TSP retirement system is done despite delays
- By Jason Miller
- Jun 20, 2003
More than 3 million federal employees finally have a modern retirement record-keeping system. The Federal Retirement Thrift Investment Board last week launched its new computer system after five years of fits and starts.
The system went live June 16 and has proved popular; the Web site was slowed down, at least initially, by the number of visits. It processes transactions daily and includes several Web forms to apply for loans, interfund transfers or withdrawals.
The launch ends a six-year journey that included the board's firing of its first contractor, American Management System Inc. of Fairfax, Va. The agency now is suing AMS for $350 million.
FTRIB hired Materials, Communications and Computers Inc. of Alexandria, Va., to put the system back on track.