What YOU can do to fight back - IFT limit

[airlift]

Palladin,
Forgive my lack of response. Excuse me for not answering your PM, but I have been quite busy, and my hands are full. Later. Thanks.

Guys,
Add my name to the list of fallen "rebels". Today I tried an IFT from 100G to 100F, but my account has been restricted.

 

[FUTURESTRADER]

However, Long said, TSP veterans who move from job to job in the private sector, building 401(k) accounts as they do, can roll those nest eggs into their TSP account where expenses are far lower than other rollover account.

Commercial firms that manage investment funds for 401(k) plans typically impose annual fees of from 50 cents to $1 per $100 in account balances. TSP fees are only about two cents per $100. Intel, Mobil and perhaps a few other corporations have gotten employee 401(k) fees down below 10 cents per $100, Long said, “but nobody does it as cheaply as we do.”

So if the TSP already has such low expenses, why are you trying to completely demolish our ability to manage our own accounts just to save each member less than $2 per year, Mr. Long?

"Because it looks good on my resume. I saved the U.S. government's retirement plan $30 million" (or whatever amount T. RaY and Greggy L claim). They want the glory, even if it does decrease the desirability of the plan to those who don't have their head in the sand, the uninitiated. They have played the ignorance of the masses to their favor.

 

[grasshopper]

Article in the latest Stars and Stripes by our good friend Gregory T. Long from the TSP encouraging Army personal to sign up for TSP.

http://www.stripes.com/article.asp?section=104&article=53835

 

[airlift]

Re: Show-me Account Talk
Show,
Please excuse my invasion of your thread for a request that I have to make to all my friends in the message boards at TSPtalk. I am making this appeal here because you are highly respected and your thread is widely read.

Some good friends with whom I have corresponded with through the years have tried to help me, but they have their own problems and their own limitations. I always have been a very discreet and very private person, but the circumstances that are weighing on me have dictated that I open up a bit of my personal life in order to seek wider advise from other colleagues here at TSPtalk.com.

I would have thought that certain events should be treated with flexibility, and that a supervisor at TSP.gov should be able to use some discretion in order to deal with exceptional problems with a sense of fairness and understanding. We shall see!

My problem below is self-explanatory. I need your good minds to help. Thank you in advance all!

To all members at TSPtalk:

Please treat this as a true personal emergency. I am asking for your help urgently. Since you have helped me in the past, I trust that you might help me find a solution to this problem.

In January 2008, I had to face some debts and other personal financial obligations. At that time I was in confusion, and it was all quite hectic. Due to the fact that my maximum loan amount was capped at around 40,000, and I needed in excess of $100,000, in the stressful confusion, I decided to do what I believed was the correct thing to do. I took $125,000 dollars, knowing that they would retain 20% witholding for tax purposes. I received the $100,000 dollars and was able to meet all of my existing obligations. My wife and I were able to breathe normally after I cleared the debts.

It was never my intention to preclude myself from using the provisions of an aged-based roll-over IRA after age 59 1/2. I sincerely believed (and still believed until today) when I called the TSP toll-free number at (877) 968-3778 that the witholding penalty withdrawal was different and separate action which was governed by different regulatory provisions. In my predicament and stress in January, it never occurred to me that TSP thrift would prevent me from doing a roll-over IRA. Today, a representative by the name of Kimberly told me that the application that I filed for a roll-over IRA on March 19, 2008, is being denied for the reasons I just explained above.

In my good faith I opened an account at the Orlando, Florida branch. It was from that office that the manager faxed the application with their help and with the required information. I have been very excited and looking for the transfer and to manage my IRA.

This morning (yesterday) I asked Ms. Kimberly at TSP to let me talk to a supervisor, but she left me waiting a long time until she finaly told me that a supervisor would call me in up to 48 hours. Please help me reach someone that may be understanding of my true intention under stress. Your suggestions are highly valued!

 

[Gaetaone]

Howdy,

I sent a letter that included a personal appeal along with borrowed facts/wording from the 23 letters. I'm fighting off a bit of a flu bug and will try to post my letter tomorrow.

I then sent them about 16 of the letters along with some links and other information.

It was a little discouraging that all letters and correspondence I sent to Congressman and Senators outside of Nevada came back saying since I wasn't a constituent they couldn't assist. Gosh, they're sitting on the committee's but can't help you.

Take care and best of luck everyone

John

 

[brian_allen_19]

I am current deployed and snail mail may take awhile if I were to send a letter. Besides I dont have a lot of internet time to come up with a letter BUT if anyone wants to help me write one, I would be glad to send it or better yet I can give you my return address..lol LET ME KNOW SOMETHING

 

[Guest2]

For those forced to use snail mail, I have a suggestion. To keep thorough
records of loses due to the imposed restrictions, I have done the following;

#1- Utilize Microsoft Excel or Works Spreadsheet to track your "would be"
moves. This record should reflect what gains/loses you would have gotten
without having to resort to Snail Mail. As of this moment, I've lost -1.36%

#2- Each time you would have made an IFT, go to the TSP site and make
the attempt anyway. Once you get the restriction notice. Go up to "File"
and "Save As". Create a folder to keep your records in and save the denial
within the folder. It will save the page as a .MHTML (including your Fund
% selections). This saved webpage will be timestamped on the specific
day and prove your intent prior to the 12 noon deadline. This should be
done everytime you would have made an unrestricted IFT.

One last thing, I've also been saving my TSPTalk Tracker pages to show
that history can and does repeat itself. In other words, my Gains/Loses
are not unique to just a few months. I have my prior years Spreadsheets
to prove my consistancy in beating the TSP Funds while un-restricted.

I may be pissing in the wind, but I will be ready to pursue Legal Action.
:worried:

 

[qibovin]

The TSP plan would benefit from some good ole fashion competition-->

I initially read this "competence."

 

[clester]

My problem is that in the first letter they state "you may be restricted" to mailing in IFT's. They should have said "will be" if that's what they meant.

I went to "G" because I didn't want to take the chance of not being able to get out if there was a crash. I would have stayed in otherwise. So, it cost me at least 2% so far (

 

[troxel]

I'm locked out as of today as well. I sent them the whole enchilada and towards the end of the day I got an email back letting me know it was received and to send anything else I/we can lay our hands on.

Really thought I'd have a chance to go to safety today. Starting a day early was definitely a "Screw You" little guys move.

Here to. Someone is on power trip and they are going out of their way to antagonize their customers.

Thing is, I did not violate their stupid interim rules as communicated on tsp.gov. I had sent in a letter demonstrating their unclear communication of 3-trades flat versus unlimited trades to G for the month February - still locked out. I even called thriftline and they were confused on what the new interim rules are as well and they agreed they did not understand why I was going to be locked out. I called the board and demonstrated to the representative how unclear the rules and he just stuttered and didn't have anything to say.

I did notice the FAQ page on TSP was changed after my discussion with the board a couple of weeks ago. Tried to go back to the wayback machine to get the older copy but it was not available.

The TSP plan would benefit from some good ole fashion competition, too bad there is not some way to structure the retirement investment plan where private industry provides the service and government just provides regulation.

 

[Gaetaone]

Thanks Anidoc,

I'm locked out as of today as well. I sent them the whole enchilada and towards the end of the day I got an email back letting me know it was received and to send anything else I/we can lay our hands on.

Really thought I'd have a chance to go to safety today. Starting a day early was definitely a "Screw You" little guys move.

I'm a mental midget compared to all of you and have had a lot of ground to make up. Thanks to a few timed moves and everyones knowledge Feb 8th - Mar 31st I made up 9.82%.

John

 

[Guest2]

Thanks Anidoc ! I'll let the dust settle !
Maybe I'll try one in a couple days !

I'm tracking my account on a seperate spreadsheet (unrestricted tracking)
to see how I would have faired w/o this garbage. Who knows, maybe it
will come in handy some day? (Your Honor, I'd like to present exhibit A)

 

[Braveheart]

Sorry I could not help myself you can still post remarks here I did yesterday - http://www.govexec.com/mailbagDetails.cfm?aid=38858


TSP officials hear from participants on interfund restrictionsBy Brittany R. Ballenstedt bballenstedt@govexec.com December 17, 2007

The Federal Retirement Thrift Investment Board should resign for waste, abuse and fraud. Sen. Clinton and Sen. Obama do something about this matter now. You pledge your support to the middle class working men and women. You pledge support of the Military well we can't hear you. There are 3.8 Million members who want action not words. Your words are hollow unless you speak up in public now to investigate and stop this. You want our votes then earn them. This is a Republican hand selected board and Sen. McCain would be more of the same. No more speeches Sen. Obama - ACTION

Union Members Support Real Action Posted March 30, 2008 5:36 PM

 

[Guest2]

Questions Unanswered. I don't want to call the Thrift Line.
Can someone with experience help me answer this;

CAN IFT's BE FAXED IN NORMALLY ?

IF NO, THEN NOTHING HAS CHANGED!
IF YES, HAS THERE BEEN ANY CHANGES DUE TO RESTRICTIONS?

Thanks In Advance, I've never done this and thought someone might have

 

[Gaetaone]

Update....

I spoke with one of Congressman Heller's assistants and sent them more information than they probably wanted. They sent a privacy form for me to sign so they can start looking into everything which I signed and sent back. At least they appear to be willing to look at everything. I know I've had to answer a few Congressional Inquiries over the years and it's not something anyone looks forward to.

John

 

[Guest2]

MIke from NH , in TSP since Oct 1986, Monday Morning 4:00am EST, Just made an IFT by phone, nothing seemed out of the ordinary on the Thrift Line.... maybe it's too early for the computer restrictions on the Infamous 549 Brave TSP traders........

Megansh, welcome, I happen to be one of the 549. My restriction is
to start on April 01,2008. This has lead me to believe that today should
be my final IFT via the Web.

 

[Megansh]

MIke from NH , in TSP since Oct 1986, Monday Morning 4:00am EST, Just made an IFT by phone, nothing seemed out of the ordinary on the Thrift Line.... maybe it's too early for the computer restrictions on the Infamous 549 Brave TSP traders........

 

[James48843]

The Website "My Federal Retirement" has this small article;

Group of frequent TSP traders organize to oppose limits on trading
TSPShareholders.org's ([URL="http://tspshareholder.org/"]http://tspshareholder.org/[/URL])
January newsletter questions the Thift Saving Board's math on trading costs,
and states "our petition against imposing TSP Interfund Transfer limits continues
to grow. More than 2,800 federal employees, U.S. military members, and retirees
have already signed the petition to reverse the decision of the Thrift Board to
limit Interfund Transfers."

http://www.myfederalretirement.com/public/238.cfm?sd=15

JUST THOUGHT YOU'D LIKE TO KNOW

Nice find. Thanks!

Everybody, keep your eyes out for other articles. If you see one that allows blooger comments, please, by all means, post it up here so we can all go over and pitch in our 2 cents.

 

[Guest2]

The Website "My Federal Retirement" has this small article;

Group of frequent TSP traders organize to oppose limits on trading
TSPShareholders.org's ([URL="http://tspshareholder.org/"]http://tspshareholder.org/[/URL])
January newsletter questions the Thift Saving Board's math on trading costs,
and states "our petition against imposing TSP Interfund Transfer limits continues
to grow. More than 2,800 federal employees, U.S. military members, and retirees
have already signed the petition to reverse the decision of the Thrift Board to
limit Interfund Transfers."

http://www.myfederalretirement.com/public/238.cfm?sd=15

JUST THOUGHT YOU'D LIKE TO KNOW

 

[tsptalk]

Go for it ayla. We'll be able to see that you are going over the limit so it's not a problem.