Letter to Gene Dodaro, Comptroller General - Norton, Spanberger Lead Letter to GAO Requesting Comprehensive Examination of New Thrift Savings Plan Online System

Letter

Dear Comptroller General Dodaro:

We request that the Government Accountability Office conduct a comprehensive examination of the new Thrift Savings Plan (TSP) online system, including the planning, contract award and implementation, as well as oversight by the Federal Retirement Thrift Investment Board (FRTIB).

On June 1, 2022, FRTIB launched a new system with the goal of modernizing TSP's recordkeeping, improving customer service and bolstering cybersecurity. Our offices have heard from constituents about widespread problems, including account access, account balances, missing or incomplete information in their 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.

Thank you for your consideration.

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