TSP record-keeping system delayed again

TSP record-keeping system delayed again

The Federal Retirement Thrift Investment Board last Friday said it would hold off implementation of a new record-keeping system indefinitely 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 [see story at www.gcn.com/21_25/management/19785-1.html ].

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.

'Sufficient progress has not yet been made to permit the establishment of a new schedule for system implementation,' the board said in a statement.

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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