Introduction of the Federal Retirement Thrift Investment Board Inspector General Act of 2025

Floor Speech

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Ms. NORTON. Mr. Speaker, today, I introduce the Federal Retirement Thrift Investment Board Inspector General Act of 2025, 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.

In 2022, the FRTIB launched a new recordkeeping system with the goal of modernizing TSP's recordkeeping, improving customer service and bolstering cybersecurity. There were 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. I, along with several colleagues, asked the Government Accountability Office (GAO) to examine the implementation of the new system. GAO found that FRTIB ``did not fully implement key acquisition management practices . . . [which] significantly increased the risk of a problematic rollout of the new system.''

TSP has approximately 7.2 million participants and $937 billion 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 oversight responsibility for TSP, as it does for private sector 401(k) plans, there is no IG for the FRTIB. The problems with the rollout of the recordkeeping system are evidence enough that the FRTIB needs an independent IG.

I urge my colleagues to support this bill.

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