Retirees were the most satisfied, with scores declining at each level for those 50 and over. Image: 13_Phunkod/Shutterstock.com
By: FEDweek StaffOverall satisfaction with the TSP held about steady compared with the prior two years in the latest survey of account holders, a survey that however predated the program’s transition to a new operating system that spurred widespread customer service complaints.
A “participant satisfaction” poll conducted over March-May yielded a composite positive score of 87, the same as in 2020 and down two points from 2021, a report to the September meeting of the TSP’s governing board shows. It says the benchmark score for similar private sector plans is 82.
The scores were slightly higher among just federal employees—compared with military personnel—at 90, 91 and 90 over the three years. The percentage of FERS participants calling themselves “extremely” satisfied went from 35 to 42 to 37 in that time.
By career stage, retirees were the most satisfied, at 95 percent, with scores declining at each level for those 50 and over, those 35 to 49 and those under 35—down to 79 percent for the latter.
Features producing the most satisfaction included the variety of investment options, annual statements, security of tsp.gov and plan information on that site. The lowest satisfaction was with ability to transfer money to other retirement plans, ability to transfer money from other retirement plans and flexibility of withdrawal options.
The most desired new potential features included a tool to estimate withdrawals to last through retirement, an investment option “which protects you from outliving your savings,” and automatic adjustment of account allocations. Also mentioned highly were several features that are part of the new system but weren’t available at the time the survey was taken, including upgraded calculator tools, a broader range of investment options and a mobile app.
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