TSP board to limit interfund transfers

[crhuss]

We need to get as many objections as possible to the FRTIB. Here is the one I faxed off today. Anyone needing ammunition...feel free to use all or part of it. Good luck. Maybe...just maybe we can accomplish something. Sounds like we have the Unions with us!!!! Finally


March 25, 2008
TO: Gregory T. Long
Executive Director, Federal Retirement Thrift Investment Board
RE: Account Number: XXXXXXXXXXX

I respectfully request that you reconsider prohibiting me from making interfund transfers electronically effective March 31, 2008.

Per your letter to me dated February 2008, which I didn’t receive until February 20, 2008, you indicated that “The Board has approved a policy that would limit participants to two interfund transfers per month, with unlimited subsequent transfers to the G fund.” You further stated that you were “ concluding the normal public rulemaking process …, which includes publishing the proposed regulations in the Federal Register (and on www.tsp.gov) and evaluating the comments received. Once the final decision is made regarding the approach to be taken, we will announce it to all participants.” This tells me that you would formally announce the limited interfund transfers after the final decision is made.

I am not happy with your approach to limiting our ability to protect my retirement funds, however I decided to abide by your request even though it had not become final. I, therefore, made no more interfund transfers from the time I received your letter until March. I kept track of my interfund transfers on the autotracker portion of a web site www.tsptalk.com. So I know when each interfund transfer was made.

Those records indicate that I was in the G fund on February 1, 2008. I made an interfund transfer effective February 13, and another one effective February 14. The last interfund transfer I made for February was into the G fund effective February 15, 2008. I did request an interfund transfer on February 29…effective March 1st, 2008. But that transfer did NOT take place and was NOT effective UNTIL March 1st.

I received a subsequent letter from you dated March 13, 2008 erroneously indicating that I exceeded the three IFT limit in February, and that I would be prohibited from making IFTs electronically after March 31, 2008. As you can see, I only made two IFTs in February, and a last one going to the G fund as permitted. I followed your instructions even though I was opposed to them and, in my interpretation of your letter, they were not in effect until a final decision was made and it was announced to all participants.

I am retired, with no ability to increase my TSP funds. The only way I have to ensure my retirement savings are working for me is by having control of that resource…to direct and redirect those valued funds. This restriction will result in a tremendous burden on me, and keep me from effectively managing my retirement resources. So, please consider the facts as stated and reinstate my ability to electronically transfer my Thrift Saving account to give me the ability to preserve my retirement funds.
Sincerely,
Craig R. Huss

[EW_ret]

This is the message I received when attempting to make an IFT today at 12:03 pm ET:

The following errors have been encountered:

Attention: Your account has been restricted because you made more than three interfund transfers in February 2008. The TSP informed you of this restriction by certified letter dated March 13, 2008. Consequently, you may not request an interfund transfer using the TSP web site. Instead, you must request your IFT by mail using an Investment Allocation form.

This confirms that TSP is blocking accounts for the 579. I could not sucessfully make an IFT. This was a test to see if I could.

[Gumby]

This is going to open the door for many lawsuits. Do I hear class action?

[squalebear]

This is going to open the door for many lawsuits. Do I hear class action?

Gumby, find a lawyer who is willing to make a name for himself and is
also willing to work pro-bono. There's at least 3775 participants who
will thank you.

[Viva_La_Migra]

This is going to open the door for many lawsuits. Do I hear class action?

Who wants to be the primary plaintiff? I haven't received a letter, and therefore haven't been "harmed." I will contribute to a legal defense fund, though.

[squalebear]

This is the message I received when attempting to make an IFT today at 12:03 pm ET:
The following errors have been encountered:
Attention: Your account has been restricted because you made more than three interfund transfers in February 2008. The TSP informed you of this restriction by certified letter dated March 13, 2008. Consequently, you may not request an interfund transfer using the TSP web site. Instead, you must request your IFT by mail using an Investment Allocation form.
This confirms that TSP is blocking accounts for the 579. I could not sucessfully
make an IFT. This was a test to see if I could.

EW_ret, this is the message I received today when I tried to change my
IFT request that I made before 12noon EST;

" You have an interfund transfer being processed for 03/31/2008 which cannot be
changed because the deadline for changing or cancelling it has passed. This transfer
is not yet reflected in your account balance. Your account balance will be invested as follows:"

I am one of the Restricted, however, today was the last day that I could make an
IFT via the website. If they restricted you today, then they have treated you differently
and have comitted, yet another, descriminatory act against a TSP Participant.

[EW_ret]

You are absolutely correct that today at COB, prior to 12:00 pm ET, was the last IFT allowed at the TSP.gov website if you are one of the 579. My IFT request was after 12:00 pm ET (at 12:03 pm) which should have been effective COB tomorrow, April 1st. In fact I initiated a IFT prior to 12:00 pm ET, and then cancelled it at 12:00 pm ET. This IFT was completed successfully, and then cancelled as instructed. The second IFT request at 12:03 pm ET was a test to see what happens after the deadline shown in the certified letter.

[Braveheart]

It's not supposed to be effective until April 1. They are violating their own rules. Call your Congressmen.

Here's one made by phone this morning that went through.
http://www.tsptalk.com/mb/showthread...969#post157969

USPS Agrees to Pay $61 Million in Disability Discrimination Case- Updated May 31, 2007


Contact Us

Class Counsel:

John Mosby, Esq.
621 17th Street, Suite 925
Denver, Colorado 80293
Email Adress: Glovercase@msn.com
Toll Free Number: 1-800-280-8301
Facsimile Number: (303) 927-3860


Denver attorney John Mosby, lead counsel for the class, has fought this case for over 14 years. “I am happy that a case that started out as an individual claim by one worker, has led to a measure of justice for thousands.”

Brad Seligman of The Impact Fund, a Berkeley, California nonprofit law firm that led the negotiations for the class, explained the importance of the settlement: “While disability class actions are rare, this case shows that stigmatizing employees because of their status can have enormous consequences.”
The class was also represented by Elisa Moran of Denver, and Marilyn Cain Gordon of Washington D.C.

The case arose in 1993, when Chandler Glover, a Denver Postal worker, filed a claim of discrimination. Later, Dean Albrecht of Clearwater, Florida, joined as co-class representative. The class representatives each receive $85,000 in the settlement.

[jon]

I tried to make IFT by phone today 3/31. 12 minutes before noon today, I called tsp to possibly move from C&S into G, but I was not sure about my number of transfers in March. The rep first instructed me to look at the TSP website home page at the second bullet topic on IFTs. I was surprised to see only 2 IFTs were allowed monthly effective April 08 with a final transfer into G.

She told me I had made 3 transfers and wanted to know I had received any letters about that. I said no. Every time I asked her a question, she would ask me had I received other letters (and I would say no) and that she would have to check on that question. It reminded me of talking to the IRS. Down to about 9 minutes, I asked, can you process my request, since I have have already given you all my ID. She said no she would have to get ID info again and the transfer might not be completed until 2 more business days. Also if it took place after today, it would count as one transfer for April. I said thanks and hung up and got the order on line with about 6 minutes left.

TSP mgt/FRTIB(?) along with the entire team Bush boa constrictor are succeeding with their plans for the middle class: squeeze a few thousand up to be new millionaires but squeeze millions down to become impoverished in new efficient America. Even if the Dems somehow manage to win, its going to take a decade to recover from the destruction these war mongers have caused.

[squalebear]

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

[squalebear]

I asked and they stated that if you have received either of the letters that only snail mail will be accepted...no fax or telephone IFT's. Try it and see what happens?

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)

[jon]

Anidoc,

I apologize in my post stating the implementation date of April 08. I meant April 2008. Sorry for the confusion. Again regarding my phone call to the TSP today, instead of attempting to make an IFT, I felt like I was having to give a deposition. I would recommend not calling the TSP, but if one does - deny having received any letters.