Federal Pensions: DOL Oversight and Thrift Savings Plan Accountability

摘要

The Thrift Savings Plan (TSP) is a retirement savings and investment plan for federal employees, governed by the Federal Retirement Thrift Investment Board (the TSP Board). TSP is a defined contribution retirement plan within the Federal Employees' Retirement System (FERS). Recent events relating to the TSP Board's cancellation of the contract to upgrade TSP's record keeping system have raised questions about the management of the TSP. TSP is now involved in court proceedings related to the contract. In light of the TSP Board's actions relating to the record keeping system and the recent submission of the TSP Board's legislative proposal that would enhance its independence, you asked us to examine federal oversight of the TSP. Specifically, our objectives were to (1) describe the Department of Labor's (DOL) oversight authority, under the Federal Employees Retirement System Act of 1986 (FERSA) and (2) determine the actions DOL has taken in exercising its authority over the TSP Board.