TSP Rollover Mistake

[mrswans1]

Tried to do it on-line, got a error that said we needed to call to do this transaction. We called on a recorded line and requested a 100% roll over to TD ameritrade on 4 Oct. The next day I received a text that it would be complete on 7 Oct. Looked online and it showed all of it would all be sent to TD ameritrade except $10,388.73 and of this amount, $2,077.75 would be sent to the IRS for taxes. I called and told them that was a mistake, the entire amount was to be rolled over. The first person said I must have entered it wrong on my computer, no changes could be made. I said I called I didn't enter anything on my computer. Next person said they would send a note to operations to investigate it. No timeline for an answer. Kept calling everyday, nothing, like it was the first time telling them I had a problem each call.

After getting no answers, contacted my congressman on the 11th. Got a call from TSP the same day. Told me they listened to the recorded call and heard I had requested 100% rollout to TD ameritrade and it was a mistake on their end. By now 11 Oct, the money was sent to the IRS and a check was issued in my name. But, they don’t know how or when the correction would be made. I have called everyday still and all they can say is this has never happened before and they don't know how to fix it. They said they have to wait for their operations section in NJ to call them about investigating this issue. They said it could take 30 days for an answer, not a fix. They all say they have no direct number to call their operations section, right.

 

[nasa1974]

Inexcusable. Some heads really need to roll on this horrendous "NEW AND IMPROVED" TSP website. Their mistakes are costing people money. I hope your issue gets resolved soon.

 

[nnuut]

Things like that are the reason I've been in the G-Fund for so long!

 

[Scout333]

Another call to your Congressman?

 

[gudguy1a]

Dear Mrswans1.
Glad you posted this, very glad. MOST excellent. Especially in light of me having a somewhat painful issue... Maybe I should contact my representative as well....
:soapbox: Sorry to be on a rant everyone but I was and still am royally ticked off about this "new" system (if I could get away with using my salty Vietnam era Marine language, it would be peppered throughout this posting).
NOTE: I never had a rollover problem under the old TSP system…


Thought I was in a bad spot, alone - in my recent rollover of two checks.
TSP appears to have LOST my first check, which was a significant amount - even though in August, their TSP support team member TOLD ME they did receive it.
---- However, the 'escalated' account resolution team member today told me that they DO NOT have that check.

The second check which I sent to the TSP Exec. Dir. Ravindra Deo via USPS certified mail, along with a detailed letter of the failures of the 'NEW TSP system' and copies of other submitted documents is now in limbo. That Exec Dir office did not forward the check and documentation to the TSP rollover team.
This Deo USPS mail happened after I'd completed submission, re-submission and re-submission of the re-submission of the documents to TSP - for EACH check...

That was how horrendously angry and exasperated I was/am in sending the second check and all of my backup documentation for this check and the first check - in how the TSP NEW & IMPROVED system failed me (us all).
(In some of my various roles in the past, I've directly contacted individuals like the AT&T President and T. Boone Pickens to get action, successfully completed.)
The USPS certified packet content was all the necessary documentation to do a rollover including screen shots of SUCCESSFUL uploaded documents to TSP.
---- EVERYTHING showed being successfully uploaded. For BOTH CHECKS!!!!

Last month (September), when I talked to a TSP support team member, she explicitly told me the check (the 2nd check) I uploaded via the "TSP MOBILE APP" did not go through and that TSP HAS HAD PROBLEMS with getting GOOD IMAGES....
---- That I should send JPGs of the check - which I did. Apparently, they were not accepted...

So, posthaste, I removed the TSP application from my phone. If TSP wanted us to upload checks that way, the TSP system should validate whether the check images are good or not BEFORE THE IMAGES ARE UPLOADED...!!!
Bank of America and other banks do not have this problem - I've not had a check JPG/PNG image upload problem since B of A rolled it out. And if it was not a good image for B of A, their software tells you to reposition or get better lighting...

Why can't TSP get their crap together for it as well... Again, I uninstalled the TSP application and I recommend others do so as well, unless you are more fortunate in uploading check images and continue using the online web site, clunky as it is...

At this point, I basically have to get the financial institution to cancel both checks and reissue me new ones.

This is a topic of failure that I will definitely elaborate more on in a paper on one of my sites.
=== I might hazard a guess to say that many of us here have NEVER experienced, under the old TSP system, the kinds of problems we're experiencing since this rollout.

Am I thrilled about this....?;damnit :angryfire: Youse folks will be the judge of that...

 

[nnuut]

Unbelievable, but it's happening!

 

[taba4555]

OMG, this is by far the worse investment platform. I wonder how many of our congressional representative made money investing in Accenture. I have had issues with the site and the representative you call, it is hit or miss on who you get. These people do not care about us federal employees they are contracted workers that could give a hoot about us. We have worked hard at saving and investing in our TSP, we need help. Please go back to how it was and let us the investors have a say! I hope mrswans1 you get your issue resolved.

 

[evilanne]

So have you gotten an answer or resolution yet?

https://www.tsp.gov/publications/tspbk26.pdf Refer them to page 4 that they aren't supposed to withhold any taxes on a direct rollover. I'm pretty sure that they have no clue how to undo that tax payment to the IRS

Tried to do it on-line, got a error that said we needed to call to do this transaction. We called on a recorded line and requested a 100% roll over to TD ameritrade on 4 Oct. The next day I received a text that it would be complete on 7 Oct. Looked online and it showed all of it would all be sent to TD ameritrade except $10,388.73 and of this amount, $2,077.75 would be sent to the IRS for taxes. I called and told them that was a mistake, the entire amount was to be rolled over. The first person said I must have entered it wrong on my computer, no changes could be made. I said I called I didn't enter anything on my computer. Next person said they would send a note to operations to investigate it. No timeline for an answer. Kept calling everyday, nothing, like it was the first time telling them I had a problem each call.

After getting no answers, contacted my congressman on the 11th. Got a call from TSP the same day. Told me they listened to the recorded call and heard I had requested 100% rollout to TD ameritrade and it was a mistake on their end. By now 11 Oct, the money was sent to the IRS and a check was issued in my name. But, they don’t know how or when the correction would be made. I have called everyday still and all they can say is this has never happened before and they don't know how to fix it. They said they have to wait for their operations section in NJ to call them about investigating this issue. They said it could take 30 days for an answer, not a fix. They all say they have no direct number to call their operations section, right.

 

[evilanne]

gudguy1a,
Why don't you have financial institution send the check(s) directly to TSP as a direct trustee to trustee rollover?