TSP Warning Letters

[Boxholder]

I guess I'm officially one of the 3500 dirty birds causing everyone to lose their retirement. Got my letter today. But that's OK, I'm about out of toilet paper anyway.

 

[nnuut]

Got mine today! I can't imagine why?
View attachment 3166

 

[Hallatauer]

I envisioned mine as a private suit. However, if they damage multiple parties then a class action would be appropriate. Let's see how this develops because I really don't think they are going to violate the law if you know what I mean.

I agree, they won't actually violate any laws, just threaten people that if they continue their IFT ways, they will change the rules.

They giveth with one hand and taketh away with the other.

 

[sugarandspice]

Further, based on current behavior, approximately 99% of participants will not be affected by the proposed restrictions.

So from this am I to assume if you DO NOT receive a letter, and your "current behavior" changes to a more aggresive approach, then you can transfer as much as you want?

If they can impose these restrictions, why are they asking people to VOLUNTARILY change their ways?

 

[sugarandspice]

Because in October, Novermber and December 2007, you made more than three IFTs each month, you fall within this frequent trading group.

And where is it defined what a "frequent trading group" is? Where is it spelled out? What regulation defines this? Making up stuff as you go along will get you in trouble TSP.

 

[weatherweenie]

WOOHOO! As Steve Martin in The Jerk said when the new phone books arrived, I AM SOMEBODY!

Got my letter today.

Dum*ucks

 

[Show-me]

Got one!

 

[grasshopper]

My letter was in the mail when I got home. Of course I have not opened it yet. I guess I am one of the 3000. Why ME! I feel priviliged to be a member of this group. Now lets make some Money!

 

[RAE]

So from this am I to assume if you DO NOT receive a letter, and your "current behavior" changes to a more aggresive approach, then you can transfer as much as you want?

If they can impose these restrictions, why are they asking people to VOLUNTARILY change their ways?

It's a bluff, plain and simple. Hence the "may" language in the letter they sent out. They screwed up the Fed. Register Notice (in several ways) proposing this letter to the 3,000 "frequent traders", but they decided to send out the letters anyway, in an attempt to bluff folks into complying with their 3 IFT limit per month. Don't fall for it. Continue to make as many IFT's as you like.....what have you got to lose? Until they actually change the software on the TSP website to block more than 3 IFT's per month, their threats mean nothing. And I don't think you will see the software changed for quite a while (maybe never), because they have not complied with the legal requirements to actually make that change yet. I haven't seen the Fed. Register posting that they are required to do to actually propose making this change, and even after that comes out, there will be a comment period and then a requirement to post a final rule, before they can even START to make this change effective. All of that will take time, if it ever happens. Until then, I suggest everyone carry on as you have always done with regard to your IFT's. Don't fall for the bluff, folks....it's your money, to manage as you see fit.

 

[Show-me]

I agree!

 

[350zCommTech]

Got mine today also.

Even though I was expecting it, I feel like I want to kick the living chit out of TRACY RAY!:nuts:

 

[FUTURESTRADER]

Mine today as well. I'm leaning towards agreeing with RAE. The letter is vague. 3 trades in 30 calendar days or 1 month? They should just accept what they apparently now see as a 'mistake' in creating unlimited IFT capability, declare it so, and put it into affect when they can. Again, I hate to think one of OUR U.S. agencies is bluffing it's own people. Feels underhanded and dishonest. They are supposed to serve our trust. We have put our trust in them. But I suppose we are the minority, and they feel they are serving the trust of the majority.

 

[frokker]

I saved all IFT emails and looking at them, I made 5 in OCT, 4 in NOV and 5 in DEC but I did not receive a letter today. Maybe tomorrow?

 

[Barney]

Sorry Folks, I guess I can't be in the group. I am not a member. Whoa is me! Cause you see, in 2006, I started lurking in the mb. I only made 24 IFT's in 2006 roughly broken down to:
2006 IFT(s)
Jan -2
Feb -1
May -6
June -7
Aug -2
Sept -3
Nov -2

In 2007, I was playing around with different stategies to see if one worked better than another. I only did 1 IFT each month in Feb, May, June, Aug, Oct, Nov, Dec. In September I did 8 IFT's.
Now, for Jan 2008, I am on my 6th IFT.
So, by their own definition on what a frequent trader is, I should not get a letter because I am not a frequent trader. :laugh::laugh: I love our Government!

 

[EW_ret]

I received my warning letter yesterday, but am unsure where the THREE IFT limit is about. From what I read its two IFTs then any number of IFTs into G fund. I can have ten IFTs if eight are into G fund, incrementally. The letter states three IFT limit in first paragraph then latter states there is a limit of two IFTs.

 

[Hallatauer]

I object to being called a "trader". I am not... I transfer my funds within the TSP as per their guidelines, nothing more. One transfer a day per their guidelines. Transfer request initiated at least 20 hours before the transfer is confirmed, per their guidelines. I do not trade in and out of positions all day long. </rant off>

 

[sdouglas3]

I am one of the 3000 who will get a letter. But, why isn't our right to capitalism in force here. According to Larry Kudlow this is America and we as Americans have the right to capitalism and to make as much money or lose money as we will. Why is the TSP board acting like a bunch of nazi's and keeping us from our rights? I am surprised that the TSP board hasn't tried to shut down this forum yet! The TSP board is keeping their thumb on anyone with the ability to think outside the box and look for a piece of what this country is made of.

TSP Board - Adjust your thinking ability to incorporate new ideas and thoughts to help us the customer to grow our accounts. Not the other way around! Backwards thinking gets you backwards answers and sets back the whole process.

Maybe Larry Kudlow needs to be informed about the backwards thinking going on with the TSP Board!

 

[FUTURESTRADER]

have to laff..."We are asking your for your cooperation in this matter." Don't p*ss on my leg and tell me it's raining.

 

[tsptalk]

I received my warning letter yesterday, but am unsure where the THREE IFT limit is about. From what I read its two IFTs then any number of IFTs into G fund. I can have ten IFTs if eight are into G fund, incrementally. The letter states three IFT limit in first paragraph then latter states there is a limit of two IFTs.

I agree. The way they worded it, it almost sounds as if we will have 4 or 5 trades per month, because moves to the G fund may not count as an IFT? The word subsequent is the question.

two IFTs per calander month, with subsequent unlimited IFTs into the Government Securities Investment Fund.

 

[whitemingo]

I agree. The way they worded it, it almost sounds as if we will have 4 or 5 trades per month, because moves to the G fund may not count as an IFT? The word subsequent is the question.

After reading the letter a few times, this is also my understanding. If this is the correct meaning then I can live with this.