What Went Wrong with the Launch of Thrift Savings Plan’s New Online System?

What Went Wrong with the Launch of Thrift Savings Plan’s New Online System?

Just over two years ago, the Thrift Savings Plan launched a new online system meant to modernize and improve users’ access to their federal retirement savings. But almost immediately after the system launched, users reported widespread problems accessing their retirement savings and account information. By the end of that first day, TSP’s hotline had received 120,644 calls—with many users waiting hours to get help with accessing their accounts.

Here, at GAO, we received pleas for help from some users, many of whom told us that they were unable to access funds to pay bills or time sensitive information needed to get loans and mortgages.

Congress heard the complaints too and asked that GAO look into what caused the widespread problems and what is being done to prevent future issues. Today’s WatchBlog post looks at our new report on what we found.

Please click HERE to read more from the GAO.