What YOU can do to fight back - IFT limit

[FUTURESTRADER]

Did they say when you would be allowed to make IFTs online again?

"In my letter of January 24, 2008, I notified you that, as authorized by Federal Regulation, the Federal Thift Investment Board planned to implement restrictions to limit interfund transfers (IFTs). I explained that while we were finalizing the structural policy changes to the Thrift Savings Plan interfund transfer program, we were contacting participants who had most recently made multiple interfund transfers (i.e., participants who had made more than three IFTs in October, November, and December 2007) and asking them to voluntarily limit their IFT activity. I noted that if they did not limit their activity to fewer than four IFTs in February 2008, they might be restricted to requesting IFTs by mail.

According to our records, you exceeded the three IFT limit in February. Therefore, effective noon eastern time on March 31, 2008, you will be prohibited froom making IFTs electronically, but you mayy request IFTs by mail until the structural policy restrictions are implemented. The requirement that you submit your requests by mail applies regardless of wjere you want to move your funds, including transfers into the Government Securities (G) fund.

Note: This restriction does not apply to contribution allocation changes. You may continue to use the web site or Thriftline, or contact a participant service representative to execute a contribution allocation change.

Enclosed are three copies of the Form TSP-50, Investment Allocation, for your use. The mailing address is on the form. You may make copies of the form or contact the TSP at the number below and request additional copies. The Investment Allocation form is not available in the Forms & Publications section of the TSP Web site. However, if you attempt to make an IFT through Account Access, you will recieve an error message containing a special link to the Investment Allocation form, allowing you to download the form.

Investment Allocation forms are processed as they are recieved at our mail facility and are handled first-in, first out basis. Therefore, requests for expedited handling of a form will not be honored.

The regulation proposing the structural restrictions has been published in the Federal Register for comment. Links to both the interim regulations in place now and the proposed structural regulations can be found at www.frtib.gov and www.tsp.gov (Whats New or Inormation about Inreund Transfer Restrictions). We do not expect the structural restrictions to be implemented before May 1, 2008.

We regret the need for this action. However, these restrictions are necessary because of the higher transaction costs and reduced investment returns for all participants in the affected TSP funds, and the greater risk of performance deviation from the TSP Funds' benchmark indexes associated with recurrent IFT activity.

If you have any qestions regarding this letter, you may contact the TSP at 202-942-1460. Comments about the proposed structural regulations should be addressed in writing to: Thomas K. Emswiler, General Counsel, Federal Retirement Thhrift Investment Board, 1250 H Street, NW, Suite 200, Washington DC 20005. The agency's fax number is 202-942-1676.

Sincerley,

Gregory T LOng
Executive Director

 

[hessian]

Sorry to hear that. Do mind telling us your trading pattern this year/month? ie how many transfers have you been making.
Thanks

I got my letter the end of Jan - effective for Feb - 3 IFTs & I did stick to that (for Feb). I did do 2 "rebalancing IFTs" for March, + 2 pullbacks to G, 1 being full to G, the other a partial to G (part to F). - By my read, from the Acct Statement they sent subsequently, & from the FTIRB Fed. Reg. Pub. -the latter is not disallowed!
(- nothing "certified" yet, here, but now very concerned)

Is your activity accurate? for your activity since this year-from the "tracker results! (Sure hope not!...)
FuturesTrader
Allocation date / timeIFT date (COB)G %F %C %S %I %L2040 %L2030 %L2020 %L2010 %Income %
2008-02-29 21:31:042008-03-03100000000000
2007-10-03 11:47:422007-10-03500050000000
2007-10-02 11:57:342007-10-020350353000000
2007-09-28 10:46:142007-09-2820200303000000

(1 IFT this year??)

 

[FUTURESTRADER]

Sorry to hear that. Do mind telling us your trading pattern this year/month? ie how many transfers have you been making.

Thanks

I've pretty much made IFTs every day, (kinda like rebalancing?) nibbling in or out 10%-20%
from each fund depending on what I determined the trend to be. I was one of the 3000.

 

[FUTURESTRADER]

Is this accurate? -from the "tracker results!
Sure hope not!...

FuturesTrader
Allocation date / timeIFT date (COB)G %F %C %S %I %L2040 %L2030 %L2020 %L2010 %Income %
2008-02-29 21:31:042008-03-03100000000000
2007-10-03 11:47:422007-10-03500050000000
2007-10-02 11:57:342007-10-020350353000000
2007-09-28 10:46:142007-09-2820200303000000

no..I haven't been updating the tracker

 

[350zCommTech]

We do not expect the structural restrictions to be implemented before May 1, 2008.


Sincerley,

Gregory T LOng
Executive Director

That sucks! Not giving an exact date the implementation of the new policy.

Thanks for posting the letter FUTURESTRADER.

 

[FUTURESTRADER]

That sucks! Not giving an exact date the implementation of the new policy.

Thanks for posting the letter FUTURESTRADER.

np...caymanbrac12 says 'don't sign the letter'...anybody know the ramifications of that?

 

[weatherweenie]

That sucks! Not giving an exact date the implementation of the new policy.

Ironic that this is happening during this volatile market time.

 

[Show-me]

When you don't sign it, it is not deliverable thus you have not been properly contacted before they restrict your account. I won't sign mine.

 

[weatherweenie]

When you don't sign it, it is not deliverable thus you have not been properly contacted before they restrict your account. I won't sign mine.

I have a hard time believing they'll let people continue to trade, just based on them not signing for the letter.

 

[hessian]

NO MORE PLAYING AROUND! -- TIME FOR SERIOUS ACTION!

 

[weatherweenie]

If they restrict you without proper notification it's a breach of fiduciary duty. Moreso if you weren't a recipient of his January 24 letter.

They wouldn't be able to say, 'we tried to notify him/her....here's the proof we sent the notification letter.'

 

[tsptalk]

Time to Act! - FRTIB IFT limit rule posted on Federal Register!

Comments due by 4/09/08. ​

Act now or accept the proposed changes.​

Fax comments online.​

Proposed Rules

Press Release - 03/12/08 [FONT=Arial,Helvetica,sans-serif][FONT=Arial,Helvetica,sans-serif]-[/FONT][/FONT]TSPshareholder.org

 

[FUTURESTRADER]

They can say whatever they want. If you don't get it in hand, it doesn't count.

in caymanbrac's account tallk he links 'answerbag'. If you refuse it, there is a block that is checked that says you refused it. That may be enuff.

 

[hessian]

IMO, we need to get as many of the "Retirement Organizations" behind us, backing this - because this does directly harm retirees (as well active employees wanting to retire).

Retirement groups have tremendous Congressional lobby clout, money, & legal staff resources!!

Baby-boomers now retiring cannot rely just on Social Security!
Folks need help, not walls thrown in our path!!

(I did fax my comments on the FR Notice to FRTIB.)
- FWIW.

 

[Tomncath]

...I think we need an injunction at this point to prevent further FRTIB action on this matter until there is a Congressional investigation....

This is the ONLY thing that will work, temporarily! Everyone needs to put their money where their mouth is. Minimum of $100 a pop to start....

 

[Braveheart]

We need to find out who these people are

1. Lt. Col. Thomas K. Emswiler, executive director of the Armed Forces Tax Council in the Office of the Assistant Secretary of Defense for Force Management Policy - 2001 that is the go to guy !!

2. On March 19, 2007 Chairman Andrew M. Saul announced the selection of Gregory T. Long as Executive Director of the Federal Retirement Thrift Investment Board. The Board members had convened yesterday for their monthly meeting. The Executive Director of the Board serves as the Chief Executive Officer and managing fiduciary of the Thrift Savings Plan (TSP) for Federal employees.
For the past year, Long has been the Director of Product Development for the TSP, serving as the Agency’s chief research officer and principal advisor for all product development and related policy matters. Before joining the TSP, Long spent seven years with CitiStreetwhere he served as Director of Marketing for the American Bar Association Retirement Funds. In that position he oversaw all marketing, sales and product development activities for a program that provides 401(k) services to over 4,000 law firms nationwide. Prior to CitiStreet, Long spent six years with Putnam Investments, most recently as the Regional 401(k) Sales Director in the southeast U.S.

THIS IS WHO WE ARE DEALING WITH !!!!!!!!!!!!!

 

[Braveheart]

We need to find out who these people are

1. Lt. Col. Thomas K. Emswiler, executive director of the Armed Forces Tax Council in the Office of the Assistant Secretary of Defense for Force Management Policy - 2001 that is the go to guy !!

2. On March 19, 2007 Chairman Andrew M. Saul announced the selection of Gregory T. Long as Executive Director of the Federal Retirement Thrift Investment Board. The Board members had convened yesterday for their monthly meeting. The Executive Director of the Board serves as the Chief Executive Officer and managing fiduciary of the Thrift Savings Plan (TSP) for Federal employees.
For the past year, Long has been the Director of Product Development for the TSP, serving as the Agency’s chief research officer and principal advisor for all product development and related policy matters. Before joining the TSP, Long spent seven years with CitiStreetwhere he served as Director of Marketing for the American Bar Association Retirement Funds. In that position he oversaw all marketing, sales and product development activities for a program that provides 401(k) services to over 4,000 law firms nationwide. Prior to CitiStreet, Long spent six years with Putnam Investments, most recently as the Regional 401(k) Sales Director in the southeast U.S.

THIS IS WHO WE ARE DEALING WITH !!!!!!!!!!!!!

Ironically he sends out these notices 1 year to the day he was appointed to his position. This must be part one of his 5 year plan and he is going to see just how far he can go. He is connected with 4000 Law Firms Nationwide so that immediate sets up a conflict of interest in any court or in front of any Judge. Impartial ???????????? Not a chance in hell.

 

[Braveheart]

Ironically he sends out these notices 1 year to the day he was appointed to his position. This must be part one of his 5 year plan and he is going to see just how far he can go. He is connected with 4000 Law Firms Nationwide so that immediate sets up a conflict of interest in any court or in front of any Judge. Impartial ???????????? Not a chance in hell.

I say the hell with all of this the only way to expose them is right in the Press. The Wall Street Journal, CNBC every Media Outlet. Congress and the Senate only act when there is outrage. Imagine a Soldier in Iraq being sent a letter you made 4 transactions when we said 3 now you will pay and you must mail your form 50 to the TSP because you didn't listen to us and by the way sorry your home is forclosed, we decided to cut your benifits, you will have to wait 4 months for the DAV to see you and thanks for your service to our country.

 

[Asylum]

if they are so serious about 3 trades a month, why is there noting on the IFT page at tsp.gov?

Seems to me they would have your number of monthly trades listed and wont let you exceed the limit.

The whole mail in bit smacks of stupidity

 

[amoeba]

I wonder if any of the P-candidates have a view on this issue:

A couple million votes might be in the balance. This is important and affects all TSP participants.