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Return to Article: TSP Web glitches hinder launch of new recordkeeping system

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  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
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  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
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  It has been 8 days now since the implementation of the long awaited "new TSP". Is it operational? No! Are there "glitches"? Yes! Who is the Federal Retirement Thrift Investment Board going to blame this time for wasting our money? Better duck, because they are now blaming you, the participant, for attempting to access your account! Congress should request a hearing to determine the competency of the Federal Retirement Thrift Investment Board. Enough is enough. Stop wasting our money!

  Robert Carr Posted June 23, 2003 9:58 PM
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  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
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  Well the long awaited new record keeping system is "up and running". I have tried since the first day to access it, change allocations and request interfund transfers and let me tell you what a big joke. then I finally gave up and used the thrift line and that was another hassle. We should have known that with all the delays and extra cost we were being hosed. Sure i can see how much I have, but try to do anything with it and it just times out. I have written my congressman and senator about this. We are still living in the 21st century right, or did the men-in-black just erase our past?

  Billy Davis Posted June 23, 2003 11:32 AM
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  It is hard for me to understand why it is so hard to get the "New" TSP system running right. Yes, I can get into the "my account" page and see what I have as long as it is after midnight, but I still can't get to anyplace to make a interfund transfer, day trade or such. With systems like E-Trade and Ameri-Trade, I just find it difficult that the contractor can't work out whatever bugs are in the system...and I also feel that the system shouldn't of even been announced that it's operational when in fact it is not. So...it seems that members of the TSP have once again become guinea pigs when it comes to "testing" the new system. Well now, what will the TSP Board do next???

  Tom Webb Posted June 20, 2003 11:44 AM
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  New TSP

  There is an easy way for a lot of people that are over 59 1/2 to get out of this mess and that would be to initiate age based transfer of all existing $ to a good Mutual Fund Company or another type of investment immediately. That would at least protect them from the pending lawsuits; because it will be for certain the government employees with $ in the system will be the ones that will end up paying!

  Bill Lane Posted June 20, 2003 7:37 AM
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  I work in the TSP service office in New Orleans and we are getting slammed with calls from irate participants. Well, we are participants also and we can't get into our account either. Please don't yell at us. Me and my fellow reps don't know what is going on. Contact TIB.

  GovExec.com reader Posted June 19, 2003 7:32 AM
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  If there is a next time, maybe they will think a little bit outside the box (stop the 'government'speak and tell it like it really is - we screwed up and we are working to make it right) and recognize that (1) they probably have given a lot of people the opportunity to play "day trader" on a daily basis and move thier money around from fund to fund, (2) that the system needs to be tested, and (3) that when tested it needs to also be tested with "real customers" and not just some "program" that runs a "virtual" load test. But they are working on it from what I can see. Probably not enough server capacity to handle the initial load.

  GovExec.com reader Posted June 19, 2003 6:41 AM