Introduction of the Federal Retirement Thrift Investment Board Inspector General Act

Floor Speech

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Ms. NORTON. Madam Speaker, today, I introduce the Federal Retirement Thrift Investment Board Inspector General Act of 2022, which would create an independent Inspector General (IG) for the Federal Retirement Thrift Investment Board (FRTIB). The FRTIB administers the Thrift Savings Plan (TSP), the retirement savings and investment plan for federal employees.

On June 1, 2022, FRTIB launched a new system with the goal of modernizing TSP's recordkeeping, improving customer service and bolstering cybersecurity. There have been widespread problems with the new system, including account access, account balances, missing or incomplete information in accounts and hours-long wait times to reach customer service.

As of December 2021, TSP had approximately 6.5 million participants and $838,052,933,000 in assets, making it the world's largest defined contribution plan. Federal employees dedicate their careers to serving our country, and they deserve a retirement savings and investment plan that provides top-tier customer support and security.

While the Employee Benefits Security Administration has the audit responsibility for the FRTIB, as it does for all private sector 401(k) plans, there is currently no IG for the FRTIB. The problems with the new TSP system are evidence enough that the FRTIB needs an independent IG.

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