TSP Officials Say They’re Nearing ‘Normalcy’ After a Troublesome Recordkeeper Transition
Officials with the federal government’s 401(k)-style retirement savings plan said Tuesday that there is light at the end of the tunnel that is the Thrift Savings Plan’s troubled transition to a new recordkeeper.
Since June 1, when the TSP moved its recordkeeping services to a new provider, Accenture Federal Services, and updated its website to feature a more secure login process and a number of other changes and new features, participants have bemoaned difficulty setting up and logging into their accounts, finding account information and historical documents, and confirming their beneficiary choices, among other problems.
Those issues have been exacerbated by an unprecedented volume of calls to the TSP’s ThriftLine customer service number. Officials said last month that the vendor that manages the ThriftLine greatly underestimated the influx of calls they would receive, and was short staffed as a result.