Norton Introduces Bill to Create Inspector General for Federal Retirement Thrift Investment Board

WASHINGTON, D.C. – Congresswoman Eleanor Holmes Norton (D-DC) introduced a bill to establish an inspector general for the Federal Retirement Thrift Investment Board (FRTIB), which manages the Thrift Savings Plan (TSP), a retirement plan available to federal employees and members of the armed services.

"I am deeply concerned about the widespread problems with the new TSP online system," Norton said. "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."

Norton sent a letter to FRTIB on June 13, 2022, raising the initial concerns she heard from constituents about the new TSP system. FRTIB responded on June 17, 2022. On June 30, 2022, Norton spoke with the Executive Director of FRTIB. The Executive Director promised to give Norton weekly updates on the new TSP system.

At the request of Norton and Congresswoman Abigail Spanberger (D-VA), the Government Accountability Office will conduct a comprehensive review of the planning, contract award and implementation of the new TSP system, as well as oversight by FRTIB, which is expected to begin in November.

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