TSP Participants Experience Connection Delays After Online System Update

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Some Thrift Savings Plan participants are experiencing significant service delays when trying to access their retirement accounts.

The new version of My Account, launched on June 1, requires all participants to create a new login. As a result, the Federal Retirement Thrift Investment Board, the agency in charge of the TSP, has received an influx of customer service calls over the past few days.

After the council rolled out a mobile app and a new…

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Some Thrift Savings Plan participants are experiencing significant service delays when trying to access their retirement accounts.

The new version of My Account, launched on June 1, requires all participants to create a new login. As a result, the Federal Retirement Thrift Investment Board, the agency in charge of the TSP, has received an influx of customer service calls over the past few days.

After the council rolled out a mobile app and new online interface, several readers reached out to Federal News Network to share their first-hand experiences and vent their frustrations.

“No one has access to the account. No phone or email answered. FRTIB no longer responding,” one participant wrote in an email.

“I have been unable to login to my account for the past five days. Using the TSP website and their login instructions, I have attempted to set up my new TSP credentials at least seven times “Wrote another Federal News Network participant. “On two different days I attempted to contact TSP on their customer service phone number… I was put on hold for six hours.

Table recognized delays, indicating that a higher volume of calls from participants was expected.

“We experienced record call volumes, resulting in increased wait times. We received over 120,000 phone calls on June 1, two point five times more than our previous high call volume,” said wrote FRTIB Director of External Affairs Kim Weaver in an email to Federal News Network.

The board is “working urgently” to address the delays, Weaver said.

“We are truly sorry for the frustration and delay some attendees are experiencing,” Weaver wrote.

Take our survey about your experience with the update here.

Many TSP participants also posted on a Reddit Forums to share their frustrations with the new My Account system.

“For those of you who can’t create your new TSP account name, don’t bother calling for help. I’ve been put on hold for four and a half hours just to be told that This is a known issue they are working on and I need to try again,” wrote one user.

Many users also said that the Internet browser used by participants could affect their ability to log in. Currently, the best to use is Microsoft Edge, according to many Reddit users.

Weaver said the board is aware of the internet browser issues and is working to resolve them.

In response to service issues, some said the council shouldn’t have updated the system at all.

“We got rid of a system that was working and replaced it with a new one that didn’t work as well. And when it works, it provides a fraction of what the old one offered,” wrote one Reddit user.

But Weaver said the new connection is necessary because the board’s top priority is to protect participants’ retirement savings.

“We have designed this process with security and anti-fraud measures in mind,” she wrote.

Weaver said that to access the new My Account, participants must go through the required one-time setup process, either through an online registration process or through a one-time access code mailed to them.

As of June 5, approximately 86% of participants who attempted to set up their new login completed an online identity verification for immediate access to their online account. Additionally, about 3% of attendees received a one-time passcode, Weaver said.

Weaver added that there is help available for participants who are struggling. ThriftLine Member Services representatives can help users request a one-time password by mail or guide them through the online account setup process.

Despite the issues and delays, Weaver said the system’s basic functionality worked well.

“We process payroll contributions and perform all day-to-day processes, including loans, withdrawals, fund reallocations, beneficiary designations and mutual fund teller sign-ups,” Weaver wrote.

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