TSP board to limit interfund transfers

[Braveheart]

Here is where anyone who contacts the TSP is wrong
NEVER EVER ADMIT WRONGDOING !!!

1. Be direct and state that no one is above the Law and this board will be subject to a congressional investigation. If you live in New York or Texas and have a Legal Representative you are allowed to record the entire call as long as one party that would be you agree to record the conversation.
(Roger Clemens)

2. You want names and not a form letter explaining what was your alleged violation because you are being targeted and thus you are now a member of a protected group under Federal Law. They Falsely Claim you violated the TSP Board Regulations but there is no evidence except some computer that cost 100 Million and they claim has been hacked, needs a 15 Million upgrade because of incorrect information and most importantly WHO IS WATCHING THEM? WHO DO THEY ANSWER TO AT THE TSP?

3. Don't be nice to these people they want people to beg for them to stop their Violation and Descrimination Based Upon the Fact that a Sample Group was targeted their reputations are now tarnished because they will be forever known as the 3000 who allegedly stopped unlimited trading for 4 Million TSP users. That would mean that 3000 will somehow blame themselves and this has caused stress and a disruption to the lives of the innocent 3,997,000 thanks to them. That is simply unfair to label and tarnish this group to hide the TSP real agenda which is to blame anyone and everyone for their own mismanagement where they were already found GUILTY by the Senate.

4. If you call use a phone where you have copies of the phone records (cell phone) the names and title of who you spoke to and ask for their Supervisor. Let the person know at the end of the conversation that you will procede to take your necessary steps and their name and the phone conversation will be part of the record. (FOR THE INVESTIGATIVE REPORT) you must use those exact words.

5. You want your name removed from this bogus list immediately and notify them you will also be asking for a Freedom of Information Request and a record of this conversation had better be included in that request.

6. Don't swear you will probably be recorded but don't ever admit going over a limit they set - THERE IS NO FRIGGIN LIMIT just on a targeted group for Harassment and Abuse of Power and Authority. They the TSP has violated the Law and will all be out of a job on January 9, 2009 you can take that to the bank.

[Aggie76]

Sorry if this is posted some where else, looks as if the number is down to 549 now.
From Government Executive, March 17, 2008
http://www.govexec.com/story_page.cf...dcn=todaysnews


"Of the 3,500 participants who received letters, however, 549 exceeded the interim three-per-month rule in February, Long said. TSP officials sent follow-up letters to those participants, requiring them to trade by mail starting in April, he added.
"I think the 549 people generally are not thrilled about this, but our best interest is to look out for all 4 million [participants]," Long said."

[BlueMax]

A qote form GovExec, this morning;

TSP officials sent letters to the frequent traders in January, urging them to scale back their interfund transfers to three per month. The letters generated some negative responses, but also a fair number of supportive messages, and even a few apologies from participants who did not realize their actions were causing problems, said TSP Executive Director Gregory Long.

Are they for real?

[TSPinWV]

CONGRESSIONAL UPDATE: I just spoke with a staff member in my Congresswoman's office. Here's what he shared with me:

- Senator Collins is currently (3:00 EST) being briefed by the TSP reps. Her staff will have some indication of the Senator's view of this after the briefing is over.

- He spoke with the Oversight Committee (Subcommittee on Federal Workforce, Postal Service, and the District of Columbia).
* The Majority members (Dems) are quite satisfied with the actions the TSP Board is taking. They aren't interested in the facts.
* The Minority group (Rep) are in a "wait and see" mode.
BLUF: No one is doing anything to slow down or interfere.

- I raised the issue of the potential violation of Federal Code due to the TSP Board already limiting interfund transfers for those "frequent offenders". He will attempt to get a ruling from counsel on this matter.
**I'M PUSHING FOR A TEMPORARY INJUNCTION. IT'S NOT EASY**

His advice was for us to contact the sub-committe members directly.
Danny K. Davis, Chairman
Kenny Marchant, Ranking Member

Anyone in MAINE should contact Senator Collins office IMMEDIATELY!! by phone, e-mail, fax, any and all means possible. This appears to be our best possible foot-in-the-door on this issue.

I'll keep you posted as I get more info.

[Braveheart]

CONGRESSIONAL UPDATE: I just spoke with a staff member in my Congresswoman's office. Here's what he shared with me:

- Senator Collins is currently (3:00 EST) being briefed by the TSP reps. Her staff will have some indication of the Senator's view of this after the briefing is over.

- He spoke with the Oversight Committee (Subcommittee on Federal Workforce, Postal Service, and the District of Columbia).
* The Majority members (Dems) are quite satisfied with the actions the TSP Board is taking. They aren't interested in the facts.
* The Minority group (Rep) are in a "wait and see" mode.
BLUF: No one is doing anything to slow down or interfere.

- I raised the issue of the potential violation of Federal Code due to the TSP Board already limiting interfund transfers for those "frequent offenders". He will attempt to get a ruling from counsel on this matter.
**I'M PUSHING FOR A TEMPORARY INJUNCTION. IT'S NOT EASY**

His advice was for us to contact the sub-committe members directly.
Danny K. Davis, Chairman
Kenny Marchant, Ranking Member

Anyone in MAINE should contact Senator Collins office IMMEDIATELY!! by phone, e-mail, fax, any and all means possible. This appears to be our best possible foot-in-the-door on this issue.

I'll keep you posted as I get more info.

OK TSPinWV what's the deal ? Did you get any information in the past 24 hours ? - Braveheart !!!

[TSPinWV]

Nothing yet. I hope to have an update - with more specific facts - later today.

[2EASY]

From www.fedweek.com:

TSP Proposes Rules on Interfund Transfers

The TSP has formally proposed a rule change it has been indicating for some time that it intends to pursue, limiting the number of interfund transfers that investors may make to two a month, with a third allowed only for transfers into the government securities (G) fund. The proposed rules in the March 10 Federal Register repeat the TSP’s often stated concerns that a small number of investors are making especially frequent transactions under the current system, where transfers can be made as often as every business day, driving up costs for all investors. The notice said it is not practical for the TSP to charge investors a fee for making transfers and said that many mutual funds impose even greater restrictions on transactions than the TSP is proposing, in some cases limiting investors to only four a year. The TSP indicated that it intends to finalize the policy quickly, setting April 8 as the deadline for comments.

[hessian]

From www.fedweek.com:

TSP Proposes Rules on Interfund Transfers

The TSP has formally proposed a rule change it has been indicating for some time that it intends to pursue, limiting the number of interfund transfers that investors may make to two a month, with a third allowed only for transfers into the government securities (G) fund. The proposed rules in the March 10 Federal Register repeat the TSP’s often stated concerns that a small number of investors are making especially frequent transactions under the current system, where transfers can be made as often as every business day, driving up costs for all investors. The notice said it is not practical for the TSP to charge investors a fee for making transfers and said that many mutual funds impose even greater restrictions on transactions than the TSP is proposing, in some cases limiting investors to only four a year. The TSP indicated that it intends to finalize the policy quickly, setting April 8 as the deadline for comments.

Lawsuits! Need lawsuits!! -Been saying it for a LONG while now!! Lawsuits get this tied up in the courts - but its needed before it gets instituted!!!
Only need 1 person to file! - to get court-ordered injunction - they must then prove claims /not-prove-able!

[tsptalk]

The notice said it is not practical for the TSP to charge investors a fee for making transfers and said that many mutual funds impose even greater restrictions on transactions than the TSP is proposing, in some cases limiting investors to only four a year.

The problem with their justification is that we have our money in there and they are changing the rules midstream. If I was in a mutual fund that changed its rules, I'd move my money elsewhere. We are stuck in the TSP. If they want to change the rules we need to get access to our money (our contributions and their earnings) to move it to an IRA without a penalty. I can understand keeping the first 5% plus matching amount in there, but the rest I want back to put in an IRA.

Those in CSRS and military who don't get matching funds should be able to transfer it all to an IRA. The benefit of the TSP loses its advantage with this change.

[Elgallo]

[QUOTE=anidoc;156603][LIST][*]THE RULE PROPOSES THAT TRANSFERS TO G FUND ARE UNLIMITED TO REDUCE RISK TO SHAREHOLDERS ACCOUNTS.
]

This ensures there is plenty of money in their slush fund AKA the G fund. Remember they borrow this money at times when things get tight.

[hessian]

Why won't someone just file a lawsuit? Just file it? Simple, cheap. Just do it -tie up the final decision in the courts?
What is the difficulty??
I do not understand the reluctance??

IMO, "comments" will do NOTHING.

[RPM]

I did not get the "nasty letter" (yet!!) since my previous IFTs were fairly limited (I think), but in this month (March), I did quite a few IFT's (if I push the button on my computer, and it works, then I keep doing it!).

Do you know whether or not TSP will keep sending these letters out to anyone who exceeds 3 IFTs a month for any month? and therefore I should expect one limiting my IFTs to snail mail? Is there any rule for start date of these penalties? i.e. if letter sent in March, then effective in April etc...

TIA