Thread: The new TSP website is an unmitigated disaster!

Originally Posted by James48843

From GovExec.Com today:


TSP Woes Continue Two Weeks After Tech Transition

Participants reported delayed account disbursements a full two weeks after the transition to a new recordkeeper was complete.

ERICH WAGNER | JUNE 16, 2022

Two weeks after officials with the federal government’s 401(k)-style retirement savings program completed a long-awaited transition to a new recordkeeper, updates to the Thrift Savings Plan’s web site continue to present problems for participants, with some issues now impacting payments to federal retirees.

Multiple TSP participants told Government Executive that distributions that were scheduled to be deposited in their bank accounts on Wednesday were delayed. One participant said they were told the delay would only be for 24 hours, but a second participant said that although their payment was processed by Thursday morning, it would not actually be deposited into their bank account until June 21.

The delay of payments to at least some retirees marks the most serious complication of a project that was intended to improve participants’ online experience managing their TSP accounts. The new recordkeeper was touted as a way to keep participants’ accounts more secure, while making it easier to do things like roll over money from other retirement accounts, sign documents electronically, and access and make account changes from a mobile phone.

In addition to struggles some participants encountered setting up accounts on the new version of TSP.gov, federal workers and retirees said that beneficiaries they had designated under the old system no longer appeared, they were unable to access old account statements, and the new site miscalculates the maximum amount a participant can borrow through a TSP loan.

More: https://www.govexec.com/pay-benefits...sition/368304/


Sent from my iPhone using TSP Talk Forums

Employers including the federal government have to deposit funds into retirement accounts by the 15th working day after the payday. It seems that this has triggered the new "mandatory" disbursement date of the 15th of the month. The 2 companies that manage the funds aren't disbursing until the government deposits the funds in TSP.

Originally Posted by Mitchhyman

I really doubt that the installment payment booklet reflects the TSP’s plan to only permit setting up and changing installment payments by phone or paper mail. That would not make any sense as it would require a significant expansion of employees to work on installments. The current installment payment program was set up a few years ago through the website and I am 100 percent certain that the intent is to continue a website based program. But the TSP is doing a terrible job of providing basic information on when installment payment options will be available on the new website. Gross mismanagement in my opinion. In the meantime they need to set up a special hotline just for installment payment issues until the website is fixed. I waited on the telephone for three hours last week to see if I could cancel my withdrawals and could not get through to anyone who could help me.

You guessed it. "it would require a significant expansion of employees to work on installments"....CONTRACTOR employees. This is a $100M contract. Justification for hiring more employees and expanding the contract. I can't imagine that REMOVING existing online functions that WORKED and putting them BACK on thrift line was part of that contract. If it was, FRTIB has severely neglected their fiduciary responsibility to TSP members and must be held accountable.

Originally Posted by blindspeed

ThiftLine Service Center
Phone:
1-877-968-3778 (United States, toll-free)
+ 1-404-233-4400 (Outside the United States, not toll-free)
7 a.m. – 9 p.m. eastern time, Monday through Friday
Fax:
1-276-926-8948
Mail:
ThriftLine Service Center
C/O Broadridge Processing
PO Box 1600
Newark, NJ 07101-1600 <<<<<THRIFTLINE OPTIONS AT LISTED AT BEGINNING OF BOOKLET

Making Changes to Your Installments
After your installments are set up, you can make changes to them at any time by using one of the
ThriftLine options listed at the beginning of this booklet.
You can make the following changes whether you’re receiving installments of a fixed dollar amount or
based on life expectancy:
• stop installments
• change the source of installments (traditional, Roth, or both)
• start, stop, or change direct deposit of your installments
• change your federal tax withholding
The following changes can only be made if your installments are of a fixed dollar amount:
• change the dollar amount of your payments
• change the frequency of your payments
• start rolling over traditional money (not Roth) from your installments to an IRA or eligible employer
plan (only if installments are expected to last less than 10 years)
• change or stop rollovers (if currently doing rollovers)


HAVING TO CALL THE THRIFTLINE TO MAKE CHANGES TO YOUR INSTALLMENT PAYMENT IS NOT SOME GLITCH ........IT'S A FEATURE!

and I am not happy either!

Yes...and since this is published in a newly updated TSP booklet, it seems it's PERMANENT. Booklets and forms go years without being updated, or the updates being published to the website.

Originally Posted by ANIDOC

https://www.thestreet.com/investing/...m-state-street
https://federalnewsnetwork.com/tsp/2...-21st-century/ FAIL (well that fixed the problem Blackrock caused them - and how much input did Blackrock have in THIS decision?)
https://www.govexec.com/pay-benefits...window/186349/ it appears that THIS is what they are focusing on. NOT features we have had for years and actually need to manage our own funds.

Younger generation wants to be able to manage from their phone with an app....lol...they are seeing their TSP nose dive ... they will learn the hard way like so many of us did in the 70s into 80s. As they grow older they will change their minds back to more moderate views .... phone apps are OK but do not provide the same careful thought process of sitting down and reading a bigger screen of info and website research that help make an informed and patient and disciplined decision.

Blackrock is not the individual investor's friend! They are a global visionary that does not share my vision.

Originally Posted by ANIDOC

Everything was frozen from May 26-June 1. They warned us about this.

They told us that the TSP site would not be accessible until the first week of June. I don't recall them saying our accounts would be frozen.

Originally Posted by ANIDOC

Yes...and since this is published in a newly updated TSP booklet, it seems it's PERMANENT. Booklets and forms go years without being updated, or the updates being published to the website.

Since no one at TSP seems to be addressing the question of how to change installment payment and federal withholding amounts online, and since these issues are not on the list of “known issues” plaguing the new website, I fear you may be right, but I hope not. The problem is that because so many other glitches exists with the new website getting through to the TSP line is a nightmare. For the past several weeks the hold times have been ridiculous and it isn’t getting any better. This morning I called and the recording announced that my hold time would be 93 minutes. It has been like that for four weeks, and there seems to be no end in sight.

What I can’t wrap my mind around is that all this was done to better serve account holders with more up-to-date tech, an app, etc., yet key features are being returned to phone-in service only? That can’t be right.

Originally Posted by ANIDOC

By law, they aren't allowed to change your payment or withholding without your permission. Doing so can cause financial difficulties for the taxpayer.

While I agree that this should not be done, I’m not sure it is illegal for them to do it. OPM does that to me regularly. Every time there is a COLA OPM recalculates my federal withholding which really ticks me off because I have requested a set dollar amount and I have to go into my account and re-request it after they have made the change.

Originally Posted by ANIDOC

Your "agency" is OPM. Contact them.

Thanks. I tried calling OPM and I got the following message, “we are currently experiencing extremely high call volume, try us again later“. Then it hung up. You can’t make this stuff up!

Problems the new TSP caused my account are disturbing and alarming. This should cause concern for everyone because life is not guaranteed and your surviving spouse may encounter the same predicament.

Background:
-My husband was a 27 year Fed govt employee. Passed away 2012.
-Soon after, A beneficiary participant account established under my name replaced his TSP account.
-Until June 1 this year, I encountered zero issues at TSP. I made occasional interfund transfers, print out statements... No problems at all.

After June 1, 2022:
My account is blocked from performing interfund transfers. I have spent several hours on the phone trying to fix this, ending with the last agent informing me that the FRTIP made a decision to require Beneficiary participants to remain in the G fund without the ability to perform interfund transfers. Very disturbing!

There is a booklet called 'A Guide for Beneficiary Participants' in the new TSP website. It clearly states that we can make interfund transfers as we had been in the past. Read it for your beneficiaries.
https://www.tsp.gov/for-beneficiarie...y-participant/

I really don't know where to turn to get help at this moment. I really want to keep my TSP account but don't want to stay in the G forever.

Originally Posted by ramen

Problems the new TSP caused my account are disturbing and alarming. This should cause concern for everyone because life is not guaranteed and your surviving spouse may encounter the same predicament.

Background:
-My husband was a 27 year Fed govt employee. Passed away 2012.
-Soon after, A beneficiary participant account established under my name replaced his TSP account.
-Until June 1 this year, I encountered zero issues at TSP. I made occasional interfund transfers, print out statements... No problems at all.

After June 1, 2022:
My account is blocked from performing interfund transfers. I have spent several hours on the phone trying to fix this, ending with the last agent informing me that the FRTIP made a decision to require Beneficiary participants to remain in the G fund without the ability to perform interfund transfers. Very disturbing!

There is a booklet called 'A Guide for Beneficiary Participants' in the new TSP website. It clearly states that we can make interfund transfers as we had been in the past. Read it for your beneficiaries.
https://www.tsp.gov/for-beneficiarie...y-participant/

I really don't know where to turn to get help at this moment. I really want to keep my TSP account but don't want to stay in the G forever.

The more I hear and read about the new and improved TSP, the more I am tempted to roll my account over to a company that has a clue. Before I retired I recall a very knowledgeable retirement counselor telling me that TSP is one of the lowest cost 401(k)s around and that alone is enough reason to stay with the thrift. I wonder what his opinion would be now having a chance to observe the moves being made by Moe, Larry, and Curly… Sorry, I mean the TSP Board.

I actually talked to a thrift line rep who was helpful on installment withdrawals this morning. I have been frustrated because I have wanted to cancel my installments because I have been withdrawing more funds than I need, and installment payments can’t be accessed on the new website.

I called at 8 am, and someone answered at 9:15. The rep said the TSP is working on adding installment withdrawals to the website but he could not give me a specific timeline on when that will be available, he said “hopefully soon.” I told him I would like to cancel my installment payments for now and he said he can submit a request to accomplish that and I should get a confirmation notice on that soon. Will report back on whether that works.