Some questions: Who appoints and how is the board appointed? Are there any employees on the board? Have the federal unions taken this issue up?
POST ALL RELATED TSP IFT LAW RESEARCH LINKS ON THIS THREAD. (CFR, US Code, case law, Federal Registry, Advisory Counsil, etc.)
I don't want even a good attorney just taking our money and removing our one good chance at this!
Nada, thanks for the link to the Board minutes.
Please post any and all collective legal research on this thread. If there is a way, we will shead light on it, even if its "Occupy FTRIB Street."
Any body up for writing a letter to President Obama - he and Congress are considering forcing federal employees to contribute more to the TPS.
This thread has drawn impressive attention already, not doubt because we, here, are proactive and many of us have enjoyed the freedom, AFTER we TSP members paid a lot of money for just such a internet based IFT system, to make a reasonable number of IFTs.
Some questions: Who appoints and how is the board appointed? Are there any employees on the board? Have the federal unions taken this issue up?
You mean how much we put in or reducing how much they are willing to match?
They can't force us to put money in TSP; if they somehow are able to, then I would strongly believe that they will turn it into another fund to raid and give us IOU's in return. Why can't politicians see past yesterday?
Perhaps Mr. Dailing, effectively our representative, might meet with key members of TSP Talk, TSP Fantasy and their attorney, representing several thousand Federal employees and TSP members? He's right in Alexandria, phone number is provided.
Clifford Dailing, chairman of the Employee Thrift Advisory Council(ETAC).
"ETAC is a federal advisory committee established by the Federal EmployeesRetirement System Act of 1986 to give a voice to the participants in the operations."
[url]http://democrats.oversight.house.gov/images/stories/SUBCOS/727%20pslp%20tsp/Dailing%20Testimony%20Final.pdf
Last edited by nsurf9; 12-09-2011 at 11:11 PM. Reason: correct http address
My (mis-understanding?) of that whole scene was that there was a big loss taken by Blackrock, or those in charge, at the time, on people doing these huge 100% in and out daily swings to the I fund. Which had the largest swings in value and thus the largest gains. I think the time lapse in between. If TSP people really want their multi-trade restored maybe look into them eliminating or restricting the I fund?
db
2 IFT's! That's it, Be cautious & WISE!
Yes, the I fund heavy trading at the time precipitated the limitation along with a few genuinely frequent traders and barclay's whining.
You're right we cannot be forced to put money into our TSP accounts. But remember that TSP is 1/3rd of your retirement if you are FERS. So why not get your matching funds. If you are FERS, unless you have a better way to set up a retirement fund, why not take advantage of TSP. In case you didn't know, all new hires are automatically put into TSP. I would have to go back and look which fund they are being put in, it is either G or one of the L funds.
May the force be with us.
It wasn't Blackrock it was Barclays also known as BGI. Blackrock bought out Barclays in 2009. We discussed this in depth back then. Check the link below. There are more posts that discussed this but it they are spread out over weeks before and after this link.
http://www.tsptalk.com/mb/showthread...246#post169246
It wasn't a loss of funds but darn near. The large movement in and out of the I fund by some members caused Barclays to almost not cover the trading for that time period which would have caused all kinds of problems. I would have to dig deeper into my posts to dredge up all the information.
From the FRTIB meeting minutes this is the first mention of Blackrock and Barclays that I found. http://www.frtib.gov/pdf/minutes/2009Jun.pdf I might have missed an earlier reference.
This was a tough time for this forum.
May the force be with us.
The last posted minutes from the FRTIB was September 2011. The minutes are usually posted the third week of the previous month (September meeting minutes posted in October). They are almost a month late for October's minutes (due in or around 11/20) and should be posting the November meeting minutes next week. The Board generally meets between the 15th and the 20th of each month.
May the force be with us.
http://www.archive.org/details/gov.h...gr.fw.20110727
House Oversight The Thrift Savings Plan: Helping Federal Employees Achieve Retirement Security (July 27, 2011)
NASA, I knew you'ld remember the Barclay's whining event.
The above link is great stuff. These are the main players live and their current concerns, as of July 27, 2011 - Gregory Long, Exec. Director of TSP; Clifford D. Dailing, Chairman, ETAC, and Joseph Beadoin, Pres, NARFEA. And their house of representative audience - Dennis A. Ross (Florida) Chairman and Stephen Lynch, Massachusetts, Ranking Member, et. al.
Get to know them "first hand," their stance, concerns, read-between-the-lines; and who might help to show the cleavage to drive our (the owners) effort to regain a reasonable measure to be proactive with out own money.
Lots of issues: fund maintenance cost of 25 cents per $1000 invested; no or low return and protection and suspension of G fund; make G whole with back interest; Roth; mutual fund window thru TSP (Long drags his heals stating "paternalistic concern" and Lynch replying external (private) fees can be driven down and Plan needs the diversity (Long and they'll never do it)); attracting/keeping participants.
The meeting is entitled "The Thrift Savings Plan: Helping Federal Employees Achieve Retirement Security"
Witnesses: Mr. Gregory T. Long, Executive Director, Federal Retirement Thrift Investment Board; Mr. Clifford D. Dailing, Chairman, Employee Thrift Advisory Council; Mr. Joseph A. Beaudoin, President, National Active and Retired Federal Employees Association. Video provided by U.S. House of Representatives
House Committee on Oversight and Government Reform. Subcommittee on the Federal Workforce, Postal Service, and the District of Columbia.
Dennis A. Ross, Florida, Chairman
Justin Amash, Michigan, Vice Chair
Jim Jordan, Ohio
Jason Chaffetz, Utah
Connie Mack IV, Florida
Tim Walberg, Michigan
Trey Gowdy, South Carolina
Stephen Lynch, Massachusetts, Ranking Member
Eleanor Holmes Norton, District of Columbia
Gerry Connolly, Virginia
Danny K. Davis, Illinois
http://www.gao.gov/new.items/d03400.pdf
DOL Oversight and Thrift Savings Plan Accountability, April 2003
Also, great stuff. History law of TSP formation, Secretary of Labor oversight (and lack thereof), fiduciary responsibility (and immunity for the TSP Chairman and Board); Presidential appointment of TSP Board; and 4-year term; Jurisdiction, and past venue (Federal District Court of Appeals (DC); Department of Justice role, etc.
I’m still thinking like this is the injunction ticket and/or argument to Lynch, Dawling, and/or Beaudoin
(1) The Board was not forthcoming on the cost of an IFT and effectively subrogated members’ option to pay for an F, C and S fund IFT and straight-jacketing members’ an ability to reasonably protect their retirement;
(2) That the Board’s bonuses were, in 2008 and now, based on low administrative costs, instead of genuinely protecting and enhancing its beneficiary/members’ retirement, immediately before the worst financial recession/depressing since the Great Depression, which amounted to billion of dollar of losses to its members; and,
(3) That, today, its members are additionally faced a G fund that accrues little or no interest; and continue to risk losses, with no ability to proactively manage their retirement in a atmosphere of even greater, unprecedented market volatility and potentially even greater losses.
I STILL BELIEVE BECAUSE ITS KNOW ITS THE RIGHT THING TO DO!
I'll find and post the independent survey, done by TSP. My recollection was that it didn't ask the salient question, "What you agree to more IFTs than the present 2 IFTs, if a member paid for the IFT and it cost nothin to the Plan or IFT(s).
Also, I recall another survey I'll need to post, I believe by FedSmith, where an overwhelming number of member said yes to such a question.
It occurs to me that it would be helpful to have a elected representative member(s) of, or from, both both TSP Talk and TSP Fantasy. Tom, James, NASA, Bquat, Coolhand, ExtremeWX, me, anybody will do, with the right message, as our respresentative(s). Does anybody know how many Federal Government employees that would be?
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EFA (I Fund) (delayed) (Stockcharts.com Real-time) |
BND (F Fund) (delayed) (Stockcharts.com Real-time) |
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