TSP recordkeeping system delayed
- By Colleen O'Hara
- Aug 21, 2002
The new recordkeeping system for the Thrift Savings Plan (TSP) won't be ready until November, according to the Federal Retirement Thrift Investment Board, which manages the government's retirement savings plan.
After several delays and a change in contractors, the TSP recordkeeping system had been expected to be available next month. The system will give users several new features, including daily account valuations and transaction processing.
However, in an announcement released Aug. 20, the board said deployment is being delayed for more testing. This will ensure that "all of its functions are fully tested in parallel with the operation of the current record-keeping system using actual participant data submissions," the announcement said.
Converting the records to the new system took longer than expected, and that conversion is a prerequisite for the parallel testing to begin, the board said. The testing will help show whether the various system modules work together and whether the new system can handle the volume of transactions.
A team led by Materials, Communications and Computers Inc. is delivering the new recordkeeping system. The board fired former contractor American Management Systems Inc. last year and filed suit against it for fraud and breach of contract. The suit is pending appeal on jurisdictional grounds.