Why doesn't the TSP have a mirror site outside of New Orleans?

[Safetyguy]

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I'm new here but glad to see that some people are upsetthat the TSP offices are closed for Ivan. My question is why don't they have a mirror site? Most of our agencies have a site near DC and a mirror site on the West Coast. It seems irresponsible for TSP not to follow standard gov't (and dare I say - normal business) practice in this matter.

With that in mind -- if "they" promise the ability to do daily transactions (the question is is it a right or a privilege), "they" shut things down for a week or more (albeit for a legitimate reason like Ivan), do "they" have any liability forTSPparticipants not being able to transfer between funds? Maybe this is the basis of a class action suit -- the lack ofTSP's management responsibility to follow acceptable business practice and to have a mirror site(s) for transactions. TSP is not a rinky dink Yahoo store -- it is big bucks for them and us.

Right now I am 70 G and 10 in each of the three stock funds (which I switched on Monday from 50 C 20 S 30 I) so I am not too worried about capital preservation at this point. I was hoping to move back fully in the C S I funds later this week when the prices drop (like it did a bit today). So my loss may be the ability to catchthe bounce upward.

 

[tbuz]

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I'm fairly new to the site, and just became a member in order to throw mytwo cents in.....I agree with most of Safetyguy's comments, and wonder why there isn't a backup TSP website?Hopefully Ivan will raise the issue....but of course if another site is established, the downside will be additional administrationfees that will be deducted from our funds.

On another note, I know a lot of people watch the funds on a daily basis, and make a lot of interfund transfers....but think I would go crazy if I did this! I've decided to keep 40% in the G fund most of the time (since it is my retirement), and then have the other 60% in the other various funds (depending on how they're doing). I usually only make a few transfers a year, and probably aren't making the most profit, but aren't going insane watching the market on a daily basis. I had read a book a few years ago about TSP, and the investor (author) recommended 100% in the C fund (it was before we had the S and I funds) and forget it (if you had at least 20 years left to work). Once you are closer to retirement, then move the funds into the G fund. The reasoning behind it, was if you look at the stock market losses/gains since the 1920's, it's alwaysshowed a largereturn if figured over a long period of time. He used the 20's because it included the great depression (and stock market crash).

I think this is a great web site, and want to thank Tom for all the info!

 

[jwlane]

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Why no backup site? Because the TSP is run by the government. It's not run by people who know how to run a financial investment company. What would happen if Citibank credit cards were unusable for an entire week? The private sector knows customers cannot be subjected to such inconveniences and shortcomings. The TSP Board doesn't care (eg. millions wasted on new record keeping system, years delay in new record keeping system, 11:00 AM cutoff for transactions, lack of ability to trade in shares).

 

[tsptalk]

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tbuz wrote:

I think this is a great web site, and want to thank Tom for all the info!

My pleasure tbuz! Welcome.

Also, welcome to Safetyguy.

Thanks for joining us.

Tom

 

[tbuz]

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Was it 20 or 40 million dollars that they paid the first contractor to modernize their record keeping system, and then they didn't even deliver a product. Then they had to hire a new contractor to start all over again (one reason for the delays). And of course the costs were passed on to us.