Thread: TSP Warning Letters

Originally Posted by alevin

Originally Posted by ou81200

Bottom Line---

They're backstrokin- plain & simple. If 3000 TSP members have that big of an impact on the funds as they claim. Imagine those same members suing TSP for losses because they were unable to transfer to the safety of the G - fund.

I may be out to lunch here, but I think that's why they've been saying we'd still be allowed "unlimited" transfers back to G after the first 2 moves.

Well, looks like I'm going to have THOSE words for lunch! My logic is too logical for them, AND my comprehension of English grammar and definitions is apparently better than theirs too! "unlimited" MEANS unlimited!, NOT "one" move total back to F/G as a 3d-last move for the month.

NOW I'd say there are grounds for class action regarding abdication of fiduciary responsibility-for those that have gotten nailed for 2 moves into/among FCSI, followed by 2 subsequent cumulative (incremental) moves back to F/G. My overly cautious and skeptical nature didn't want to believe they as professionals were THAT bad at explaining where the line gets drawn on #transfers back to F/G, but apparently they are. What is so bad about incremental transfers back to G in a month until you're all the way back out???! Good grief. If a person only moves 20% back into G on the 2d move, then they are stuck the rest of the month in FCSI with 80% of their $. How is that an "unlimited" ability to transfer back to G?????? THAT's going into my personal commentary to the FR. As is the need for truly unlimited ability to move incrementally back to G in a month, until all the way back out if that is what is needed for CP. A lot can happen in a day, much less 3 weeks.

You know, Demonstrated skill in competency of written communications should be a selection criteria for the Board members-it's typically a selection criterion for virtually any professional position in my outfit. I wonder if it was for any of them. Couldn't prove it by me at this point. Disgusted rant done. Sign me-Disgusted with Incompetent FRTIB "communicators"

Looked this decision up and went to the Employees Retirement Security Investment Act and any govermental agency with a retirement plan is not covered under this act....so I don't know if the Supreme court ruling affects us .. Mike in NH

Originally Posted by alevin

Well, looks like I'm going to have THOSE words for lunch! My logic is too logical for them, AND my comprehension of English grammar and definitions is apparently better than theirs too! "unlimited" MEANS unlimited!, NOT "one" move total back to F/G as a 3d-last move for the month.

NOW I'd say there are grounds for class action regarding abdication of fiduciary responsibility-for those that have gotten nailed for 2 moves into/among FCSI, followed by 2 subsequent cumulative (incremental) moves back to F/G. My overly cautious and skeptical nature didn't want to believe they as professionals were THAT bad at explaining where the line gets drawn on #transfers back to F/G, but apparently they are. What is so bad about incremental transfers back to G in a month until you're all the way back out???! Good grief. If a person only moves 20% back into G on the 2d move, then they are stuck the rest of the month in FCSI with 80% of their $. How is that an "unlimited" ability to transfer back to G?????? THAT's going into my personal commentary to the FR. As is the need for truly unlimited ability to move incrementally back to G in a month, until all the way back out if that is what is needed for CP. A lot can happen in a day, much less 3 weeks.

You know, Demonstrated skill in competency of written communications should be a selection criteria for the Board members-it's typically a selection criterion for virtually any professional position in my outfit. I wonder if it was for any of them. Couldn't prove it by me at this point. Disgusted rant done. Sign me-Disgusted with Incompetent FRTIB "communicators"

Hey there Alevin,

When I read that about "unlimited transfers" I was bloody scratch'in my head. I thought "UNLIMITED?", WHAT!!???? Is this some sort of joke!!!?? Sounds like a very bad sales pitch!! What a consolation they are making - so generous they are??? My opinion is that this is simply Socialistic (with a capital "S"). Given the opportunity to respond in writing is just a big smoke screen. The decision has been made and will be forced upon us. Unbelievable how Socialism has now shown it ugly head even here in our nation's free enterprise capitalistic market. They don't even entertain the idea of offering frequent "transfers" within a fee structure like typical brokerage firms. I, like many others, will take what contributions beyond the matching and make money elsewhere. - BIGBULLY

My advice-
Sue the bastards.

Every one of the ETAC members, because they had it within their power to say no when they were asked, and they didn't. ETAC members are not covered by the law which protect Board members.

Let the federal court system decide whether or not they are culpable. Can you imagin each ETAC member having to expend thousands for their own defense? Remember, the law does NOT allow the TSP to spend any money to help defend them, nor are they covered by immunity, as they are not performing in those roles as federal employees.

A few hundred of those lawsuits ought to get their attention.

File.

YES! -BRING ON OUR LAWYERS! -WE NEED TO DO IT NOW!!!

AND, IMO, we need to get as many of the "Retirement Organizations" behind us as we can - backing this - because this does directly harm retirees (as well active employees wanting to retire).

Retirement Organizations have tremendous Congressional lobby, clout, money, & especially legal staff resources!!

Baby-boomers now retiring cannot rely just on Social Security!
Folks retiring need help, not walls thrown in our path!!

(I did fax my comments on the FR Notice to FRTIB. -FWIW.)

i currently put 15% of my pre-tax income into the TSP but now I think I will go back to the minimum needed to get matching funds and open a separate account.

If the L funds reallocate funds daily then we should be able to do the same thing.

Since I only moved twice in the month of December, I am not one of the unlucky ones to receive a letter or a certified letter.

If I was, I would be on the phone to the lawyers already.

The list of defendents would be found under my signature below, titled "ETAC".

Braveheart
TSP Talker
Join Date: Feb 2008
Posts: 137



Hillary Clinton wants a TSP Account Plan Congress Currently Utilize MUST READ
Key Components of Hillary Clinton’s American Retirement Accounts Plan MEMBERS OF CONGRESS CURRENTLY UTILIZE THE TSP !!!!!!!

Here is Link - http://benefitslink.com/pr/detail.php?id=41211

1. Matching Tax Cuts to Help Middle Class and Working Families Save: This new proposal will provide a matching refundable tax credit—dollar-for-dollar—for the first $1,000 of savings done by every married couple making up to $60,000. The plan will provide a 50% match on the first $1000 of savings for every couple making between $60,000 and $100,000, which will be phased out after that. This matching tax credit will be available to all Americans in existing 401(k) type accounts as well as the new American Retirement Accounts. That means tens of millions of middle-class families will get matching tax cuts of up to $500 and $1000 to help them build a nest egg for retirement.

A New “American Retirement Account”: Like Hillary’s approach to health care, her American Retirement Account plan will build off the existing employer-based retirement savings system. Those who like their current retirement savings accounts can keep them —the only change is that they may be eligible for generous new matching tax credits. For those who want a new choice, Senator Clinton will let all middle class Americans open a new American Retirement Account. These accounts will allow individuals to contribute up to $5,000 per year on a tax-deferred basis. The first $1000 contributed into the accounts will be eligible for the new 1-to-1 and 50% government matches. In addition, the new American Retirement Accounts will:

• Offer secure, diversified investment options: Individuals will have the choice to set-up their accounts with any private provider that offers diversified investment options and that includes as a default option, a passively managed lifecycle-type fund. Individuals will also have a fall-back option of setting up accounts through a similar system to the one that Members of Congress currently utilize.
• Help Build Wealth and Provide a Cushion During Economic Downturns: The new American Retirement Accounts would, like existing IRAs, limit penalty-free withdrawals to major life investments—buying a home, paying for higher education, and retirement. But in light of the growing economic uncertainty facing American families, workers will also be able to withdraw 10-15% of the savings from their American Retirement Accounts to help tide them through periods of extended unemployment. Individuals would also have the option of taking out loans from their American Retirement Accounts in limited circumstances.
• Provide the First Fully Portable Matching Account: The American Retirement Account will be the first account that provides a secure, diversified opportunity to get generous matching financial incentives for saving regardless of whether you are working for a firm that provides an employer match or traditional 401(k). This is particularly important to middle class workers who start their own businesses, take time off to care for a child or relative, or work independently or part-time. Hilary does not believe that we should deny matching retirement incentives to these workers and parents simply because they are outside the employer-sponsored system. Rather than having to rely on full-time jobs with certain employers, these Americans will continue to receive a strong financial incentive to build wealth throughout their lives.
• New Choices Without New Bureaucracy: American Retirement Accounts will be established without any new government bureaucracy, by creating competition in the private sector to provide plans that are both secure and marketable. Individuals will get to choose how they want to set up their American Retirement Accounts. They can set them up with private providers who offer diversified investment options with a default passively managed lifecycle-type option and low administrative costs. Or they will have an option of opening an American Retirement Account through a publicly managed clearinghouse similar to the Thrift Savings Plan which Members of Congress can currently utilize. Investments in the accounts opened through this public clearinghouse would be held and managed by private financial institutions, who to the greatest extent possible would manage administrative and transactional support.

Quote:
Originally Posted by Braveheart
Well One would think Congress would step up here since this has an impact on them. I wonder if they got a letter. They make big $$ so the target group would be those who have been in Congress for 15 years + but is that a conflict of interest and the reason why they have not stepped up.

It is clear Hillary Clinton would be on our side in this. She has the power and connections to get people moving Obama forget it and McCain probably doesn't know what it is.

I am sending her a message and so should you. I used workers concerns but Military & Discrimination are the other choices. She has Millions of Government Workers and their families, relatives and friends that need her to stop this now in PUBLIC and tell those at the TSP the investigation is on !!!!!!!!! Here is her link -

http://www.hillaryclinton.com/help/contact/?30385f40

Not a single reply - this is amazing you want a voice you have it. You want the links you've got them. You think anything is going change without someone like this on our side you will regret this last chance to do something about. Talk is cheap action is louder than words. I have taken action and for anyone interest President Bill Clinton signed into Law that the Military be included into the TSP. So I can read post after post about outrage and we're going to do this bla bla bla THIS WILL STOP IN IT'S TRACTS WITH YOU SENDING THE MESSAGES TO HER. Don't do it and don't complain in May when you have 2 trades per month.
Last edited by Braveheart : Today at 09:59 PM. Reason: add