I have configured a global Perforce Ticket Credential with a hard coded Ticket value (tried using P4TICKETS, but was unable to test the connection successfully). I am able to successfully test the connection from the credential configuration page, but when I select the credentials for a project, perforce polling fails with the following error:

Perforce Software Polling Log

Started on Apr 15, 2015 6:10:00 PM
Polling SCM changes on master
P4: Polling on: master with:nance-cmtest-prod-jenkins
FATAL: SCM polling aborted
java.lang.InterruptedException: P4: Unable to setup workspace: com.perforce.p4java.exception.AccessException: Perforce password (P4PASSWD) invalid or unset.

at org.jenkinsci.plugins.p4.tasks.AbstractTask.setWorkspace(AbstractTask.java:63)
at org.jenkinsci.plugins.p4.PerforceScm.pollWorkspace(PerforceScm.java:223)
at org.jenkinsci.plugins.p4.PerforceScm.compareRemoteRevisionWith(PerforceScm.java:179)
at hudson.scm.SCM.compareRemoteRevisionWith(SCM.java:380)
at hudson.scm.SCM.poll(SCM.java:397)
at hudson.model.AbstractProject.pollWithWorkspace(AbstractProject.java:1467)
at hudson.model.AbstractProject._poll(AbstractProject.java:1438)
at hudson.model.AbstractProject.poll(AbstractProject.java:1349)
at hudson.triggers.SCMTrigger$Runner.runPolling(SCMTrigger.java:510)
at hudson.triggers.SCMTrigger$Runner.run(SCMTrigger.java:539)
at hudson.util.SequentialExecutionQueue$QueueEntry.run(SequentialExecutionQueue.java:118)
at java.util.concurrent.Executors$RunnableAdapter.call(Executors.java:471)
at java.util.concurrent.FutureTask.run(FutureTask.java:262)
at java.util.concurrent.ThreadPoolExecutor.runWorker(ThreadPoolExecutor.java:1145)
at java.util.concurrent.ThreadPoolExecutor$Worker.run(ThreadPoolExecutor.java:615)
at java.lang.Thread.run(Thread.java:745)
Done. Took 35 ms
No changes

I wouldn't expect for it to be trying to use P4PASSWD, and am wondering if this is a misconfiguration or if something is broken.