Correct, but the market was open Friday 5/27 and Tuesday 5/31. The prices posted are from Thursday 5/26 for both 5/27 and 5/31. So it appears that TSP is considering 5/27 and 5/31 as a holiday period.
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The new TSP website is an unmitigated disaster!
- Thread starter Rcf3
- Start date
Correct, but the market was open Friday 5/27 and Tuesday 5/31. The prices posted are from Thursday 5/26 for both 5/27 and 5/31. So it appears that TSP is considering 5/27 and 5/31 as a holiday period.
Thank you
Just checking in again to see if anyone has figured out how to adjust installment payment amounts on the new website. On my account I can see a record of the payment issued on 6/15/22, but the historical data is gone. I can’t find a way to submit an online request to adjust the payment amount. On the withdrawal tab there is what appears to be a path to initially setting up the installments, but mine are already set up. I don’t want to go in there and muck things up without knowing what I’m doing.
If you have read my previous posts you know that last week I called the Thrift Line and after a 75 minute hold I was transferred to the withdrawals department where I was on hold another 25 minutes and then the TSP Line hung up on me. I have read that others have experienced the same thing. This morning the initial hold is 55 minutes. I’m NOT going through that again! This is so damned frustrating. Any advice is welcomed. Thanks!
Mitchhyman
New member
As far as I can tell there is only a tab for a one time partial withdrawal, and nothing for installment payments. Very frustrating as I was hoping to take care of this before traveling next month. Why can’t the TSP at least let us know when they expect installment payment functions to go online?
Mitchhyman
New member
Also I am unable to add new beneficiaries. After inputting all the information I tap the continue button and nothing happens.
rdodson
Member
Like the 3 Stooges...I'm trying to think but nuttin' happens...knuk knuk:stooges:
rdodson
Member
I tried to figure out if I could edit my installment payment - for example - increase it and adjust my withholding. But like you, when I looked at the withdrawal options I was hesitant to play around with it cause I too did not wish to muck around.
However, I did pretend to apply for a one time withdrawal of $7600 just to see if I could do that. I got to the last review screen so I figure it would work, so I cancelled as I do not wish to one time withdrawal at this time.
Then I got to thinking, under the old system/forms I recall that getting monthly withdrawals was considered a full withdrawal. If you never change it your TSP account will eventually go to zero. How fast depends on the amount of withdrawal and each year's return on your investment. Under the old system a Partial withdrawal was considered a one time withdrawal. You could make one. This is going back to 2013, 2014, 2015.
More recently you could make one time withdrawals and quarterly, semi-annual or annual withdrawals. I figure the TSP considers regular periodic withdrawals to be full withdrawals with rollover option or without roll over option. And Partial withdrawals as one time.
:dunno:
So including the blackout period we have now gone almost six weeks without the ability to access some TSP functions. Brilliant!
Mitchhyman
New member
Installment payments are in a separate category with different rules than partial and full withdrawals. This is all explained in a booklet on distributions that you can access through the information sections of the website. Installment payments have not been available on the new website since it was started three weeks ago. So right now you cannot start an installment payment program, nor can you cancel, increase or decrease your installment payments set up under the old website. I don’t know if you can do these things through the helpline because I have never been able to get through to someone who can help. My tolerance for waiting on the phone is 1.5 hours.
Is there any timetable on when then installment payment function will be available on the new website? I guess the smart aleck response is the first week of June when we were told the rollout would be completed. Since that ship has sailed and sunk, are they putting out updates somewhere or is this an open ended thing now?
Mitchhyman
New member
No the TSP has not offered any information on the timetable for installment withdrawals. Note that the current withdrawal system is mandated by a federal statute enacted about 5 years ago, and so the TSP Board is currently not in compliance with the law
Are you referring to 5 CFR 1650.2 - Eligibility for a TSP withdrawal? If so, how is the Board not in compliance? Because newly retired participants are currently unable to initiate installments?
Mitchhyman
New member
I am referring to a TSP modernization law passed by Congress in 2017 requiring the TSP to allow the withdrawal options currently permitted within two years of enactment.
OK. I get that the current situation is a fiasco, and the website rollout has been a miserable experience for most users, but how is the Board not in compliance with federal law? I certainly hope the people who made this deceision are held accountable administratively, but how has the law been violated?
Mitchhyman
New member
The TSP modernization law passed by Congress in 2017 mandates an installment payment program that allows participants to change, cancel and restart installment withdrawals as much as they want. The new website does not allow this flexibility and so for example I was not able to cancel the installment payment I received June 15. Presumably this capability will be added to the new website eventually but in the meantime the TSP is not in compliance with the 2017 law. What I am most upset about is TSP’s lack of transparency on what is going on and when I will have control over my funds again.
I completely understand your frustration, and if you have read my previous posts you know where I stand on the premature rollout of the new website without ensuring that all of its features function properly. However, I don’t think this qualifies as an intentional act that led to lack of compliance with existing administrative public law that serves as guidance for the operation of the TSP. The current situation smacks of a low bid contractor over promising and under delivering. Hopefully, the current glitches in the new system can be sorted quickly. I have seen instances where new IT systems had to be completely scrapped because they simply didn’t work.
As an independent agency of the federal government the FRTIB probably comes under the jurisdiction of OIG. If this is as bad as it looks, I hope at some point OIG considers conducting an investigation of the circumstances that led to this fiasco. That should reveal if there was negligence in this situation and if willful non-compliance with the the statutes regulating the TSP has taken place.
By the way, here is an article dated June 22 with an update from the thrift board. There is no mention of the problem people are having because of the functions not currently available on the website. It seems to me there is a lack of self-awareness on the part of the FRTIB regarding what people are going through because of the recent changes.
https://www.govexec.com/pay-benefits/2022/06/another-tsp-transition-update/368458/
PS the wait time this morning on the thrift line is 79 minutes. It has been two weeks since I have been trying to change my monthly installment amount with no results.
https://www.govexec.com/pay-benefits/2022/06/another-tsp-transition-update/368458/
PS the wait time this morning on the thrift line is 79 minutes. It has been two weeks since I have been trying to change my monthly installment amount with no results.
Does anyone know if we will be getting our old calculators back? Annuity payout, etc. I used them daily!!
Sent from my iPad using TSP Talk Forums
Sent from my iPad using TSP Talk Forums
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