As many FMA members know, the Thrift Savings Plan (TSP) experienced several challenges in its transition to a new recordkeeping system this summer. On August 30, Delegate Eleanor Holmes Norton (D-DC), who previously asked the Government Accountability Office to investigate the shortcomings TSP saw during the transition, introduced the Federal Retirement Thrift Investment Board Inspector General Act (H.R. 8763), which would establish an Inspector General office for the FRTIB.

In a statement upon introduction, Norton wrote, “I am deeply concerned about the widespread problems with the new TSP online system. 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.”

H.R. 8763 currently has no cosponsors and was referred to the House Committee on Oversight and Reform. To follow the bill’s progress, please click here.