U.S. Rep. Eleanor Holmes Norton (D-DC) introduced legislation that would establish an inspector general for the Federal Retirement Thrift Investment Board (FRTIB).
The FRTIB is the agency that manages the Thrift Savings Plan (TSP), a retirement plan that is available to federal employees and members of the armed services. The inspector general would oversee the plan, which has had its share of functionality issues since a new online system was implemented.
“I am deeply concerned about the widespread problems with the new TSP online system,” Norton said. “I hear frequently from constituents about the many problems with the new system, including discrepancies in account balances, difficulties accessing accounts, lost beneficiary information, and hours-long wait times for customer service. I will continue to demand immediate fixes to the problems, but we need to understand how this debacle occurred and to create new accountability mechanisms at FRTIB, which is why I introduced my bill to establish an inspector general.”
In June, Norton sent a letter to FRTIB expressing her concerns about the new system based on complaints from constituents. Then on June 30, Norton spoke with the executive director of FRTIB, who agreed to provide the congresswoman with weekly updates on the new TSP system.
Further, at the request of Norton and Rep. Abigail Spanberger (D-VA), the Government Accountability Office will review the planning, contract award and implementation of the new TSP system, as well as oversight by FRTIB. The review is expected to begin in November.