[Congressional Record Volume 168, Number 140 (Tuesday, August 30, 2022)]
[Extensions of Remarks]
[Page E886]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




    INTRODUCTION OF THE FEDERAL RETIREMENT THRIFT INVESTMENT BOARD 
                         INSPECTOR GENERAL ACT

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                       HON. ELEANOR HOLMES NORTON

                      of the district of columbia

                    in the house of representatives

                        Tuesday, August 30, 2022

  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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