Thrift board puts record-keeping system on hold

The Federal Retirement Thrift Investment Board earlier this month said it would delay implementation of a new record-keeping system for the Thrift Savings Plan until data processing problems are resolved.

Two months of parallel testing showed the application could not handle large transaction volumes fast enough. The setback is another in a long history. The board originally said the system would be operational by September after five years of fits and starts, which included firing its first contractor.

The board had hoped to migrate to the new system in November after missing an August target date. TSP officials said Materials, Communications and Computers Inc. of Alexandria, Va., the systems contractor, is evaluating how to speed up processing.

TSP has more than 3 million participants, holds more than $102 billion worth of retirement assets and has the largest daily transaction volume of any 401(k)-type plan.

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