The new TSP website is an unmitigated disaster!

[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-benefit...tinue-two-weeks-after-tech-transition/368304/


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[TSATSO]

My monthly TSP payment was deposited into my checking account today (Jun 16). The amount was not what I expected, so I went to the "NEW & IMPROVED" website and after stumbling around the stupid menu options for 20 minutes finally got to a page showing the payment details. Turns out they decided all on their own to deduct 7.67% federal tax withholding from my payment. WTF? I don't know how they came up with that odd percentage number. I have been getting monthly payments for 14 years and have NEVER had tax withheld from my payments (I cover 100% my fed tax due by making quarterly payments). It's not a big deal - I'll get the money back when I file my taxes. I just don't appreciate them making a change I did not request, and not even trying to notify me that they were "adjusting" my payment.

 

[Scout333]

I had a similar experience with a change in amount which I assume is FTW/H. Hopefully we will have the opportunity to change it back to the correct amount.

 

[blindspeed]

Starting on June 2022, installment payments are set to the 15th of each month or the preceding business day, if the 15th is on a weekend or holiday.​

​

Jun 17, 5:13 AM

If you need to stop, change cancel, stop or make changes to your withholding or payment destination, you must call the ThriftLine.​

​

Jun 17, 5:13 AM

For more information on the rules for changing your installment payments and the tax implications, check out the Installment Tax Information sheet.​

​

this is straight from the online assistant. The installment tax info sheet was unavailable.

 

[blindspeed]

https://www.tsp.gov/publications/tspbk25.pdf

Dated 5/2022 details the distribution options

 

[rangerray]

With promised improvements, an actual call to the Thrift Line should rarely be necessary. The new site SHOULD lessen the need for phone calls, not increase them. What a fuster cluck this is.


Scott Harrison
Senatobia, MS

 

[Mitchhyman]

I called this morning to get clarity on how to change my monthly installment withdrawals. 90 minute wait time, which I could not accommodate today. I guess it is time to look into moving all my funds to a private company like Vanguard that will let me have access to my account.

 

[Cactus]

Well I finally managed to setup my account after receiving my snail mailed one time code.

First experience not so good. It took me three times to login to the thriftline phone menu. It kept trying to pawn me off to a representative (and wait forever) the first two times. The third time it actually asked for my pin and let me in.

As for logging into the web site that was straight forward. My only surprise was that after setting up my phone for two factor authentication they didn't call me. They used one of my challenge questions instead.

 

[tsptalk]

As for logging into the web site that was straight forward. My only surprise was that after setting up my phone for two factor authentication they didn't call me. They used one of my challenge questions instead.

They asked me a security question for about a week and since then it has been the phone verify code. I'm not sure what triggered the change or why they choose one over the other.

 

[Rcf3]

With promised improvements, an actual call to the Thrift Line should rarely be necessary. The new site SHOULD lessen the need for phone calls, not increase them. What a fuster cluck this is.


Scott Harrison
Senatobia, MS

Your observation is spot on. Even if they remedy this at some point in the future they should have never rolled out the new website with so many problems. They had to know. What was the rush? They should have taken a few more months and made sure it was perfect. This reminds me of the many attempts my former agency made to roll out new and improved IT systems only to find they were worthless. Only in the government!

Edit - They did know. Here is a quote from the article presented a few posts back. What a colossal %#@$!

[FONT=&quot]TSP spokeswoman Kim Weaver apologized once again for the frustration some participants have encountered… and noted that TSP officials warned the transition would be “bumpy.”[/FONT]

 

[tsptalk]

After not finding much help using the search feature, I decided to type in the word "funds" Nope! There's nothing to see on tsp.gov that has to do with funds. :laugh:

 

[TSPIntel]

It feels like the Thief office Black Rock is sweep billions of $ce $$$ to fed employees from their tsp retirement fund. We should contact the congress and the news media as needed the soonest. They lock the accounts of millions of members when everyone should be on the C fund. Thief office have shutoff its phone lines so noone be able to reach them.

 

[rdodson]

i apologize if I missed something in this thread's problems with the new TSP website.
However, I had a small problem with the changeover, certainly nothing I could not resolve within minutes and some patience. I processed an IFT on June 3rd with no problem. My monthly withdrawal processed, on the 15th, in accordance with the new withdrawal rules dictated by TSP (it should be a day the participant chooses within reason). Since I have the whole withdrawal amount sent to IRS for Fed taxes I am not sure when it was sent.

I get the Black Rock thing, I agree, Black Rock controls too much, so does big tech.............which is why they must get together this Fall to figure out how to influence the coming election.
which means the voters have to wise up to the destruction of the middle class (even young people are not as liberal as the media wants us to believe). As people grow older they start to understand moderate outlooks.

Pulling your TSP out into Vanguard????? Who runs Vanguard? LOL, Black Rock? research needed!
And my families' Vanguard experience with pulling money out from a deceased's trust was problematic.
Is Fidelity any better? I think so...but ya never know.

Sorry to get just a tad political....but turn your anger and frustration into Nov 8th (I think that is general election mid term).
Don't be woked into thinking that the deep state can't be turned around. Without us they have nothing but money and money is not our creator.

 

[Mcqlives]

Anyone reading this...PLEASE verify all information is accurate in your TSP accounts. With everyone telling of their poor experience I was worried about getting in, then about account allocations, and had been in the site a few times this week. I agree that the site is cumbersome and not user friendly. IMO, it seems designed to make it harder for a person to manage their own accounts.

Thanks to an email from Chris Barfield harping on the sites poor roll out I decided to really look things over. This morning I dug deeper and found that my beneficiaries were non existent in spite of them being accurate (and unchanged for 15 years) before the new site.

 

[Cactus]

The first thing I look for after setting up a new account is how to change the password. I haven't found that yet. Has anyone else seen it on the new site?

 

[Rcf3]

The first thing I look for after setting up a new account is how to change the password. I haven't found that yet. Has anyone else seen it on the new site?

This is what I’m talking about when I said the new website is an unmitigated disaster. I just logged on and after ten minutes of rooting around I couldn’t find how to change my password either. Changing passwords, changing installment amounts, and other very basic activity should be a no-brainer to accomplish, yet on this site either these functions haven’t been included yet, or they are so damned hidden it is stupid. Who approved this disaster?

All this reminds me of the line from the classic movie Airplane when the plane in trouble is finally coming in for a landing and one guy in the control tower turns to the other guy and says, “Maybe we should turn on the runway lights”, to which the other guy responds, “No, that’s just what they’d be expecting us to do!”

 

[alevin]

Un-fingbelievable. I heard from another member the other day that the site was missing records like past quarterly statements. I haven't visited the site since I retired last fall, but expect to need a withdrawal sometime 4th quarter if not sooner. I truly hope things are fixed before I get to the point of absolute necessity for access. This is freaking f'd up. So sorry for those relying on withdrawals right now. I'll be joining you in the disgusted-angry-disbelieving boat if not fixed in the next quarter or so.

 

[evilanne]

Definitely Charlie Foxtrot!

Life Expectancy Payment $260 less than last month. No Explanation. I think it may be due to them updating LE table to correct one for 2022 https://www.irahelp.com/printable/2022-single-life-expectancy-table. Only reasonable possibility, but they are shorting me $240 based on my calculation (5 months Old + 7 months New) if. that. is correct assumption.

I just filled out survey from last week. Note: I think their surveys expire within a week so let them know what you think on a timely basis.
Happy Trails!

 

[James48843]

Definitely Charlie Foxtrot!

Life Expectancy Payment $260 less than last month. No Explanation. !

I’m pretty sure it is the change in tax withholding. I know that is what is different with mine. Previously I was getting zero federal withholding. Now they are taking out federal taxes.


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[retread]

I just received 2 letters from TSP in the mail dated June 4th. One was about "Your account has been claimed" and the other is "You added and alternate email and changed your phone number" I don't know what "your account has been claimed" means. I assume these are just letters to confirm I've switched over to the new system successfully? I can log in ok and all my data looks normal. Just was curious if anyone else got these kinds of letters.