Six years after making the decision to upgrade participant services, the Federal Retirement Thrift Investment Board transitioned to a new record keeper for the massive $739.9 billion Thrift Savings Plan, Washington, rolling out a slew of updates and new services.
But even with extensive testing of the new website, the investment board and its new record keeper did not foresee record-breaking call volumes from some of the 6.6 million federal employees and members of the uniformed services who invest in the retirement system that it administers.
In the weeks since the June 1 launch, participants have reported log-in issues, long customer service wait times and transaction difficulties.
FRTIB hired Accenture Federal Services as its new record keeper in November 2020, and Accenture's contract began with the implementation of new plan features such as an updated participant log-in interface; a TSP mobile app; the ability to electronically sign documents and complete transactions online; and the opening of a mutual fund brokerage window.
"We're well aware of the challenges that we're having around the call center, that being the biggest challenge that we're experiencing today, and we're working hard to return to our customary excellent services," said Tee Ramos, director of the office of participant services, at the investment board's regular monthly meeting June 28.
Mr. Ramos said the call center is now staffed with more than 800 representatives, the most it has ever had. Further, he explained that TSP is working with its communications staff to create a webinar that explains planned terminology and experience changes for participants that should be available in July.
James Courtney, FRTIB director of communications and education, said the TSP is holding off on sending direct email and mail to all participants because it could trigger more calls to an already struggling call center.
FRTIB board member Dana Bilyeu, who expressed her frustration with the rollout issues, asked that Accenture present to the board about lessons learned and plans to address the challenges. "They need to understand that this comes all the way to the board level. The disappointment is at the board level as well and that they need to be able to respond to that," said Ms. Bilyeu, who also serves as the executive director of the National Association of State Retirement Administrators.