New TSP Record Keeping System to Be Delayed (Again)

The Federal Retirement Thrift Investment Board says that problems with the new system prevent it from implementing a new record keeping system

The new record keeping system for the Federal Government’s Thrift Savings Plan has been delayed again. The Federal Retirement Thrift Investment Board announced in May that the new system would begin in September. In August, it announced that the new system would begin in November.

The Board now says it doesn’t have enough information to announce a new schedule. The reason for the delay is apparently due to errors that occur when the system is used by a lot of people–a situation likely to occur with some frequency since the TSP system has “the largest daily transaction volume of any 401(k)-type plan in the world.”

In the meantime, agency says it “will continue to use its current well-proven monthly valued system.”

About the Author

Ralph Smith has several decades of experience working with federal human resources issues. He has written extensively on a full range of human resources topics in books and newsletters and is a co-founder of two companies and several newsletters on federal human resources. Follow Ralph on Twitter: @RalphSmith47