What YOU can do to fight back - IFT limit

Well again, the point is the same. In your example those participants do not trade (naively sit in G). Therefore, TSP is able to cover their costs on those accounts. Contrast that with active traders with expenses far exceeding management fees on the account. Me, I entered trades on 15 days in November. There is no way a 6 bp fee is enough to cover the costs I generated. I feel I must deal with facts as they are, not the way I want them to be. If my active trading costs exceed the management fees, is it reasonable to expect TSP to allow me to continue? I would like the answer to be yes. However, I know the world does not operate for my benefit.

The point of my initial post was to point out we need alternative solutions when we contact the decision makers rather than clamoring for status quo. I feel 6bp fund fees and unlimited trading was way too much of a good thing. In my view, expecting that policy to remain is unrealistic.
 
yeskevin,

I certainly respect your opinion, but a vast majority of TSP investors are not getting their matching funds or even holding a diverse allocation.

They, the TSP board, had to change the rules and make the L fund a default spot to get TSP investors "in" the market. Saving them from themselves once again.

There are other options instead of limiting IFT to two a month.
 
You All Miss The Point

As much as I do not like this policy change, I fully agree with it. We can't have it both ways. TSP has by far the lowest fees of any 401k! 6 bp is an amazingly low fund fee. Most TSP funds fees are less than half of even Vanguard, and Vanguard is quite strict concerning trading activity. You can't expect to have a fund fee of 6 basis points, and allow unlimited trading. Each of you look at your account balance, mutiple it by 6bp, and see how little in fees you are charged. TSP must either increase fees or decrease costs (curb the trading activity). Like it or not, the vast majority of TSP investors do not actively trade their accounts, and only periodically reallocate. And any poll in this regard will be biased, as those who don't trade have little incentive to participate in the poll. Why should they be required to pay higher fees to subsidize our activity? Therefore, the only answer that makes sense to me is for TSP to institute a "pay to play". If you want to actively trade, you must pay a commission type fee for trades above their threshold. If the TSP board feels this is too much hassle, we are out of luck. Instead of active trading we will be relegated to tactical asset allocation discussions.
 
I agree with James that phone calls to as many ETAC members as possible are most effective, but if you can't or won't call, AT LEAST e-mail the chairman (James Sauber) and the vice-chairman (Richard Brown) of ETAC and let them know how you feel!!. It is CRITICAL that these gentlemen hear from us! Ask them to reply to your e-mail and let you know whether they will help fight these outrageous restrictions on our rights or not....and if not, why not??. And if you don't hear back from them within a few days, e-mail them again! Everyone can do this, it just takes a few minutes.

There are many sample letters and other good posts in this thread that can be plagerized for the content of your e-mails, if that saves time for you.

Richard Brown, President, NFFE
RBrown@NFFE.org

James Sauber, Research Director, NALC
JSauber@NALC.org
 
crhuss said:
Today is Nov. 28 at 1:30 mountain time. I called Rick Brown's office. His secretary said my call was only the second call received concerning the issue of limiting IFT. If we want this thing to work, we ALL have to take action. Otherwise, we'll all get what we don't want. :(:worried:
Click to expand...

Only one other person has called Rick Brown, a member of the body that stands between us and the change?


Rick Brown is the presidnet of the advisory council:

National Federation of Federal Employees
Richard Brown, President
805 15th Street, NW Suite 500
Washington, DC 20005

202-216-4420 (main)


I called over the weekend, and left a message by punching my way through to his voicemail. And now he's only gotten two phone calls?


ARISE TSPers, ARISE! CALL HIM!!!


While you are dailing-

Have you called your Congressman yet?

As crhuss points out- Congress listens when people are calling, and right now people are not calling.

Don't rely on someone else to do it for you. YOU need to pick up the phone and call your congressman.
Do it at lunch today.
Do it tomorrow.
Just do it.
 
Thank you for the full list.

FOLKS- These are the 14 people who can stan up to the Thrift Board, and tell them to change their minds.


I want you to print out that list- and carry it in your wallet.

Each day until the Thrift Board changes its mind, I want you to call at least two people on that list of 14 people.

And the message I want you to tell them is: This is a wrong action. It's our money, not the Thrift Boards money. What they are trying to impose is wrong, and you want this person to work on your behalf to fix the wrong that over 80% of the voters in the federal employee poll believe is wrong. It is wrong to limit trades. It is a Fair Value problem, not a trading problem, an even if they did slam the door on your ability to manage your own account, the costs still will continue- this isn't the solution.

Send that message every day to just two people on that list.

Again. And again. And again.

Thanks
 
List of members of the ETAC. Call, write, fax, etc.

National Association of Postal Supervisors
Louis Atkins, Executive Vice President
1727 King Street, Suite 400
Alexandria, VA 22314-2753
Phone (703) 836-9660
Fax (703) 836-9665

National Treasury Employee Union
Collen Kelley, National President
1750 H Street, N.W.
Washington, D.C. 20007
(202) 572-5500

Uniformed Services use:
The Department of Defense
Attn: Colonel Adrienne Fraser-Darling, USMC
1400 Defense Pentagon
Washington, DC 20310-1400
Note: No solid address yet, but this is close. I will work on it some more.


National Association of Letter Carriers, AFL-CIO
James Sauber, Research Director
100 Indiana Avenue, NW
Washington, DC 20001-2144
(202) 393-4695 or (800) 424-5186 for NALC Retirement Dept.


American Postal Workers Union, AFL-CIO
Myke Reid, Director Legislative Dept.
1300 L Street NW
Washington, DC 20005

(202) 842-4210

NARFE National Headquarters
Richard Ostergren
606 N. Washington ST.
Alexandria, VA 22314
Phone: (703) 838-7760 Fax (703) 838-7785

National Association of Government Employees
John Albanese
159 Burgin Parkway
Quincy, MA 02169

617-376-0220
toll free: 866-412-7762
Fax
Executive Office: 617-472-7566
Legal Department: 617-376-0285
Membership Department: 617-376-0469
Communications Department: 617-984-5695

American Federation of Government Employees, AFL-CIO
Susan Thomas
80 F Street, NW
Washington, DC 20001

(202) 737-8700
comments@afge.org

National League of Postmasters
Charles W. Mapa, President
5904 Richmond Hwy, Suite 500
Alexandria, VA 22303-1864

O: (703) 329-4550
F: (703) 329-0466
E-Mail: cmapa@postmasters.org

Federal Managers Association
Darryl Perkinson, President
1641 Prince St.
Alexandria, VA
22314-2818

Phone: (703) 683-8700
Fax: (703) 683-8707
E-Mail: DarrylFMA@cox.net

National Rural Letter Carriers’ Association
Clifford Dailing, Secretary-Treasurer
1630 Duke Street
Alexandria, VA 22314-3467
703-684-5545

National Association of Postmasters of the United States
Dale Goff, President
8 Herbert Street
Alexandria, VA 22305-2600
Voice: 703-683-9027
Fax: 703-683-6820
General e-mail: napusinfo@napus.org
Note: It has the contact name listed as Oscar Goff, but Dale Goff is the President.

Senior Executives Association
Richard Strombotne
820 First Street N.E.
Suite 700
Washington, DC 20002

(202) 927-7000

National Federation of Federal Employees
Richard Brown, President
805 15th Street, NW Suite 500
Washington, DC 20005

202-216-4420 (main) · 202-898-1861 (fax)

Federally Employed Women
Sharon Roydes, Treasurer
1666 K Street, N.W. Suite 440
Washington, DC 20006

Phone: (202) 898-0994
Email: roydes@sbcglobal.net
 
I was reading through the GAO audit of TSP today (from June, 2007), and found this interesting quote in it, from Greg Long, Executive Director of teh FRTIB. It just reinforces what we have found in many other sources.....the administrative expenses of the TSP are very low now, and getting lower as time goes on and assets increase. Therefore, their claim that expenses have increased greatly due to frequent IFT's by a small number of TSP participants is BOGUS! If you need a quote from Long to include in your letter(s), consider using this one:
________________________________________________________________

"We concur with the use of benchmarking of costs in appropriate situations. The Agency is always mindful of its responsibility to ensure prudent use of TSP resources. In fact, as the report notes, overall TSP administrative costs, which include all Agency expenditures, compare extremely favorably with private sector 401(k) plans, which we view as the most appropriate benchmark. TSP total administrative costs, including all record keeping and staff costs, as well as investment costs, were only three basis points in 2006. This is far lower than the reported costs of any other 401(k) plan (the report cites an average of 75 basis points) and is in fact several times less than the reported investment expenses alone for the cheapest 401(k) plans."
 
FundSurfer said:
I did not see a way to contact them. If you find a contact number or address and you post it?
Click to expand...

Guys........just scroll back a page or two on this thread and you will find a lot of the info. you are looking for! This is something I posted there a few days ago. It gives contact info. for the chairman and vice-chairman of the ETAC. If you have time to contact all 15 members of ETAC, great.....but at least contact these two gentlemen and let them know how you feel. I have sent snail-mail letters to both of them, and also e-mailed Brown:
______________________________________________________________

Here is the information about two members of the Employee Thrift Advisory Board.

The chairman is Sauber, and vice-chairman is Brown.

The ETAC is a 15-member group, consisting of union and management representatives, that advises the FRTIB on matters related to the TSP. Gregory Long, Executive Director of FRTIB, was quoted as saying they (FRTIB) would need to discuss the proposed IFT restrictions with ETAC before it was finalized.

Therefore, I think we really need to flood these two gentlemen with our calls and faxes.

Richard Brown, President

National Federation of Federal Employees

805 15Th Street , NW Suite 500 ,
Washington, DC 20005
USA
Website: www.nffe.org
Phone: (202) 216-4420
Fax: (202) 898-1861


James Sauber
National Association of Letter Carriers
100 Indiana Avenue NW
Washington, DC 20001-2144
USA

Website: www.nalc.org
Phone: (202) 393-4695
 
I'm working on it and will get back to ya when I have them all.

As far as the time line goes there is not one set in motion as of now, but it is HIGHLY recommended that letters be sent to the FRTIB before the changes take place. We need to send letters to the 15 members of the ETAC too. I WILL find the contact info. on them, but first I have to pick my son up from school. See ya.

Mr. Andrew M. Saul
Federal Retirement Thrift Investment Board
1250 H Street, NW
Washington, DC 20005-3952
 
Today is Nov. 28 at 1:30 mountain time. I called Rick Brown's office. His secretary said my call was only the second call received concerning the issue of limiting IFT. If we want this thing to work, we ALL have to take action. Otherwise, we'll all get what we don't want. :(:worried:
 
I will add that Dave Toro at FRTIB was very helpful. Thanks Dave!

Also, he informed me that there is a period before proposed changes are made permanent that you are allowed to voice your concern. We need to speak up quickly. I will try to find the time line.
 
Or you can call 202-942-1660 to get FRTIB direct.

I'm still waiting on my call back from FRTIB about who the 15 members are on the Employee Thrift Advisory Counsel.
 
Federal Retirement Thrift Investment Board​
Board Members​
Andrew M. Saul, of New York (Chairman). Since 1986, Mr. Saul has been a General Partner in Saul Partners, L.P., New York City. In addition, he served as Chairman of the board for Caché, Inc., from 1993 to 2000. Previously, he was an Executive Vice President, 1968-80, and then President, 1980-85, for Brooks Fashion Stores, Inc. From 1985-86, he was President of BR Investors. Mr. Saul is a trustee for the Metropolitan Museum of Art, Sarah Neuman Nursing Home, Westchester, New York, and the United Jewish Appeal Federation, New York City. He is also Commissioner, Metropolitan Transportation Authority, New York City, and is on the Board of Overseers for Wharton School of Finance, University of Pennsylvania. Mr. Saul received his B.S. (1968) from Wharton School of Finance. He was born in New York City in 1946, and currently resides in the New York area with his wife, Denise. They have two daughters.

THOMAS A. FINK, of Alaska. Mr. Fink has been semi-retired since mid-1994 after having served six years as Mayor of Anchorage. He has primarily been a life insurance salesman since 1958. Mr. Fink also spent eight years in the State Legislature, including two as speaker. He was born in Peoria, Illinois, in 1928 and has a B.S. from Bradley University (1950), a J.D. from the University of Illinois Law School (1952), and a CLU from the American College of Life Underwriters (1963). He wrote a weekly column on issues of the day in a local paper between 1975 and 2001. Mr. Fink has lived in Anchorage with his wife, Pat, since 1952. They have 11 grown children.

Gordon J. Whiting, of New York. Mr. Whiting is a Managing Director of Angelo, Gordon & Co., a leading investment management firm specializing in non-traditional assets, which he joined in 2004. Previously, he was an Executive Director of W. P. Carey & Co. LLC (NYSE: WPC), which he joined in 1993. He was also the President of Corporate Associates 14, Incorporated, one of it's publicly-held, non-traded real estate investment trusts that invest in commercial and industrial properties. Prior to that Mr. Whiting founded an import/export company based in Hong Kong. Mr. Whiting serves on the Cornell University Council and the Board of United Neighbors of East Midtown, Inc., is the Treasurer of the Camp Fire Conservation Fund, Inc., and is an Eagle Scout. He received a B.S. in Business Management and Marketing from Cornell University and an M.B.A. from the Columbia University with a concentration in Finance. He was born in Bronxville, New York, in 1965, and currently resides in Manhattan with his wife, Cornelia.

Alejandro M. Sanchez, of Florida. Mr. Sanchez is the Chief Executive Officer of the Florida Bankers Association (FBA). He serves as one of the fiduciaries for the FBA pension plan. He has served on the boards of several non-profit organizations in Florida. He currently serves on the Board of Florida Tax Watch, and is a member of the Florida Bar. He served almost five years in the United States Air Force from 1976-81. Mr. Sanchez graduated from Troy State University (B.S., 1981) and the University of Iowa (J.D., 1983). Mr. Sanchez practiced law with the law firm of Sinclair Louis in Miami from 1984-1986, served as Inspector General and General Counsel for the Florida Department of Commerce from 1987-1988, and was Senior Corporate Counsel for GTE Information Services in Tampa from 1989-1993. He joined the FBA in 1993 and was named CEO in 1998. He was born in Havana, Cuba, on January 12, 1958, and currently resides in Florida with his wife, Mercedes, and their two children.

TERRENCE A. DUFFY, of Illinois. Mr. Duffy was elected Chairman of the Board of Chicago Mercantile Holdings Inc. (CME Holdings) and Chairman of the Board of Chicago Mercantile Exchange Inc. (CME) in April 2002. He was Vice Chairman of the Board of CME Holdings, Inc. from its formation in August 2001 and of the Board of CME from 1998 to April 2002. He has been President of TDA Trading, Inc. since 1981. He has been a CME member since 1981 and a Board member since 1995. As the company’s Vice Chairman, Duffy served on the executive, compensation, nominating, strategic planning, and regulatory oversight committees. In 2002, he was appointed by President Bush to serve on a National Saver Summit on Retirement Savings. In 2004, Mr. Duffy was appointed to the Board of Directors of World Business Chicago, the Board of Regents for Mercy Home for Boys and Girls, and the Advisory Council for the Graham School of Management of Saint Xavier University. He is also a member of the Economic Club of Chicago, the Executives’ Club of Chicago, and the Chicago Committee of the Chicago Council on Foreign Relations. Mr. Duffy attended the University of Wisconsin-Whitewater, studying business administration. He was recognized as one of the top 100 Irish Business Leaders by Irish America Magazine in 2003 and 2004. A Chicago native, Mr. Duffy and his wife have two children.

Executive Director
GREGORY T. LONG, of Washington, D.C. Greg is the Executive Director of the FRTIB, the Federal Agency that administers the Thrift Savings Plan (TSP). In this role, Greg serves as the Chief Executive Officer and managing fiduciary of the TSP. The TSP services 3.7 million current and former Federal employees and Uniformed Service members with over $200 billion in assets, making it the largest defined contribution plan in the world. Prior to his appointment as Executive Director, Greg was the FRTIB’s Director of Product Development, where he was responsible for the Agency’s strategic planning functions and its development of new services and products that promote beneficial savings behavior. Additionally, Greg managed all research efforts to understand the attitudes and investment behavior of TSP participants.
Before joining the FRTIB, Greg spent seven years with CitiStreet, where he served as the Director of Marketing for the American Bar Association Retirement Funds. In that position, he oversaw all marketing, sales, and product development activity for a program that provides 401(k) services to over 4,000 law firms nationwide. Prior to CitiStreet, Greg spent six years with Putnam Investments, most recently as the Regional 401(k) Director in the southeast U.S. Greg was born in Boston in 1967 and is a graduate of St. Anselm College in Manchester, NH. He plans to live in the Washington, D.C., area with his wife, Laura, and their son.
 
I made a buddy of mine aware of this who works for Congress on the Hill. I'll see if i can get him fired up about it so maybe he can mention it to some big wigs. I will be writing some letters here soon too when I get a chance later in the week. All this information is great, keep up the good work!
 
FRTIB and ETAC

FRTIB phone 202-942-1660

I called the above number and the receptionist said the Dave Toro handles external affairs and he will call me back. I will update after I hear something.

We may need to do a mass calling on this number to get their attention.

Stand by.
 
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