TSP Web glitches hinder launch of new recordkeeping system
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.