The new TSP website is an unmitigated disaster!

[tsptalk]

I haven't seen it yet and their search feature is still not operational making it tough to find anything. I think we are forced to be patient while they work on the issues. This one may not be on their priority list. :suspicious:

 

[Rcf3]

I haven't seen it yet and their search feature is still not operational making it tough to find anything. I think we are forced to be patient while they work on the issues. This one may not be on their priority list. :suspicious:

It would be nice to get some confirmation that they are actually working on the issues. The June 22 article which was purportedly an update concentrated on the issues with calculating loan amounts. The list of known issues posted on the TSP website mentions none of the things that have been brought up on this thread. So, that begs the question, are they really working on this stuff?

 

[James48843]

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

Lawsuit time. Any lawyers on here want to start a case?


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[Rcf3]

It would be nice to get some confirmation that they are actually working on the issues. The June 22 article which was purportedly an update concentrated on the issues with calculating loan amounts. The list of known issues posted on the TSP website mentions none of the things that have been brought up on this thread. So, that begs the question, are they really working on this stuff?

Here is the list of “known issues” that is posted on the new TSP website as of 6/25/22 at 9:20 am DST. Despite the fact that there doesn’t seem to be a way to make an online request to change the amount of existing installment payments or federal tax withholding status, such things are not listed as issues they are working on. As far as I can see there is no guidance about making these requests through mail in / fax in forms either. I have seen references here stating that these features can only be accomplished by calling the TSP line, but I had no success when I called and actually got through.

Nevertheless, I thought it would be helpful to post the things TSP has identified as problematic and perhaps ask readers here to add issues you have identified that are not on this list. Maybe someone from the TSP is actually monitoring this thread and they can pass along our findings.

************


Confirm Your Beneficiary

For a small number of participants, we did not transfer beneficiary information to our new system because it did not meet certain data quality standards. We encourage all participants to review and confirm beneficiary information.
Additionally, if your beneficiary is also a TSP participant, meaning they work or worked for the federal government or uniformed services, the new system “connects” their participant record to your beneficiary record.
• If your beneficiary information appears to be inaccurate and they are an active participant, they will need to contact their agency or service’s payroll office to update their mailing address and any other personal information. Once your beneficiary’s information is updated in their agency or service’s payroll system, it will be updated in My Account accordingly.
• If your beneficiary is a separated participant, meaning they’ve left federal service, they can update their information when they log in to their My Account or call the ThriftLine.

Installment Payment Dates

As communicated prior to our transition, all installment payments will be disbursed on the 15th of
the month the payment is scheduled to be sent. If the 15th is a holiday or weekend, the payment
will be disbursed the following business day. This distribution date applies to monthly, quarterly,
and annual payments. You will not be able to change this date.

Access to Historical Information

You have access to year-to-date employee contributions for 2022 along with ten years of prior year-ending account balances in My Account (2012 – 2021). Additional historical information, such as statements, documents, and other messages from the prior system, have not been transferred to the new My Account.

Changes to your Maximum Loan Amount Calculation

We’ve made some changes to the way your maximum TSP loan amount is calculated. The maximum amount you can borrow is the smallest of the three “tests” listed below.
1. Your own contributions and earnings on those contributions in the TSP account from which you intend to borrow (civilian or uniformed services), not including any outstanding loan balance (the Contributions and Earnings Test).
2. 50 percent of the portion of your total account balance that is made up of your own contributions and earnings on those contribtuions (including any outstanding loan balance) or $10,000, whichever is greater, minus any outstanding loan balance
Note: Before June 2022, this was 50 percent of your vested account balance (including any outstanding loan balance) or $10,000, whichever is greater, minus any outstanding loan balance
3. $50,000 minus your highest outstanding loan balance, if any, during the last 12 months (the IRS $50,000 Test).
Please refer to our General Purpose and Primary Loans publication for additional information.

Account Hold vs. Account Lock

If you initiated a hold on your account prior to June 1, 2022, we’ve transferred that hold to the new system, and it will still prevent processing of loan, withdrawal, and distribution requests. However, you won’t see information about this hold when you log in to My Account because we’ve introduced a new “account lock” feature in the new My Account, which we encourage you to set up to replace the existing hold. The new account lock feature has the same functionality as the hold in that it prevents processing of loan, withdrawal, and distribution requests from your account. The difference is that you can remove the lock yourself in My Account without having to call the ThriftLine. If you need to request a loan, withdrawal, or distribution from your account with a hold, you’ll need to call the ThriftLine first to release the hold, even if you also create an account lock in My Account. Once you remove a hold from your account, you’ll use only the account lock feature for this extra layer of security.

Year-to-Date and Conversion-to-Date Personal Rate of Return Information

In My Account, you will see “year-to-date” and “conversion-to-date” information. Please note this information for the rate of return for your personal TSP investments represents data as of the transition to our new system on June 1, not the beginning of the calendar year. Please visit tsp.gov for more information regarding TSP fund performance by month and calendar year.

Address Change in Document History

In the Document History section of My Account, you may see an “Address Change” activity. Please note this refers to the action that was recorded when you established your new online account log in. For more information on how to change your address, click here.

References to “Deposits”

In the Online Account Statement section of My Account, you will see a reference to “Deposits.” Your payroll contributions and loan repayments are accounted for here.

 

[Seahawks13]

Here is the list of “known issues” that is posted on the new TSP website as of 6/25/22 at 9:20 am DST. Despite the fact that there doesn’t seem to be a way to make an online request to change the amount of existing installment payments or federal tax withholding status, such things are not listed as issues they are working on. As far as I can see there is no guidance about making these requests through mail in / fax in forms either. I have seen references here stating that these features can only be accomplished by calling the TSP line, but I had no success when I called and actually got through.

Nevertheless, I thought it would be helpful to post the things TSP has identified as problematic and perhaps ask readers here to add issues you have identified that are not on this list. Maybe someone from the TSP is actually monitoring this thread and they can pass along our findings.

************


Confirm Your Beneficiary

For a small number of participants, we did not transfer beneficiary information to our new system because it did not meet certain data quality standards. We encourage all participants to review and confirm beneficiary information.
Additionally, if your beneficiary is also a TSP participant, meaning they work or worked for the federal government or uniformed services, the new system “connects” their participant record to your beneficiary record.
• If your beneficiary information appears to be inaccurate and they are an active participant, they will need to contact their agency or service’s payroll office to update their mailing address and any other personal information. Once your beneficiary’s information is updated in their agency or service’s payroll system, it will be updated in My Account accordingly.
• If your beneficiary is a separated participant, meaning they’ve left federal service, they can update their information when they log in to their My Account or call the ThriftLine.

Installment Payment Dates

As communicated prior to our transition, all installment payments will be disbursed on the 15th of
the month the payment is scheduled to be sent. If the 15th is a holiday or weekend, the payment
will be disbursed the following business day. This distribution date applies to monthly, quarterly,
and annual payments. You will not be able to change this date.

Access to Historical Information

You have access to year-to-date employee contributions for 2022 along with ten years of prior year-ending account balances in My Account (2012 – 2021). Additional historical information, such as statements, documents, and other messages from the prior system, have not been transferred to the new My Account.

Changes to your Maximum Loan Amount Calculation

We’ve made some changes to the way your maximum TSP loan amount is calculated. The maximum amount you can borrow is the smallest of the three “tests” listed below.
1. Your own contributions and earnings on those contributions in the TSP account from which you intend to borrow (civilian or uniformed services), not including any outstanding loan balance (the Contributions and Earnings Test).
2. 50 percent of the portion of your total account balance that is made up of your own contributions and earnings on those contribtuions (including any outstanding loan balance) or $10,000, whichever is greater, minus any outstanding loan balance
Note: Before June 2022, this was 50 percent of your vested account balance (including any outstanding loan balance) or $10,000, whichever is greater, minus any outstanding loan balance
3. $50,000 minus your highest outstanding loan balance, if any, during the last 12 months (the IRS $50,000 Test).
Please refer to our General Purpose and Primary Loans publication for additional information.

Account Hold vs. Account Lock

If you initiated a hold on your account prior to June 1, 2022, we’ve transferred that hold to the new system, and it will still prevent processing of loan, withdrawal, and distribution requests. However, you won’t see information about this hold when you log in to My Account because we’ve introduced a new “account lock” feature in the new My Account, which we encourage you to set up to replace the existing hold. The new account lock feature has the same functionality as the hold in that it prevents processing of loan, withdrawal, and distribution requests from your account. The difference is that you can remove the lock yourself in My Account without having to call the ThriftLine. If you need to request a loan, withdrawal, or distribution from your account with a hold, you’ll need to call the ThriftLine first to release the hold, even if you also create an account lock in My Account. Once you remove a hold from your account, you’ll use only the account lock feature for this extra layer of security.

Year-to-Date and Conversion-to-Date Personal Rate of Return Information

In My Account, you will see “year-to-date” and “conversion-to-date” information. Please note this information for the rate of return for your personal TSP investments represents data as of the transition to our new system on June 1, not the beginning of the calendar year. Please visit tsp.gov for more information regarding TSP fund performance by month and calendar year.

Address Change in Document History

In the Document History section of My Account, you may see an “Address Change” activity. Please note this refers to the action that was recorded when you established your new online account log in. For more information on how to change your address, click here.

References to “Deposits”

In the Online Account Statement section of My Account, you will see a reference to “Deposits.” Your payroll contributions and loan repayments are accounted for here.

When did disperse on the 15th become, they take it out of our account that day? When they use dispersed it meant in your account that day depending on your bank. So now we are getting our payments on the 16-18th and in July the 15th is on a Friday so we will get our money on the 18-20th. I use to get my money dispersed on the 8th which meant they took it from my account on the 7th and they dispersed it on the 8th. How convenient that is they now view dispersed meaning it comes out of your account on that day!

 

[luv2read]

https://www.tsp.gov/fund-performance/share-price-history/
you don't have to login to see this.

 

[luv2read]

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.

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

 

[luv2read]

I haven't seen it yet and their search feature is still not operational making it tough to find anything. I think we are forced to be patient while they work on the issues. This one may not be on their priority list. :suspicious:

go to tsp.gov. Don't login. Click "manage your plan" > Calculators
or this link.
https://www.tsp.gov/calculators/

 

[luv2read]

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.

Those capabilities now have to be done through the ThriftLine, fax or mail. IMO this was purposely done by the contractor to justify hiring more people to handle it.

 

[luv2read]

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.

have you tried the automated help or live chat, or the automated system on thriftline? This system is definitely not an upgrade, we're back to where we were 10 years ago. In fact, farther than that because they HAVE given us back the ability to move dollar amounts as well as percentages, which is how TSP was originally set up.

 

[James48843]

Those capabilities now have to be done through the ThriftLine, fax or mail. IMO this was purposely done by the contractor to justify hiring more people to handle it.

By George, I think you nailed it!!!


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[luv2read]

Logged back into my account this morning. I haven't been on since I set up the new account last week. On the old website you could put in any date and see what the cost per share was for all the funds on that date. Has anyone found that information on this new website? I'm trying to fill in the missing dates during the website blackout so my excel spreadsheet is accurate. Thanks.

There is no working query function for specific dates, or ranges for ANYTHING. The only query is for EOY balance for each of the last 10 years. I tried using the "statement" query to get a balance for a specific date using the same date for beginning and ending, that didn't work.

 

[luv2read]

Yes, the account needs to be “reclaimed” since your old username and password won’t work on the new site. Apparently, every time you edit or add information the site generates an event notification. I kept on getting emails regarding an “address change” being processed. I requested no such thing but I did add an email and a phone number to my profile so I assume those changes generated the notification

I still have to figure out how to add my wife to the account. It keeps telling I have to go through my agency, but I’m retired so that is not an option. The TSP line rep was clueless about this issue so I’m on my own.

Your "agency" is OPM. Contact them.

 

[luv2read]

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

 

[luv2read]

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.

https://www.thestreet.com/investing/blackrock-pulls-etfs-from-state-street
https://federalnewsnetwork.com/tsp/...endor-to-take-the-plan-into-the-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-benefit...e-diverse-managers-mutual-fund-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.

 

[luv2read]

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.

First Horizon (Blackrock owns 55%) has recently done the same thing with their customer's accounts. FROZEN or disappeared.

 

[luv2read]

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.

It IS a big deal. It is illegal for them to change your payment or withholding amount without your permission or notifying you first with an explanation. Doing so can cause financial and tax difficulties for the account owner. They are in violation of the tax code and the TSP rules that were passed in 2017 and that took effect in 2019-2020.

 

[luv2read]

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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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.

 

[luv2read]

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.

 

[luv2read]

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.