[Congressional Record Volume 171, Number 80 (Tuesday, May 13, 2025)]
[Extensions of Remarks]
[Page E419]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




    INTRODUCTION OF THE FEDERAL RETIREMENT THRIFT INVESTMENT BOARD 
                     INSPECTOR GENERAL ACT OF 2025

                                 ______
                                 

                       HON. ELEANOR HOLMES NORTON

                      of the district of columbia

                    in the house of representatives

                         Tuesday, May 13, 2025

  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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