House bill

House bill would create an inspector general for the Federal Retirement Thrift Investment Board

The bill follows the TSP’s rocky transition to its new online system in June for which its new records manager, Accenture Federal Services, apologized during the August board meeting.

“I am deeply concerned about the widespread issues with the new TSP online system,” Ms Norton said in a press release on Tuesday. “I frequently hear from constituents about the many problems with the new system, including discrepancies in account balances, difficulty accessing accounts, lost beneficiary information, and hour-long wait times for service. I will continue to demand immediate solutions to the problems, but it is necessary to understand how this debacle happened and to create new accountability mechanisms at the FRTIB, which is why I tabled my bill to institute a Inspector General. “

A Thrift board spokeswoman did not immediately respond to a request for comment.

The Inspector General Act 1978 grants the Office of Inspector General full access to all records and documents available to a specified agency and the power to determine what audits, investigations, inspections and reviews are required. The Inspector General may also issue appropriate reports, among other authorities.

In addition, the US Government Accountability Office agreed in August to conduct a comprehensive review of the deployment of the TSP’s online system. The review, which was prompted by a request from Ms. Norton and Rep. Abigail Spanberger, D-Va., is scheduled to begin in November.

The new online TSP system was launched on June 1 when Accenture’s contract began. New plan features include an updated participant login interface; a TSP mobile application and a virtual assistant; the ability to electronically sign documents and conduct online transactions; and the opening of a mutual fund window, which gives eligible TSP participants access to more than 5,000 mutual funds.