TSP Suspension of Transactions?

[tsptalk]

The TSP has been incredibly vague and this seems very irresponsible of them. Based on what I saw I was assuming IFTs would be halted on the 26th of May. One member says he was told the Thriftline would still accept transactions, and another just told me that he was told that IFTs will stop starting May 16.

Their website does say:

Temporary suspension of certain transactions starts May 16 until the first week in June.

That's clear as mud!

It goes on to say:

Key transition dates

Expected transition dates

May 16 to the first week of June

All transactions temporarily unavailable May 26 to the first week of June

Are we mind readers?

We know it is tough to get information from the representatives on the phone but the conflicting information is very frustrating.

Anyway, it may be possible that IFTs are being shut down this coming Monday May 16, not May 26. I don't why they couldn't say that, and because they didn't I am still skeptical because that seems like very important information to leave out.

 

[James48843]

The TSP posted an updated message- you can still do Interfund Transfers until Noon eastern time on May 26.

Here is what is now posted:

“May 26, noon

Last day to make investment transactions (including interfund transfers and changes to contribution allocations).”




Sent from my iPhone using TSP Talk Forums
From: https://www.tsp.gov/new-tsp-features/key-transition-dates/

 

[nasa1974]

James, Thanks for the update. This is still unacceptable. This change should have been back-tested enough that the switchover to the new system could be implemented over the Memorial Day weekend. I think it is less critical that we don't have access to the TSP-60 Forms for two weeks, but to take away our access to making an IFT for at least 5 days is unreasonable. Yes, I know back in the beginning we use to call-in or even snail mail our IFT's. That was then. Fast forward 40 years we shouldn't have to be handcuffed this way.

 

[Bullitt]

The inability to make IFT's for a full five days might be the best thing that could ever happen to some people financially.

 

[tsptalk]

Has anyone heard of a more concrete date than "the first week in June" as the end of the transition to the new system. I suppose they are being vague because they are not sure themselves... they could have issues that delay the the end date.

 

[LTJPFED]

I posted my interpretation in my thread. Basically I think it is just next week. The reason is because they say things will be shutdown at the end of the transition period, May 26. They also say you won't be able to change your investment choices during this brief time. Then in that next paragraph they repeat the end of the transition period again but state, we'll need to suspend all TSP transactions for several days beginning on May 26.

So my assumption is things will be up by Monday, June 6. Maybe they kept it as an open timeframe because maybe they could have it up and running prior to June 3rd, IDK. Just some of my thoughts.

 

[tsptalk]

You're probably right. I just didn't understand that obvious interpretation. Denial? Through all of next week, makes sense.

 

[LTJPFED]

LOL, trust me I don't think it is obvious. I read all of their information several times this week trying to find something with a clear date, no dice. I sure wish they gave everyone a definitive date because it is rather important for a lot of people. The way these markets have been moving and only 2 transfers each month they really didn't do a good job of spelling out their timeframe in my humble opinion. But what do I know lol. I hope everyone at least feels ok with their decision regardless of what they decided.

 

[learningabout]

LOL, trust me I don't think it is obvious. I read all of their information several times this week trying to find something with a clear date, no dice. I sure wish they gave everyone a definitive date because it is rather important for a lot of people. The way these markets have been moving and only 2 transfers each month they really didn't do a good job of spelling out their timeframe in my humble opinion. But what do I know lol. I hope everyone at least feels ok with their decision regardless of what they decided.

https://federalnewsnetwork.com/tsp/...set-to-launch-june-1-after-transition-period/


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[tsptalk]

You're probably right. I just didn't understand that obvious interpretation. Denial? Through all of next week, makes sense.

I was trying to figure out why misinterpreted those dates. Then I went back and read it again. They say...

"All transactions temporarily unavailable May 26 to the first week of June"

Not...

"All transactions temporarily unavailable May 26 through the first week of June"

I change my mind. It still is vague.

 

[nasa1974]

There is no reason why this couldn't have happened over the Holiday weekend instead of taking over a week to install.

 

[ravensfan]

There is no reason why this couldn't have happened over the Holiday weekend instead of taking over a week to install.

We have to remember; this is a government program that was awarded to the lowest bidder...I wouldn't be surprised if there are so many bugs in the system, they will have to issue a fix before the end of June...just thoughts from an old system administrator.

 

[nasa1974]

We have to remember; this is a government program that was awarded to the lowest bidder...I wouldn't be surprised if there are so many bugs in the system, they will have to issue a fix before the end of June...just thoughts from an old system administrator.

That has some truth to it, but not all Government contracts go to the lowest bidder.

 

[jonfresno]

Just to piggyback, I agree. Purposely vague. you can test he crap out of it, but until you get a large # of users banging away at it in the production environment, you can't be 100%. Our in-house developed accounting system was replaced by a "COTS" package from CGI. Upgrades and patches routinely are never up and running smoothly. Constant time lag delays with the reporting data store and emails apologizing for blank screens and other issues.

Now that said, I'm certainly rooting for them to be back up and running Tuesday or Wednesday. sometimes you don't want to promise a time, but you really feel like it will be on or ahead of schedule...

We have to remember; this is a government program that was awarded to the lowest bidder...I wouldn't be surprised if there are so many bugs in the system, they will have to issue a fix before the end of June...just thoughts from an old system administrator.

 

[tsptalk]

It's a little early to say (about 45 minutes after the normal posting), but it looks like they may not even update the share prices during the shutdown?

 

[nasa1974]

It's a little early to say (about 45 minutes after the normal posting), but it looks like they may not even update the share prices during the shutdown?

If that is the case, we won't even see updates next week. Great!!!

 

[tsptalk]

Latest from TSP when you try to access your account.

"Be sure to check back here to see when the new My Account is available. When available, all TSP participants will need to set up a new login for the new My Account. This one-time setup process will give you step-by-step prompts to make it simple for you to verify your identity, create a username and password, update your contact information, and set up your account security. Once you log in to My Account, you’ll notice a fresh design, new tools, and enhanced features to help you manage your account."

https://www.tsp.gov/my-account-temporarily-unavailable/

Notice that it says "check back here to see when the new My Account is available", which means they don't have a specific date yet.