TSP Screw Up - it finally happened to me

[tsptalk]

I have heard others complain that the TSP processed their IFT's later than they had input them and, since it never happened to me, I assumed they did something wrong. Well, it happened to me.

I tried to make an IFT this morning but it says I had made two IFTs already in February so it was denied. It says the IFT I made on January 31 was done on February 1st. Wrong!

First the lady I was speaking to was trying to tell me that the deadline is 11 AM ET. I said, no it's noon ET. Then she tries to tell me that January 31 was a Sunday. I had a hard time convincing her otherwise. She put me on hold and once she came back she ignored the Sunday mistake and proceeded to tell me her and her supervisor see it as a Feb 1st transaction and there's nothing they can do about it.

Like I said, I have an email confirmation from 11:18 AM ET (42 minutes before the 12 noon ET trading deadline) on Jan 31. Even the email says:

Wed 1/31/2024 11:18 AM ET:

"Your TSP Civilian - Reallocate Money Among Funds request was received and will be effective after market close on January 31, 2024."

Frustrating!

 

[nnuut]

I think their NNUUTS!

 

[nasa1974]

It just gets better and better. :swordfight:

 

[JTH]

So your -1.61% edge turned into -.38%, thus you lost a 1.23% edge on the Index. That edge gets deeper as we go higher, at SPX 5200 that's a 1.32% loss. That's a huge mistake on their part. Years ago (before the TSP transition) this kind of thing almost never happened. I myself might have done hundreds of IFTs, and not once was robbed because of a deadline error.

Maybe I'm just bitter & bent, but it seems like everything with TSP has gotten worse since The great IFT reset of 2008...

 

[tsptalk]

Ironically, I should have (or did?) made more money than I would have because of the delayed IFT because I was selling some stock funds that day (Jan 31) and they were up on the 1st. It's hard to tell because I can't find a daily balance page. But it cost me an IFT and I'm now stuck.

So your -1.61% edge turned into -.38%, thus you lost a 1.23% edge on the Index.

 

[JTH]

Ironically, I should have (or did?) made more money than I would have because of the delayed IFT because I was selling some stock funds that day (Jan 31) and they were up on the 1st. It's hard to tell because I can't find a daily balance page. But it cost me an IFT and I'm now stuck.

Aw, my bad, yea that makes it slightly better but losing an IFT that early... It seems to me they need to find creative ways to make these things right, like provide the extra IFT.

 

[waltj]

Tom, you can create your own daily balance by requesting an account statement with the desired end date.
Waltj

 

[Scout333]

Tom, you might try calling back. You might get someone with a brain the second time around. You never how much experience/ traing the person you are speaking to has? Good luck!

 

[James48843]

I have heard others complain that the TSP processed their IFT's later than they had input them and, since it never happened to me, I assumed they did something wrong. Well, it happened to me.

I tried to make an IFT this morning but it says I had made two IFTs already in February so it was denied. It says the IFT I made on January 31 was done on February 1st. Wrong!

First the lady I was speaking to was trying to tell me that the deadline is 11 AM ET. I said, no it's noon ET. Then she tries to tell me that January 31 was a Sunday. I had a hard time convincing her otherwise. She put me on hold and once she came back she ignored the Sunday mistake and proceeded to tell me her and her supervisor see it as a Feb 1st transaction and there's nothing they can do about it.

Like I said, I have an email confirmation from 11:18 AM ET (42 minutes before the 12 noon ET trading deadline) on Jan 31. Even the email says:

Wed 1/31/2024 11:18 AM ET:

"Your TSP Civilian - Reallocate Money Among Funds request was received and will be effective after market close on January 31, 2024."

They always leave themselves an out in the fine print.