Federal Managers Association
In the News
- TSP Participants Sue Agency Over ‘Botched’ Recordkeeper Transition - June 5, 2023
By Erich Wagner, Government Executive
Agroup of seven participants in the federal government’s 401(k)-style retirement savings plan last week filed a class action lawsuit against the Thrift Savings Plan and two federal contractors over the agency’s troubled transition to a new recordkeeping vendor last year.
Last June, the TSP transitioned to a new recordkeeping system run by Accenture Financial Services, upgrading many of the back-end functions and promising new public-facing features, including a mobile app, a virtual assistant, the ability to sign documents and submit rollover checks electronically, and access to around 5,000 new investment options via a mutual fund window. Accenture partnered with another contractor, Alight, to support the new recordkeeping system.
To read the full article, click here.