GAO Will Investigate the Troubled TSP Recordkeeper Transition
(Government News, Research and Events for Federal Employees - GovExec.com )

Officials at the federal government’s 401(k)-style retirement savings program said nearly 2 million participants have successfully set up their new online account access, and call center wait times are down to around 10 minutes.

ERICH WAGNER | AUGUST 12, 2022 01:01 PM ET


A government watchdog agency confirmed last week that it will investigate the Thrift Savings Plan’s difficult transition to a new recordkeeping vendor.

Since June 1, when the TSP moved its recordkeeping services to a new provider, Accenture Federal Services, and updated its website to feature a more secure login process and a number of other changes and new features, participants have reported difficulty setting up and logging into their accounts, finding account information and historical documents, and confirming their beneficiary choices, among other issues.

Compounding those problems have been an unprecedented volume of calls to the TSP’s ThriftLine customer service number. Officials have said the contractor that operates the ThriftLine greatly underestimated the influx of calls they would receive and didn’t have enough staff to handle demand.

Last month, Del. Eleanor Holmes Norton, D-D.C., and Rep. Abigail Spanberger, D-Va., asked the Government Accountability Office to conduct a “comprehensive examination” of what went wrong, including the planning and implementation of the new recordkeeping system. In an August 3 letter to the lawmakers that was published this week, GAO Managing Director for Congressional Relations A. Nicole Clowers confirmed that the watchdog agency would investigate the matter.

“Thank you for your letter requesting that the Government Accountability Office review matters relating to the new Thrift Savings Plan online system, including the planning, contract award and implementation, as well as oversight by the Federal Retirement Thrift Investment Board,” Clowers wrote. “GAO accepts your request as work that is within the scope of its authority.”

Work on the investigation will begin in around three months, Clowers said.

More: https://www.govexec.com/pay-benefits...sition/375779/




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