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Congresswoman Eleanor Holmes Norton (D-DC) introduced a bill this month to establish an inspector general for the Federal Retirement Thrift Investment Board (FRTIB), which manages the Thrift Savings Plan (TSP).
The TSP rolled out new features of its website (TSP.gov) in June 2022 and soon after began experiencing significant technical difficulties with the website.
Norton sent multiple letters to FRTIB last year, raising the concerns she heard from constituents about the new TSP system. Norton also met with the Executive Director of FRTIB, who committed to giving weekly updates on the new TSP system.
From a request headed by Norton and Congresswoman Abigail Spanberger (D-VA) in August 2022, the Government Accountability Office is conducting a comprehensive review of the planning, contract award and implementation of the new TSP system, as well as oversight by FRTIB.
“I am deeply concerned about the widespread problems with the TSP’s online system,” Norton said. “I hear frequently from constituents about many problems with the system after last year’s platform change, including discrepancies in account balances, difficulties accessing accounts, lost beneficiary information, and hours-long wait times for customer service.”
If passed, the Federal Retirement Thrift Investment Board Inspector General Act (H.R. 1416) would create new accountability mechanisms at FRTIB by amending the Inspector General Act of 1978 to add an inspector general to the FRTIB.
“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,” said Norton.