What YOU can do to fight back - IFT limit

[nnuut]

Looks like thay are giving us another Month, this was scheduled to come out today right?

Annual TSP participant statements — Next month, the TSP will begin mailing annual TSP participant statements to all participants. Your annual statement will summarize the activity in your account during 2007 and provide other helpful account information.
http://www.tsp.gov/curinfo/plannews.html

 

[James48843]

Reporter Mike Causey talking about December's returns, and then talking about the people who are resisting the change to limit Interfund Transfers. This interview aired on http://www.federalnewsradio.com


Note: Causey says "Some people want to trade four times a day:".

Here is the link:

http://federalnewsradio.com/emedia/103483.wma

Listen closely to what he says. The part about limiting interfund transfers begins at 3:20 into the interview.

 

[DrFaustus]

Therefore, we can still do daily IFT's, perhaps until March or April, without being penalized?

As I understand it, if you're one of the 3000, if you persist in daily IFTs after you receive your warning, you'll get locked out of performing them electronically and will have to do them by snail mail instead.

 

[James48843]

If you are a DOD employee contact the DOD rep. COL Fraser-Darling will listen and does respond. Remember, DOD is one of the biggest organizations, so she is an important memeber of ETAC!

Col. Fraser-Darling also represents every single retired military person out there. So if you are a retired military person (I am retired national guard), you should contact her as well.

 

[airlift]

Therefore, we can still do daily IFT's, perhaps until March or April, without being penalized?

They already know who the individuals are and will be sending out letters within a few months "warning" them.

But there're not going to take the time to revamp their system towards those individuals- as Show-me pointed out.

 

[Viva_La_Migra]

Here is the email I sent to Tracey Ray. It's short, sweet, and to the point.

[FONT=&quot]Dear Ms. Ray,

I wanted to take this opportunity to let you know that I recently changed the amount of money I contribute to my TSP account from 10% to 5%. Were it not for the agency matching of funds, I would have stopped putting any money into that account. The reason I have decided to do this is because of your proposal to limit my ability to actively manage my account. I will take this 5% and place it into a Roth Individual Retirement Account that will allow me to actively manage my funds. I understand that I will have to pay taxes on the 5%, along with a laundry list of fees depending on the investment firm I choose to deposit my funds, but at least I will have the ability to take an active role in my own retirement. I do not believe your proposal will end up saving TSP Shareholders any money. In fact, I believe you will end up costing Shareholders money, by reducing their ability to buy in to the market when it turns around again.

I hope you decide not to follow through on the limitation proposal. Whether this decision is reached through listening to the wishes of the Shareholders, or as a result of litigation or Congressional pressure, it matters none to me. I just want to be able to maximize my retirement nest egg.

[/FONT]

 

[Rod]

Is there any way the individuals that made so many IFTs can be singled out ...so any "costs" related to all of their IFTs could be "charged" to them...instead of everyone in the system?

Thanks for your time.

They already know who the individuals are and will be sending out letters within a few months "warning" them.

But there're not going to take the time to revamp their system towards those individuals- as Show-me pointed out.

 

[Show-me]

One last thing: I have some knowledge how TSP works. But I am unsure of this:

Is there any way the individuals that made so many IFTs can be singled out ...so any "costs" related to all of their IFTs could be "charged" to them...instead of everyone in the system?

Thanks for your time.

Welcome the mb! Yes, but they do not want to.

 

[Weather_n_Leather]

I know everyone has been discussing the proposed IFT limits. I have also seen several different alternatives to the limits.

On average, I have not requested many IFTs in a given month or year. So Ihave no real problem with some type of limit. However, any limits have to be reasonable.

Once or twice a month is not enough as I have requested more than that on a few occasions. The proposal of 24 times a year seems much better to me.

I have seen a few pre-written letters against the proposed limits on this site and others. I guess I need to take one of these letters, modify it and send it to the powers that can make a difference.

One last thing: I have some knowledge how TSP works. But I am unsure of this:

Is there any way the individuals that made so many IFTs can be singled out ...so any "costs" related to all of their IFTs could be "charged" to them...instead of everyone in the system?

Thanks for your time.

 

[GuilRL]

I'm posting this report again because it's another bit of relevant history showing what Congress and FRTIB intended. Notice in particular FRTIB's justification for creating the L Funds and the terminology used - they do not call it TRADING. And I think we should all be writing directly to our Congressmen (if you haven't already) as well as the House and Senate oversight committees about the GAO recommendations, and include this clip with our more current information as posted in the TSPSHAREHOLDER.ORG Newsletter.

http://www.gao.gov/docsearch/abstract.php?rptno=GAO-07-611

“DOL is not required to submit its audit reports directly to Congress, and Congress has not asked DOL to share its audit findings on a regular basis through hearings or meetings with committee staff. Consequently, Congress may be unaware of concerns DOL may have. In a 2003 report, we noted that there have been times when DOL has had issues of concern with FRTIB outside of its audit findings. We recommended that Congress consider amending FERSA to require DOL to establish a formal process by which the Secretary of Labor can report to Congress areas of critical concern about the actions of the Executive Director and Board members, but no changes have yet been made.

I just want to highlight something here for all of you on the above excellent post.

We as participants to the TSP do not do "trading", as I have pointed out several times. We do interfund transfers. Now this brings up the question, so who does trading with the TSP funds?

The reality is, the FRTIB are the ones that do trading with our TSP money in the private sector as I undertand it, in case you have not discovered this reality. If anything they were investigated for this very fact in 2003 to make sure they were doing it legitimately and to protect our TSP funds, and are overseen supposedly by the DOL and Congress.

The question to ask in view of the above is: If there have been excessive trading cost escalations, it has been as a result of the FRTIB not the TSP participants. So then, how much money have the TSP participants lost, and why are we being placed in a double jeopardy situation by the FRTIB for trading costs that they are responsible for, and not allowing us the freedom we are entitled to in our defined benefits?


I hope I have not twisted this too much, that is not my intent, but that is something to ask the FRTIB about in case no one else has thought about it.

Just my two cents again.

 

[Viva_La_Migra]

FOR Viva La Migra. As reguested

tracey.ray@tsp.gov

Muchas gracias, amigo.

 

[Art2007]

FOR Viva La Migra. As reguested

tracey.ray@tsp.gov

 

[Art2007]

If you are a DOD employee contact the DOD rep. COL Fraser-Darling will listen and does respond. Remember, DOD is one of the biggest organizations, so she is an important memeber of ETAC!

 

[lochaven]

I just sent the letters to my 2 senators and Representative. If nothing else, they'll be aware of the issue!

Good Idea, I live in a military city and will do the same. Thanks.

 

[Viva_La_Migra]

Here is a good story on fees in the private sector.

http://finance.yahoo.com/expert/article/moneyhappy/59697;_ylt=AuEAkoCg5cGJaIKRosQK7Bi7YWsA

I don't think it will be unreasonable for Congress to take an interest in our situation, especially since the TSP does not disclose the amount of fees each TSP Shareholder paid out of their account! I've looked at my past quarterly statements and I don't see fees disclosed anywhere! I didn't think we paid any fees, until the FRTIB started this IFT limitation! I'm sure I'm not the only one that was in the dark. I think that fees should be disclosed in our statements, don't you?

 

[Viva_La_Migra]

Whatever "duty" anyone did or does should not and cannot stop until our desired result is obtained.

Well said!

Does anyone have Tracey Ray's direct email? I want to send her an email letting her know that I have reduced my contributions to TSP by half, because of her actions to restrict my ability to transfer funds. That $3,000 or so per year may not be much in the grand scheme of the TSP, but I bet they will change their tune if more people did the same thing!

Also, over 2000 people signed the petition. If they also donate Just $10.00 to tspshareholder.org, they will further help the cause. So far, I have given $45.00 and I will give more with each pay check. If your Union isn't doing anything on this issue, then take the dues money you send them and place it with people who WILL work to protect your right to actively manage your retirement!

I'll get off my soapbox now.

 

[RPM]

I just sent the letters to my 2 senators and Representative. If nothing else, they'll be aware of the issue!

 

[James48843]

I have a mission. I am looking for a few volunteers.

I need a few volunteers who are federal employees, currently employed, who belong to bargaining units represented by the following Unions:


National Federation of Federal Employees

National Rural Letter Carriers’ Association
.
American Federation of Government Employees, (AFGE)

National Association of Government Employees

American Postal Workers Union, AFL-CIO

National Association of Letter Carriers, AFL-CIO

National Treasury Employee Union



Grade or position does not matter.

You don't have to be a dues-paying member, although that is preferred.
You do, however, have to in a bargaining unit represented by one of the above labor organziations which is certified as your Chapter 71 Labor Representative.

If you are, and you would like to take part in a mission, please PM me for more information. It won't cost you a dime, but it will take a little bit of time. And you will learn some interesting things in the process.

Thanks

Looking forward to hearing from you.

 

[Show-me]

Amen!!!

 

[James48843]

Just for the sake of history, I would point you to read this- where Govexec.com very clearly pointed in May of 2001, that is WAS the government's intent to allow a person to control his/her own destiny. To those who say the government never intended you to move your allocations, read this from May 1, 2001, where they talk about the month they added the S and I funds, and how TSP was moving to become more like a 401(k), as CONGRESS INTENDED, and that this would probably mean more people would be in control of their own allocations are moving money.

Remember, this is from the year 2001:

http://govexec.com/story_page.cfm?filepath=/features/0501/0501s1.htm

read that.