Thrift board's records system delayed to November

Thrift board's records system delayed to November

The Federal Retirement Thrift Investment Board is again delaying the debut of the Thrift Savings Plan's new record-keeping system. After five years of fits and starts, the board hoped to unveil the online system Sept. 16, but transferring data to it has taken longer than expected and delayed parallel testing of the new and old systems.

Board officials said they hope to get the system up in November after tests to ensure it can handle the high volume of daily transactions from TSP's 2.9 million civilian and military service members.

SunGard Data Systems Inc. of Wayne, Pa., a subcontractor to Materials, Communications and Computers Inc. of Alexandria, Va., last week finished the data conversion, nearly two weeks behind schedule.

'Although the data conversion is expected soon to be validated, the compression caused by its delay dictates an adjustment to our implementation schedule,' said Roger Mehle, the board's executive director. 'We will make a transition to the new OmniPlus system only when we are completely satisfied with its reliability. Parallel testing will ascertain this.'

The board said Matcom developed the system on time and on budget, which eventually will process transactions daily and permit daily valuation of accounts. The current system is 15 years old and limited to monthly edits and transaction processing [].

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