AMERICA SPEAKS
MORE THAN 1400 PEOPLE HAVE ALREADY SIGNED THE PETITION, EVEN MORE ARE OUTRAGED
The week of Thanksgiving, while many Federal Employees were gathering with their families, the Federal Retirement Thrift Investment Board quietly passed a resolution to limit choices for Employee Retirement. It has only been for the last week or so that more of the 3.8 million Federal Employees are beginning to hear the word that limits are to be imposed. And many are incensed.
In reaction to the Board's decision, many are now beginning to write their Congressmen, and write articles and letters in opposition. Here is a recent note that appears in response to a Fedsmith article. It captures the thoughts of thousands of federal employees who believe the Thrift Board's action attacks the very basic American right--the freedom to make one's own choices. This letter deserves to be seen by more:
In response to an article in Fedsmith, Federal Employee "Dave E." writes:
But that's how freedom gets whittled away year after year. Other people think they know what's best for other people - and sometimes they do. But that's no excuse to take their freedom away and make choices for them.
Freedom is defined by having choices. The more choices, the more freedom. Less choices - less freedom.
True freedom is the freedom to be stupid, or make a mistake. You can teach us, as you are doing very well, but in the end, we must make the choice - or we are not free.
Dave E. | |
| ON LINE PETITION TOPS 1400 SIGNATURES
We've set up an on-line petition to collect signatures of TSP Shareholders. The Employee Thrift Advisory Council will be meeting soon in Washington D.C. We want to show them that there is strong support for examining the Thrift Board's proposals carefully, and ensuring that shareholders interests are maintained.
So far, we've collected over 1400 signatures. That's a good start, but we need more.
Our petition is simple. We ask the ETAC to reject the proposed limits to the TSP Trade system. Your voice is important to this effort.
Please sign the petition.
Then ask your co-workers to sign as well.
We hope to gather thousands of signatures to show the ETAC and the next meeting.
You can find the petition on-line at:
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| WHAT PEOPLE ARE SAYING:
Here is a sample of what people wrote when the signed the petiton to REVERSE THE DECISON TO IMPOSE LIMITS:
Jim Bell , Kansas
Saving money in the TSP Funds is my number one method of saving for retirement. Adjusting my position in the TSP funds is critical to improving my financial gains and maximizing my nest egg for retirement. Limitations on Interfund transfers is unacceptable. A small interfund transfer fee would be acceptable but the option to move funds as we please should always be in place.
George Brinkerhoff , Utah
This amounts to changing the rules for us 'midstream'. It's neither fair nor justified. We are simply trying to maximize our investments with our trades, and the limits that are potentially being imposed on us limit our ability to maximize those very investments, which determine the kind of retirement that we can enjoy. This is indeed very wrong. If we have no control or very little control over these investments, then why not just let us completely manage it ourselves in a self-directed fund. These limits should not be imposed!
RITCHIE TELLER , Washington
The L Funds are essentially making IFT's on a daily basis as it rebalnces the set percentages of its different funds. To limit those of us who prefer to adjust our accounts ourselves is not only unfair, but is discriminatory and possibly even illegal. Lets keep the playing field level. If those in the L Funds can have their balances adjusted daily for no fees, then every TSP participant should be able to do the same thing with no fees whatsoever!
James Jojola, Albania
I though we lived in a democracy, where the majority voted on decisions...but it seem we got a dictator...I would be willing to pay a fee for any trades beyond the 2 trade limit...fair enough?
Greg Callahan, Colorado
I have suffered under this system for 22 years. We have been significantly damaged by the "Board Protecting us." PLEASE do not let them do it again.... Either we are involved participants in our retirement or we ARE NOT? What is it?
Edgar Pritchett, Georgia
Although I have not utilized this right very often, I resent your desire to limit my ability to manage my TSP as I see fit.
Mark Hall, Georgia
This is MY money...not yours! let me handle it as I see fit.
Penny Parker, Mississippi
The machinery is in place allowing TSP members to trade, limiting the trades to two per month is a false savings on the part of the board. It appears to be a way to force members to move to the L funds.
Dolores Crumly, Alabama
Please listen to us. It is OUR money. Thank you.
James Prichett, Alaska
Life, liberty, and the pursuit of higher returns, if I feel so emboldened.
Anonymous, Texas
The government is the entity that decided we, under FERS are responsible, in large part for our ouwn retirement. We should continue to be allowed to maximize the movement of "our" money, and thus the amount we will have in retirement. The government made these rules, we are simply doing the best we can in that environment. This decision has to be reversed.
Joseph Brooke, Michigan
I don't understand why people that are high up in the government right now (ie, on the TSP Board) are all driving it's services into the ground. Why the sudden need for control and to control? This money that I'VE invested in MY account is just that: MINE. The one trade per month limit was lifted shortly after I got my government job, and what a change that was. It still wasn't perfect, but it at least let people take an active role in their retirement instead of forgetting all about it. There are people at my place of work that have no idea what fund they're invested in, how much they contribute each pay period, nor what their balance is. This backward step that the Board is proposing encourages that. I think it is terrible to encourage people to not have an active role in saving for their retirement. IT'S PLAIN STUPID.
Glen Liebig, Mississippi
This action puts the largest fund in the country back 10 years and will adversely affect the retirement of millions of people.
ROBERT BARTON, Ohio
"some people may accidentally hit the wrong button". This says it all, indicating to me that the TSP board is not being honest with us. Has anyone forgotten the debacle (farce) that occurred with the change to a daily valued system? How many times was the implimentation date pushed back? And the TSP board then passed the buck, blaming the company they contracted with. And who hired that company?? We need to act to protect our interests as it's obvious that the TSP board wants to tell us how best to invest for our future. That decision should be left up to us. Charging transaction fees beyond 2 IFT's a month works for me.
Tony Morris, Florida
STOP THIS INJUSTICE!!
Robert Mann, Mississippi
As a technician with the National Guard, I'm not eligible to receive sign-up bonuses; I'm not eligible to participate in the Guard Recruiting Assistance Program (GRAP); and now I'm not eligible to transfer my own money to any TSP fund I choose when I want to transfer it. I am willing to pay a small reasonable fee to retain my right for unlimited interfund transfers. Over the years you have provided enormous improvements to the TSP program, the TSP web site, the S and I funds, the L funds, and the interfund transfer function. There are many FERS employees just like me that will depend on the funds in our TSP to supplement our retirement benefits. Please reconsider your actions in restricting this valuable investment instrument.
Richard Ellis, Georgia
It is an unfair practice to limit us to reallocate our funds twice a month and then allow the people with their money invested in the L funds to get their money reallocated every day. Why should we pay the costs for their balance to be reallocated every day when we can't do the same.
James Inman, of Indiana wrote in:
When the TSP board was presented with slanted and bias statistics to limited interfund transfers, who represented us with an opposing point of view? On one hand the tsp administrators are claiming high cost for interfund transfers while admitting that only 3000 out of 3.7 million members transfer frequently. L funds which are recalculated daily would are more expensive. I am willing to pay for the extra expense but not a penalty to deter me from making a transfer. In my opinion, your decision amounts to an illegal freeze on my money.
And there are others, who want to know:
-Why are you going backwards? You spent over $100 million of OUR MONEY to implement current daily system? Now you are taking it away? Give us our money back if you are backing out.
- There are other costs that can be eliminated before hitting participants (snail mail confirmations for example).
- The market is too volatile at times (now) to threaten to lock anyone's accounts or limit transactions.
- Who exactly, is complaining? Any TSP participants? There is no way anyone feels the difference ($4 per account last year). Is it just cutting into your bonuses and other spending?
- Changes without representation!
- Where are our Unions? Why are they not involved yet?
- The trading / TSP websites, are getting people involved in their own TSP, understanding why m they need to plan for retirement. Maxing their contributions, tracking returns, etc., is important - something they never did or knew before participating actively. More people than ever are informed and making their own decisions. That is a GOOD thing. Don't change! |
YOUR SUPPORT IS GOLDEN
Thank you to everyone who has lent support for the cause. You are inspiring, passionate, and YOUR actions make a difference.
We ask YOU to call the members of the Employee Thrift Advisory Board, or ETAC, and let them know you do not support limit on TSP trades. They are the next body where this decision will be discussed. Make sure YOUR ETAC hears what you want to say.
Today we'll be contacting another ETAC member. We want them to hear YOUR voice. Tell them why YOU believe that the Thrift Board needs to change their decision. Make them hear YOUR voice.
Pick up the phone, and make a call.
Calling our POSTAL members especially. You are well represented on the ETAC. There are no less than FIVE ETAC members with POSTAL connections.
Give them all a call:
National Rural Letter Carriers' Association
Clifford Dailing, Secretary-Treasurer
1630 Duke Street
Alexandria, VA 22314-3467
703-684-5545
National Association of Letter Carriers, AFL-CIO
James Sauber, Research Director and
Employee Thrift Advisory Council Chairman
100 Indiana Avenue, NW
Washington, DC 20001-2144
(202) 393-4695 or (800) 424-5186 for NALC Retirement Dept.
American Postal Workers Union, AFL-CIO
Myke Reid, Director Legislative Dept.
1300 L Street NW
Washington, DC 20005
(202) 842-4210
National Association of Postal Supervisors
Louis Atkins, Executive Vice President
1727 King Street, Suite 400
Alexandria, VA 22314-2753
Phone (703) 836-9660
National League of Postmasters
Charles W. Mapa, President5904 Richmond Hwy, Suite 500 Alexandria, VA 22303-1864 O: (703) 329-4550 Fax: (703) 329-0466 E-Mail: cmapa@postmasters.org
National Association of Postmasters of the United States
Dale Goff, President8 Herbert Street Alexandria, VA 22305-2600 Voice: 703-683-9027 Fax: 703-683-6820 General e-mail: napusinfo@napus.org
P.S. Hey, postal people. How did you get five of the 15 members of the ETAC, anyway???
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| WE NEED A LOGO
CALLING EVERYONE WHO IS ARTISTICALLY INCLINED:
We need a TSPSHAREHOLDER.ORG logo.
If you are artistically inclined, we hereby challenge you to become creative.
Submit a TSPSHAREHOLDER.ORG logo, and we'll send all entires around on the newsletter, and then hold a vote to pick a winner.
We have a name, now we need a logo.
Any member is welcome to create an entry.
Send your entry, in either .gif or .jpg format, to:
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SPECIAL THANKS
TO THE HUNDREDS OF MEMBERS
OF TSPSHAREHOLDER.ORG
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SHOW ME THE MONEY
One thing realy sticks out in all these interviews by TSP Employees Greg Long and Tracie Ray. They talk about increased expenses from people moving shares. But what do the facts say?
So, we checked.
Fact:
It turns out that TSP expenses per share are the LOWEST EVER in the history of the TSP.
Source: TSP Annual Report.
In September 2007, trading in the "I" fund resulted in a PROFIT, not an expense, of
$1,238,211 that can be shared with ALL TSP Holders.
Source: Thrift Board Meeting Minutes, October , 2007,link to the October 5, 2007 memoandum on monthly performance.
FACT:
TSP trading has resulted in TSP Funds OUTPERFORMING the indexes they are supposed to represent, through the end of September:
F fund performance YTD: 3.95%
Index F fund represents:
YTD: 3.85%
C fund performance YTD: 9.18 %
Index that C fund represents: 9.13%
S fund performance: YTD 9.17%
Index that S fund represents: 8.97%
I fund performance:
YTD: 13.32%
Index that I fund represents: 13.15
The TSP, even with trade expenses, have outperformed the Indexes they represent.
Source: October 5 memorandum on monthly performance.
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| CALL TO ACTION
Sign the Petition. We have over 1400 signatures so far, but need a lot more. Tell your friends and coworkers about it. Let's all pull togehter to get the word out.
YOU can sign the petition. To see how, See the link at :
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| SURVEY SOON
Watch your e-mail box later this week as we bring you our first survey.
What course would you like to chart for the future? What options do YOU think we ought to take?
Watch your e-mail box for the survey soon, from:
TSPSHAREHOLDER.ORG |
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THE TRUTH ABOUT
TSP EXPENSES:
Sent in by a member of TSPSHAREHOLDER.ORG
I was reading through the GAO audit of TSP today (from June, 2007), and found this interesting quote in it, from Greg Long, Executive Director of teh FRTIB. It just reinforces what we have found in many other sources.....the administrative expenses of the TSP are very low now, and getting lower as time goes on and assets increase. Therefore, their claim that expenses have increased greatly due to frequent IFT's by a small number of TSP participants is BOGUS! If you need a quote from Long to include in your letter(s), consider using this one:
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"We concur with the use of benchmarking of costs in appropriate situations. The Agency is always mindful of its responsibility to ensure prudent use of TSP resources.
In fact, as the report notes, overall TSP administrative costs, which include all Agency expenditures, compare extremely favorably with private sector 401(k) plans, which we view as the most appropriate benchmark.
TSP total administrative costs, including all record keeping and staff costs, as well as investment costs, were only three basis points in 2006.
This is far lower than the reported costs of any other 401(k) plan (the report cites an average of 75 basis points) and is in fact several times less than the reported investment expenses alone for the cheapest 401(k) plans." Greg Long, Federal Retirement Thrift Investment Board, June, 2007 | |
