WASHINGTON, D.C. - Federal Thrift Savings Plan investors who
are looking forward to the daily transactions promised by a new record keeping system will
have to wait at least another two months.
Officials of the Federal Retirement Thrift Investment Board,
which oversees TSP, announced that the new system will debut in
November instead of September, as previously reported. They said they
will firm up the schedule in September based on the results of ongoing
data conversion and system testing.
In general, the new system will allow for daily account
valuations and daily transaction processing.
It also will report account balances in both shares and
dollars, offer a
number of withdrawal options, and provide online service for loans and
The new system was developed on time and within budget,
officials said. Its debut is being delayed, however, to ensure all its
functions are fully tested in parallel with the current record keeping
"Parallel testing," they said, involves running both
systems separately using the same, real data submissions from
They said the testing has not been conducted because the
several billion TSP investor records created since the plan started in
1987 took longer than expected to convert for the new system.
They said analysts are screening records now to confirm
accurate, complete conversions.
The TSP is similar to 401(k) retirement investment plans
offered by private-sector companies.
Nearly 3 million civilian employees and uniformed service
members have TSP accounts totaling some $98 billion, officials said.
A leaflet, "How the TSP Is Changing," summarizes the
changes and is available on the TSP Web site
the Federal Retirement Thrift Investment Board.)