Pay Per Transfer?

[tsptalk]

I got this in an email from someone today. I doubt it is true, but has anyone heard anything? I don't see anything on the TSP site.


At the retirement seminar last month, they said that come Jan 2009 you will be allowed to make two ITF's a month and then pay for any others. Can you confirm this?

[luv2read]

I got this in an email from someone today. I doubt it is true, but has anyone heard anything? I don't see anything on the TSP site.
What retirement seminar hosted by whom and where? Start at the source, then let's see where they got their information.

[Guest2]

No such rumor that I've heard of. If the company holding that Seminar
could be identified, I'd certainly volunteer to research this tidbit and
try to get a "confirm or deny" out of them (along with their source). ;)

[tsptalk]

I'll see if I can get info on the seminar.

[Frixxxx]

Sounds to me like an "untrained" retirement professional spreading a "wealth" of information. But what do I "know"?

Could I type any more "sarcastically":cool:???

[Guest2]

Sounds to me like an "untrained" retirement professional spreading a "wealth" of information. But what do I "know"?

Could I type any more "sarcastically":cool:???

Some of us well informed dudes at the prison play
"stump the financial advisor" each year during Annual
Refresher Training. I wonder if they get mandated to
attend their own Refresher Training ? Some could really
use it ! :toung:

[Frixxxx]

I got to attend a retirement planner by sheer luck. I'm at a minimum of 16 years out to be elligible, but knew one was going on. I stopped by to see if I could get a seat. The Human Resource lady basically read out of the book. When I asked a question about TSP withdrawals and tax implications, she promptly picked up the "retirement" book and tried to find the answer. I said I read the book and was asking her if SHE knew the answer. (I knew that there wasn't an answer in the book.) She looked around the room and finally asked, "When are you elligible for retirement? I told her 2024. Her response,"You shouldn't be here, it's too early for you to be worried about these things."

Um my retirement? Too early? I promptly stood up told her that it was my belief that I should be worried everyday about the conditions of MY retirement. Waiting to see what mistakes I made 20 years ago was poor planning. And walked out!

I get more useful information here anyway. Thanks all!:cool:

[tsptalk]

I promptly stood up told her that it was my belief that I should be worried everyday about the conditions of MY retirement. Waiting to see what mistakes I made 20 years ago was poor planning. And walked out!
Good for you Frixxxx!

[Silverbird]

Good for you Frixxxx!I hope you didn't have to pay for that training. :cool:

[Callme_CO]

Some of us well informed dudes at the prison play
"stump the financial advisor" each year during Annual
Refresher Training. I wonder if they get mandated to
attend their own Refresher Training ? Some could really
use it ! :toung:


you all have a financial advisor come during ART? i wish we had a class that involved something even halfway useful.

[tsptalk]

I'll see if I can get info on the seminar.
Here is the response:

At the retirement seminar last month, they said that come Jan 2009 you will be allowed to make two ITF's a month and then pay for any others. Can you confirm this?

According to a buddy of mine it was said by Wayne Mcleod who sits on an advisory committee for the tsp board.

[Guest2]

you all have a financial advisor come during ART? i wish we had a class that involved something even halfway useful.

He is extremely familiar with the TSP and the Market as a whole. But make
no mistake about it, he's there because we're a great source of future clients.
He's not able to promote his company, but Business Card handouts occur
after every class. The class is more focused on the new participants
and the long term benefits of investing in the TSP. But for some of us old
heads, he adds very little in the way of post retirement planning. Maybe
he saves that for paying clients. Not to take away any of the positives
for the young pups, I would hope that the Bureau retirement seminars
contain more. I've never attended one of those.

Tom, Thanks for getting that info, I'll be looking into it. Maybe I'll drop him
a email or a phone call this coming week.

[nnuut]

Here is the response:

Could this be the same Wayne McLeod: :worried:http://www.tsptalk.com/mb/showpost.php?p=36079&postcount=143

[James48843]

No known effort by anyone to do a pay-per transfer option.

Just another rumor.

[Guest2]

I emailed him mailto:wayne mcleod
and asked if any of this is true or a rumor. In fact,
here's a copy of what I wrote;

Mr. Mcleod,

Within the last few days, many of my friends and fellow
TSP participants have been talking about a Seminar or
Training Class that you gave. Its being said that there is
a possibility that the FRTIB might implement a charge per
Interfund Transfers (over and above the 2 limit). This
would remove the 2 IFT Limit.

To your knowledge, Is this true or merely rumor ?
If true, could you tell me of the source of this information?
Could you write me at home and let me know ?
xxxxxxxxxxxxxxxx

Thank You In Advance,
xxxxxxxxxxxxxxxxx

http://www.febg.com/contactus.htm

I'LL LET YOU KNOW IF HE RESPONDS.

[tsptalk]

Thanks squalebear! I'm very interested in what he has to say.

I removed his email address from your post so spiders don't pick it up. I know he posts it on the site you posted, but I don't want to add to his spam folder. :)

[Guest2]

Thanks squalebear! I'm very interested in what he has to say.

I removed his email address from your post so spiders don't pick it up. I know he posts it on the site you posted, but I don't want to add to his spam folder.

10-4 Big Guy ! :)

I never thought of that and I'm glad your keep'n me straight ! ;)

[Braveheart]

By changing the IFT's they admit they were wrong and how do you make us hole. If I had a say I would want Long to clean 200 homes in Iraq that sounds fair.

[Guest2]

QUICK AND POSITIVE RESPONSE:

Everyone, I received a response from Wayne Mcleod. The following is the
response I received at my home email address. He must have responded
to my work address in a earlier email, but go figure, he missed the part
where I asked him to write me at home because I never got it. When I check
my work email, I'll see if he had anything in addition to the one I'm about to
post. Anyway, Here it is;

"I replied to this email earlier this morning...

Yes the board is looking into changing the rules to resolve this issue and should be handled in the coming months".

Wayne

CONFIDENTIALITY NOTICE: This e-mail transmission and any accompanying documents is/are solely for the use of the intended recipient and may contain information that is privileged, confidential or otherwise exempt from disclosure under applicable law. If you are not the intended recipient, you are hereby notified that any disclosures, copying, distribution, or action taken on it is strictly prohibited. If you received this information in error, please notify the sender immediately and delete the transmission. Thank you.

[BooDog]

"Yes the board is looking into changing the rules to resolve this issue and should be handled in the coming months".


VERY COOL
I missed bailing out yesterday and need to make up for a bit of a loss (not major thankfully) but having to use the crystal ball method with only 2 trades per month has reduced my trades and has put a tremendous hindrance on my profit making. I'd be willing to pay a commission, some funds charge up to $100 to make a trade - ridiculous and I would expect TSP to be closer to $20 -$40.

Thanks Squalebear, I'll be visiting more often!

[fabijo]

She looked around the room and finally asked, "When are you elligible for retirement? I told her 2024. Her response,"You shouldn't be here, it's too early for you to be worried about these things."

This really burns me up. :mad:

The mindset of ignorance is prevalent and encouraged all over, not just for retirement. Anybody who decides to study, think, or find out anything for themselves becomes a stranger and an outcast.

[350zCommTech]

QUICK AND POSITIVE RESPONSE:

Everyone, I received a response from Wayne Mcleod. The following is the
response I received at my home email address. He must have responded
to my work address in a earlier email, but go figure, he missed the part
where I asked him to write me at home because I never got it. When I check
my work email, I'll see if he had anything in addition to the one I'm about to
post. Anyway, Here it is;

"I replied to this email earlier this morning...

Yes the board is looking into changing the rules to resolve this issue and should be handled in the coming months".

Wayne


That is great news.

Thanks SB.

[Show-me]

They realized that there was money to be made in fees.

[fabijo]

They realized that there was money to be made in fees.

I don't know why it took them so long to realize that. Even .01% in fees would be highly profitable for them.

[FundSurfer]

Very interesting....

Best news I've heard in a while. Not that I want to move a lot right now, but in the future.

I've been seething under the surface since this last spring. I guess that is part of the reason I have not stopped by more often. That and I don't want to be reminded of how bad the market is right now.

Hope it pans out.

[Frixxxx]

This really burns me up. :mad:

The mindset of ignorance is prevalent and encouraged all over, not just for retirement. Anybody who decides to study, think, or find out anything for themselves becomes a stranger and an outcast.

Thanks fabijo, I honestly believe that, in truth, she was a little jealous that I have been planning my retirement since I started working. I mean, who wants to work for the rest of their life?

But, if I took most other people's lead, I'd never have a retirement. I won't call myself an outcast, just part of the chosen few!!!!!

Just like everyone here at the MB.:cool:

[CountryBoy]

Good to see ya FS,

I sure have missed your posts, but I can understand your anger towards barclay's biatches. I still get angry thinking about it.

CB

[James48843]

Regarding that rumor on possible pay per move-

I was not able to find anything in any of the minutes of the meetings about that, nor from anyone on the ETAC.

However, I DID find one interesting tidbit in the hard data:

Since the Thrift Board announced the imposition of trading limits, the number of FERS participants making contributions to the TSP has, for the first time in the fund's history, actually DROPPED. Previously, every month since 1987 the number of participants has gone up. But suddnely, there is a change:

January 2008: 1,681,000
February 2008: 1,675,000
March 2008 : 1,674,000
April 2008: 1,672,000
May 2008: 1,669,000

How about that?

Impose limits, and more people are turned off to doing the TSP.

Amazing how the free market works, isn't it? There were 20,000 FEWER FERS people contributing to the TSP in May than in January.

You don't think that maybe that might be a factor in reconsidering a pay-for-trade plan of some kind?

[DrFaustus]

Thanks fabijo, I honestly believe that, in truth, she was a little jealous that I have been planning my retirement since I started working. I mean, who wants to work for the rest of their life?


If it were me, I'd give new-hires a retirement class on their first week of employment. In the days of the TSP, the 401k and similiar investment vehicles, you really need to have time working with you. Not only does it lead to saner investments but you don't stress out as much in the later years trying to play catch-up as well.

[Guest2]

As promised, I had a fellow staff member forward Mr. Mcleod's original
response to my home email address. It didn't add too much to the one
I posted earlier, however, it was worded a bit differently. Here it is;

>>> "Wayne McLeod" Monday, September 15, 2008 8:25 AM >>>

They are working on this proposal now and should have resolution shortly.
The FRTIB doesn't disclose information like Congress but rest assured they
are working on this matter.

Wayne

[Steadygain]

Any time I traded using Financial Institutions (Lehman, Merril Lynch and others...)I'm pretty sure the charge for BUYING was 6% of the total assets invested - and My Bank charged the same amount when I use to transfer accounts at home and do stock trading.

I've not used any of them for ages - but even if we were charged 2% (which from their perspective is a steel) - it would way more keep me looking for LOW lows and HIGH highs.

Anyway let's hope if there is a charge for IFTs it's $50.00 or something we all could be happy with.

[Fivetears]

How 'bout $6.00 trades? $50.00? :eek:

[Guest2]

How 'bout $6.00 trades? $50.00?

How about just giving us back what they took from us to begin with.
I promise not to sue them for my losses since then! Yes I know, Don't
hold my breathe! $6 dollars per trade sounds competative with ETrade
and other such companies, but won't address their goals of keeping
IFT's to a minimum. Expect the pricing structure to be a deterant. :worried:

[Show-me]

How about something like 50 trades a year at anytime we like and then a fee for additional trades.

[Guest2]

How about something like 50 trades a year at anytime we like and then a fee for additional trades.

50? I got one thing to say about that ! SHOW-ME FOR PRESIDENT !

[Steadygain]

How about something like 50 trades a year at anytime we like and then a fee for additional trades.

I'll second that !

All in favor: Arms wave with cheers and lots of activity

All opposed: Dead silence - only eyes rolled to scan the crowd

Move on it - GET IT DONE. :D

[Braveheart]

How about something like 50 trades a year at anytime we like and then a fee for additional trades.

That sounds good but I see where they will use the (shorts) as an excuse to limit us with the 2 IFT's. Long was actually saying that is why they stopped the unlimited IFT's with Barclays claiming they were losing on the I Fund transfer and then we heard the B.S. about we were timing the G Penny.

Sure they saved on IFT's but imagine the $$ that was lost because of the FRTIB and then look at the money we all could have made such as those locked out using up their 2 IFT's.