After Hearing Directly From Current and Retired Federal Employees About Issues with the System, the Congresswoman Urged the U.S. Comptroller General to Conduct a Comprehensive Examination of the Problems
WASHINGTON, D.C. — U.S. Rep. Abigail Spanberger is leading a multi-Member effort pressing the U.S. Government Accountability Office to look into reported functional issues with the new Thrift Savings Plan (TSP) online system. Spanberger is leading the charge alongside U.S. Representative Eleanor Holmes Norton (D-DC-AL).
After hearing directly from current and retired federal employees in Virginia who are experiencing problems with the new system — including account access, account balances, missing or incomplete information in their accounts, and hours-long customer service wait times, Spanberger sent a letter urging the Comptroller General of the United States to conduct a comprehensive examination of the system.
“Over the last month, many of Virginia’s dedicated federal employees and retirees have reached out to my office about challenges they are experiencing with the TSP system. We need to know more about what’s going wrong, why it’s happening, and how TSP’s Board intends to fix these problems,” said Spanberger. “That’s why we are calling for a full investigation into these outstanding issues. I’d like to thank Congresswoman Norton for her partnership as we focus on greater accountability and transparency in this system — because Americans who have devoted their careers to public service do not deserve to be locked out of their retirement accounts.”
“I am deeply concerned about the widespread problems with the new TSP online system,” said Norton. “I continue to hear daily from constituents about the many problems with the new system. I will continue to demand immediate fixes to the problems, but we need to understand how this debacle occurred, which is why I am requesting a comprehensive examination of the new system itself, its planning, and its implementation. Thank you to Congresswoman Spanberger for joining me in leading this effort.”
The letter was also signed by U.S. Representatives Gerry Connolly (D-VA-11), Jamie Raskin (D-MD-08), Don Beyer (D-VA-08), and Jennifer Wexton (D-VA-10).
Read the full letter text below.
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.