GovernmentExecutive.com

A problem with the Thrift Savings Plan's Web site is preventing participants in the 401k-style retirement plan from accessing the new automated record-keeping system that was launched on Monday, TSP board officials confirmed Wednesday.

"The record-keeping system is functioning, but the Web site is having issues," TSP spokesman Tom Trabucco said Wednesday. "When some people go in and make inquiries, it's resulting in a loop within the computer system, and when you do that it slows everything down because you can't go forward."

Trabucco said computer technicians were monitoring the system and manually terminating those "loops," as well as looking for the bug that causes the problem.

"We haven't found the bug yet, but we do have a quick fix that we hope to get in this afternoon that will allow quick access for those who just want to go in and check their account balance," Trabucco explained. "But we are very cognizant of the issues that people are having getting through on the Web and we are working diligently on it and we apologize for the inconvenience."

In the interim, TSP participants are able to access the new record-keeping system and make changes to their accounts by telephone at 504-255-8777.

The new system opened for business on Monday, after several years of delays. Using the automated system, federal employees can access up-to-date balance information and swap money from one fund to another. The new system also allows TSP account holders to more easily withdraw money, apply for loans and make changes to their contact information.

Three million participants have about $112 billion invested in the TSP's five funds and the new system processed nearly $25 million worth of interfund transfer requests Tuesday night, according to Trabucco. Another $1.2 billion of interfund transfers was processed Monday night.

"Obviously, with a new system we have to be aware there are going to be hiccups," TSP Board Chairman Andrew Saul said during the board's monthly meeting on Monday. "This is not the cure for cancer . . . there's no perfect system."

The General Accounting Office has recommended that the board be held more accountable to Congress because of problems with the original contractor hired to install the new computer system. The TSP Board and American Management Systems have been locked in a series of legal battles since the board fired the Fairfax, Va.-based contractor in July 2001.

COMMENTS

• I have tried for several days to get in to the TSP account access with no luck, this new system is currently worse than the previous system. It is clear that the account holders are left with no access but are still going to be the ones to pay for this money pit. Raymond Marcussen Posted June 30, 2003 2:15 PM
• I can't believe that the TSP board has paid Materials, Communication & Computers Inc $32 million dollars and American Management Systems $51 million (of which it appears they have recovered plus an additional $5 million beneficial settlement per the TSP news release dated 20 June 2003) for a total net cost of $27 million for such a poor new recordkeeping system. For being the largest retirement fund in the nation and probably in the world with over 3.1 million members you would think they would have the resources to produce a new system / website that would be comparable to any of the “Big 10” mutual funds. And at least field a new website that produces an adult theme. Just look at the TSP website it looks like something a 5th Grade computer class would do for a class project! And this says nothing for the reliability and bandwidth. I have heard very little about the official opening of the new online system other than through Government Executive Magazine or the very deeply hidden news release on the TSP website. Therefore the claim by the TSP that they are being swamped is hardly justified in my opinion. I think it really comes down to the lack of computer knowledge and bandwidth on the part of the TSP management team. Personally, I have tried to access the system approximately a dozen times since the fielding on 16 June 2003 of which I have been successful twice. The other ten times the logon screen has said my pin was invalid. My pin works fine on the TSP phone line and the help line representatives are clueless? In addition, I am very disappointed in the heavy emphasis and publicity on how the new system makes it easy to borrow or cash out your investment in the TSP. Why not focus on how to grow your money and promote more investment? Overall, as a member of the military I think the TSP concept is great and wish it had been around 10 years ago....but something has to be done about the management. Bottom Line – Why not consult USAA they have a great investment company, outstanding customer service and a top-notch website? David Johnston Posted June 23, 2003 12:14 PM
• I can understand the start-up glitches and assume they'll get ironed out soon. What I don't understand is that you cannot get any account transaction history, including what happened on change-over day. One should not have to wait for a "special statement" in OCTOBER to find out transaction history! If the only way to track your account is to make a daily balance inquiry, then it's pretty obvious that the system is going to be slammed with many extra daily queries. I find this omission - a basic feature/function - unbelievable! GovExec.com reader Posted June 25, 2003 4:18 PM