The new TSP website is an unmitigated disaster!

[rdodson]

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.

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.

 

[nasa1974]

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.

 

[Rcf3]

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.

 

[Rcf3]

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.

 

[Rcf3]

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! :lmao::lmao:

 

[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-beneficiaries/being-a-beneficiary-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.

 

[Rcf3]

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-beneficiaries/being-a-beneficiary-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.

 

[Mitchhyman]

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.

 

[Rcf3]

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.

Thanks for the information. At least now we have some clarity as to what is going on with installments. No thanks to the TSP. There more I think about it, the more I feel they are trying to downplay this mess, aka cover it up.

Question for you. Your post said your monthly installment payment cancellation should be confirmed soon. Were you able to provide them, or they you a target date, or is this up in the air until it happens? The reason I ask is that I am looking to lower my installment payment amount starting with August and I’m wondering if I should call in now and deal with the long hold times or wait a couple of weeks. If they can’t provide a firm date for the change I might as well wait.

Finally, this situation is really bringing to light the lack of planning that went into the website rollout. How is it possible that they didn’t test the new site and postpone the rollout until the many bugs were sorted? I guess they figured we would be their Guinea pigs and to hell with our discomfort or the disruption of our persons lives. Typical.

 

[Mitchhyman]

The rep did not provide me with a specific timeline on when the installment payment cancellation will be effective but if I don’t hear anything back by next week I will call them again.

 

[Rcf3]

The rep did not provide me with a specific timeline on when the installment payment cancellation will be effective but if I don’t hear anything back by next week I will call them again.

Then it’s official. They don’t know how to do it. When I called and actually got through last week the representative told me they had not been trained on the new system and she would have to refer me to “withdrawals“. I have a feeling that the representative you spoke to is going to simply pass a message to that office. You are basically in a hope and pray situation, but you are definitely better off than I am because when I was transferred to withdrawals the line hung up on me after 25 minutes.

What I find astonishing and unacceptable is that aside from the information you received today regarding installment payments the TSP has put out nothing on this issue. As of the other day it wasn’t even on the list of “known issues“ being addressed. I know I have been beating a dead horse on this matter for a while now but I find it unconscionable that we are asked to simply sit back and accept this as yet another government snafu.

 

[nasa1974]

I got my 2 letters yesterday in the mail from TSP; "your account has been claimed" and "your contact information has been changed". The date on the letters was June 9th.

 

[James48843]

Here are the names of the ETAC members. You should contact them.




Sent from my iPhone using TSP Talk Forums

 

[Rcf3]

I got my 2 letters yesterday in the mail from TSP; "your account has been claimed" and "your contact information has been changed". The date on the letters was June 9th.

According to recent, and probably dated reporting, there are approximately 2.1 million active federal employees, 1.3 million active duty military, and 500,000 postal employees. Additionally, there are more than 885,000 FERS annuitants, and goodness knows how many CSRS annuitants who have TSP accounts. This means that there are close to 5 million people affected by the new TSP website. If approximately 13,500 claim their new TSP accounts every day it will take a year for the transition to be completed. Additionally, 10 million letters like the ones you received yesterday will have been mailed by the time this is over. I’m not holding my breath that TSP will be resolving the outstanding website problems any time soon since they have their hands more than full simply getting people transferred to the new system.

When the TSP spokesperson said the transition was going to be “a little bumpy” she had no idea how much she was downplaying the situation!

 

[Scout333]

https://www.myfederalretirement.com/tsp-problems/:notrust:

 

[Rcf3]

https://www.myfederalretirement.com/tsp-problems/:notrust:

Awesome. A few Congressional staffers probably had trouble signing on to their new account and finally something may get done. Typical.

 

[rdodson]

The only people that can actually fix the TSP problems are the programmers and their higher-level program managers and overseers.

Complaining to the thrift board or ETAC members or congressional elected officials will only bring an investigation into what went wrong well after any fix occurs. These people cannot fix the problem! They helped create it!

To think that any entity with 5 million customers could have a smooth and seamless transition to a newer system is very optimistic. The fact that someone indicated that there would be a few bumps is probably understated a bit (ya think) but in the end - the fix will have to come about from programmers working hard to figure things out and get things to work right. And that will happen over the next few days, weeks or months.

Frankly if a participant had installment withdrawals and all of a sudden on June 1st they decided that they want to change their installment reflects poor planning on the participant's part. We were notified of this changeover in plenty of time for all of us to make any adjustments. In addition, the fact that some Federal tax deductions would change with the new system is not really a big issue as you don't really lose and money. You can always go to the OPM website and change your deduction there to compensate.

OPM changed over their system to new login procedures and that seemed to work fine (Mid-May, I believe).

I am trying to be positive here not critical of anyone or anything. We have all worked for or are working for a large agency bureaucracy. What changeover to anything has been seamless and painless??? Maybe sometimes it is and other time times it has not been. Do we complain (part of the problem) or help fix it (part of the solution).

 

[Rcf3]

The only people that can actually fix the TSP problems are the programmers and their higher-level program managers and overseers.

Complaining to the thrift board or ETAC members or congressional elected officials will only bring an investigation into what went wrong well after any fix occurs. These people cannot fix the problem! They helped create it!

To think that any entity with 5 million customers could have a smooth and seamless transition to a newer system is very optimistic. The fact that someone indicated that there would be a few bumps is probably understated a bit (ya think) but in the end - the fix will have to come about from programmers working hard to figure things out and get things to work right. And that will happen over the next few days, weeks or months.

Frankly if a participant had installment withdrawals and all of a sudden on June 1st they decided that they want to change their installment reflects poor planning on the participant's part. We were notified of this changeover in plenty of time for all of us to make any adjustments. In addition, the fact that some Federal tax deductions would change with the new system is not really a big issue as you don't really lose and money. You can always go to the OPM website and change your deduction there to compensate.

OPM changed over their system to new login procedures and that seemed to work fine (Mid-May, I believe).

I am trying to be positive here not critical of anyone or anything. We have all worked for or are working for a large agency bureaucracy. What changeover to anything has been seamless and painless??? Maybe sometimes it is and other time times it has not been. Do we complain (part of the problem) or help fix it (part of the solution).

So you are saying that the participants who wanted to change installment payment amounts mid year should have known better and planned around the inevitable chaos that transition to the new system would bring? Nonsense. That sounds like victim blaming to me. All we were told is that there would be a short blackout and that things would be better on the other end. In fact, we were told that the new features would be amazing and make our lives much easier. The truth of the matter is that the TSP is supposed to be run by professionals with good judgement, integrity, and the ability to communicate the reality of the situation to the members. These issues didn’t just happen all of a sudden. I can guarantee you that in the months leading up to this disaster there was meeting upon meeting where the news became worse by the day, hence the statements about how they knew it would be “bumpy”. Someone made the decision to go forward anyway despite the fact that the system was not ready to deploy and now we are stuck with the outcome. To say that it is somehow the member’s responsibility to have planned better is ludicrous, and it transfers the responsibility from the people who screwed up, to the people who were screwed.

 

[rdodson]

So you are saying that the participants who wanted to change installment payment amounts mid year should have known better and planned around the inevitable chaos that transition to the new system would bring? Nonsense. That sounds like victim blaming to me. All we were told is that there would be a short blackout and that things would be better on the other end. In fact, we were told that the new features would be amazing and make our lives much easier. The truth of the matter is that the TSP is supposed to be run by professionals with good judgement, integrity, and the ability to communicate the reality of the situation to the members. These issues didn’t just happen all of a sudden. I can guarantee you that in the months leading up to this disaster there was meeting upon meeting where the news became worse by the day, hence the statements about how they knew it would be “bumpy”. Someone made the decision to go forward anyway despite the fact that the system was not ready to deploy and now we are stuck with the outcome. To say that it is somehow the member’s responsibility to have planned better is ludicrous, and it transfers the responsibility from the people who screwed up, to the people who were screwed.

I am not saying the participants are to blame. I am saying that experience with bureaucracy (the participants work under them) should have expected this outcome on the other side of the implementation. It is unacceptable but not surprising, to me. I remember thinking to myself - what changes should I consider prior to the implementation. Interfund transfers did not seem to be affected, in fact I was able to make one earlier than I thought I would (in terms of which day they would be available to be made). Beneficiaries are locked in even if they don't show up after the changeover since hardcopy can be relied on if TSP needs to figure that out upon a sudden death - assuming they can find a hard copy.

Monthly or other periodic withdrawal changes can be a concern but really, how often does one intend to change their withdrawal amounts? With the rollout problem, yes, it can be disconcerting and aggravating, but one can make up any difference once TSP fixes problem. Hopefully soon.

I am not excusing the rollout but I am not allowing the problematic rollout to define me as a victim.

I expected there would be a problem or three.

 

[Rcf3]

I am not saying the participants are to blame. I am saying that experience with bureaucracy (the participants work under them) should have expected this outcome on the other side of the implementation. It is unacceptable but not surprising, to me. I remember thinking to myself - what changes should I consider prior to the implementation. Interfund transfers did not seem to be affected, in fact I was able to make one earlier than I thought I would (in terms of which day they would be available to be made). Beneficiaries are locked in even if they don't show up after the changeover since hardcopy can be relied on if TSP needs to figure that out upon a sudden death - assuming they can find a hard copy.

Monthly or other periodic withdrawal changes can be a concern but really, how often does one intend to change their withdrawal amounts? With the rollout problem, yes, it can be disconcerting and aggravating, but one can make up any difference once TSP fixes problem. Hopefully soon.

I am not excusing the rollout but I am not allowing the problematic rollout to define me as a victim.

I expected there would be a problem or three.

I understand what you are saying, and it is exactly the type of attitude that I saw time and again during my 30 years of government service. We have come to expect, and even allow Government entities to fail without much consequence. Rather than demanding excellence we have accepted mediocrity. The fault for this condition lies both with those who do not aspire to achieve excellence as with those who do not demand it. As long as this is the case government agencies will have a license to be mediocre.

As far as preparing for the installment payment issue, it is all relative. While there are members like you and I who can perhaps easily absorb the situation until the TSP decides to fix it, I can imagine that there are many, particularly in this economy, who may need some extra cash right now and cannot get to it because of TSP’s inept handling of the situation. Can you imagine being a recent retiree living on a fixed income in an age of runaway inflation and calling the TSP line to start or increase your installment payments only to be told that your request would be passed along to the withdrawals department but that there is no telling when and if your request will be fulfilled? That poor sucker is screwed. Are you telling me any of this is on him because he didn’t prepare adequately?