navigation, and much more.

During the transition period, your savings will remain invested in the TSP funds you’ve chosen. Your payroll contributions and loan payments will continue. Installment payments scheduled to be paid May 24 – May 31 will be disbursed early on May 23.

Visit our website for details about key transition dates and how they might affect you.

 

[tsptalk]

To me it seems incompetent that the FRTIB would take away access to our accounts for at least a week. I can think of a few scenarios, good and bad, that could have a real large impact on our accounts. Why can't they shut the system down at 12:01pm Friday, May 27th and have the system back up by 9:30am Tuesday, May 31st?

It looks like, best case scenario that it could be 3 or even just 2 days, but it's still vague.

There's May 26 and 27, which is a Thursday / Friday. Monday is a holiday so it's closed anyway. Then Tuesday is the 31st.

So, they are saying "first week of June", but does that mean June 1 or after, or is May 31st part of the first week of June?

 

[nasa1974]

Is it May 26th after 12 noon or the whole day we can't do anything? If it's all day on the 26th a lot can happen over 2 to 6 days of trading in the market that we can't control our accounts. That's just not right.

I got the same email today and I took it that even call-ins to the Thrift Line are not available.

 

[James48843]

I’d like to point out another change under this new system that is significant-
Today, you get monthly payouts once per month, on the monthly normal processing day for you.

Everybody gets paid on a different day, the anniversary of when their paperwork gets processed for withdrawal.

Under the new system, I read that all withdraws will change to be issued on the 15th of the month. So you could be late with your withdrawal normally to be expected between June 1 and June 15. It won’t be there until June 15.

And then, going forward, that liquidation of all retiree monthly payments exercised in a single day- might just be enough volume to get inversely impact the value of the market.
Would that be enough to send gyrations through the market by a big sell off late in one day?

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