Retirement recordkeeping system postponed
- By Colleen O'Hara
- Jun 15, 2000
The Federal Retirement Thrift Investment Board announced Tuesday that
software problems have forced it to delay rollout of a new federal retirement
recordkeeping system, slated for Oct. 1.
The Thrift Savings Plan (TSP) recordkeeping system will offer federal
employees new features including two new investment funds, daily valuation
of accounts and enhanced withdrawal benefits. TSP is the government's equivalent
of a 401(k) program.
American Management Systems Inc., which is developing the system, has
not made "significant progress in testing the system and in fixing numerous
software defects," according to the board. AMS recommended the deadline
for bringing the system online be delayed until spring 2001; however, a
new date has not been set.
AMS expects to encounter between 8,000 and 10,000 software bugs and
will need additional time to test and correct the problems, according to
the board. Meanwhile, core TSP functions will continue to operate.
AMS has now missed two implementation deadlines for the recordkeeping