The purpose of this thread is get a professional legal opinion and pursue a successful Injunction or Reformation of the TSP 2008 Rule that limits member to only 2 IFTs per month.
If we don't start some where, we will forever be no where. nsurf9
Last edited by nsurf9; 12-06-2011 at 11:35 PM.
There was a major effort back in 2008 and a thread around here discussing it. The results of the effort, and the prospects for another effort succeeding, should be in it. Anyone better at search than I am?
Thanks for responding. Did anyone retain an attorney and seek an injunction?
I recall also looking into the issue in about the 2008 time-frame. I spoke to Ms Ray and asked why the Board was not forthcoming as to the cost of an IFT for all the funds - with no response. I also spoke two people at the Department of Labor, if I remember correctly, that they have oversight over the Board, but was told it was limited.
I even had the Federal Times publish an article regarding the severe limitations of the rule..
However, I don't remember anyone really getting what amounts to a memorandum of law regarding an injunction of the 2008 rule. I will start looking back thru the posts, but I don't believe its there. I believe everyone was just beating around the bush with surveys, compaints to advisory board, etc, but no legal action.
The problem I see for the Board, and the ray of hope of TSP members, is that the Board was not forthcoming, as a fiductiary, with the cost of an IFT. It clouded the I fund different exchange rates, trading at different times of the day, with easily ascertainable costs of the other equity funds' pooling and settlement costs. The F, C, and S fund, should have been broken out from the I fund problem. Additionally, the TSP Board and its employees get bonuses for low administrative costs, even when its to its beneficiary detriment.
The bigger issue, moreover, is TSP members exercising control over its own fund.
Last edited by nsurf9; 12-07-2011 at 03:37 PM.
Seems like Deja vu all over again?
I agree with you 100%
The difference between now and then is now I.believe we have a good attorney to pursue the matter
Jkenj - What was the form of your efforts?
There is no legal recourse. The board is empowered by law to write the rules.
Of course, we could a go to the next meeting as "Occupy FTRIB", and try to convince them to listen to us that way.
MIC CHECK!
I recall from my own research, redress for fiduciary violations lies with, if I recall correctly, with the Department of Labor. Do recall the law on that issue? If the rule is, in fact, a violation of fiduciary relationship, there is recourse.
If, after 25 years, you have $300K in your TSP and you contributed 100% (Highly unlikely) of that money between your contributions and the match, thats a problem. It is nothing more than an overgrown piggy bank with someone helping you save. There are no earnings.
I assure you, someone is making a ton off of those investments. (Blackrock)
I must admit though that most people are upset because of the last few years economic conditions. I could be wrong but it seems TSP Talks registration steam rolled after 2008. I have not been around since the beginning though.
In Dog Beers I've only had two.
you said it rejoinder. I'm with you on this issue! this arrangement needs to be changed. and also, why does IFT have to be done before noon, markets are closed not until 4? It seems tsp board doesn't want to see its members doing well financially.
folks, below is the address of the TSP board. please spare a few moment of your time to write a few lines to the board on the current IFT rule. we need to form a collective voice, so the issue can get on the board meeting agenda.
FEDERAL RETIREMENT THRIFT INVESTMENT BOARD
1250 H Street, NW Washington, DC 20005
[it's some board. doesn't even have an email address in this information superhighway age to communicate with its members].
Also, below is the monthly meeting minutes of the board. they even had a bill to introduce a mutual fund into TSP, but it was voted down. we don't need any more financial products. all we need is making TSP operated better. get rid of that IFT limit or at least the 12 o'clock deadline !!!!
http://www.frtib.gov/FOIA/minutes.html
S&P500 (C Fund) (delayed) (Stockcharts.com Real-time) |
DWCPF (S Fund) (delayed) (Stockcharts.com Real-time) |
EFA (I Fund) (delayed) (Stockcharts.com Real-time) |
BND (F Fund) (delayed) (Stockcharts.com Real-time) |
||
Yahoo Finance Realtime TSP Fund Tracking Index Quotes |
Bookmarks