More bugs found in new TSP software
The board, which runs the TSP, reported more than 7,300 glitches in the system as of Oct. 18. Approximately 1,500 of those glitches have yet to be resolved.
In September, more than 5,700 bugs had been found in the system software, and about 1,600 were still not fixed. Although 1,600 more defects were discovered this month, the total number of bugs is fewer than expected: The project's contractor, American Management Systems Inc., predicted 7,900 glitches by mid-October.
Although the system is still riddled with bugs, successful tests of the software have improved from 26 percent of all tests in mid-September to 51 percent this month.
The new TSP system will enable the creation of two new investment funds, the Small Capitalization Index Investment (S) Fund and the International Stock Index Investment (I) Fund. The new TSP system will also allow investors to check the value of their funds daily, and employees will be able to change the way their money is invested in the five funds at any time, instead of only during open season.
The TSP is the government's 401(k)-style retirement plan. More than 2.4 million participants have more than $100 billion invested through the plan. Currently, federal employees have three investment options available through the TSP: the C Fund, which invests in stocks, the F Fund, which invests in bonds, and the G Fund, which invests in government securities.
The new system was scheduled to debut in May, but that date was pushed up to Oct. 1 by the Federal Retirement Thrift Investment Board. In June, the board announced the system would not be ready by October, and decided not to set a new implementation date.
TSP participants will be able to begin investing in the S and I funds beginning in May 2001, whether or not the new recordkeeping system is ready, board officials announced in September.
Monthly updates on the status of the new system are published on the TSP Web site.