House Bill Aims to Increase Oversight of Federal Retirement Thrift Investment Board

A bill introduced in the House of Representatives aims to strengthen oversight of the federal government’s retirement savings plan by establishing an independent inspector general for the Federal Retirement Thrift Investment Board.

Congressional Delegate Eleanor Holmes Norton, D-Washington, D.C., introduced the Federal Retirement Thrift Investment Board Inspector General Act of 2025, on May 13. The bill seeks to amend the Inspector General Act of 1978 to include the FRTIB among the federal entities required to have an inspector general.

The FRTIB manages the Thrift Savings Plan, a retirement savings and investment program for 7.2 million federal employees and members of the uniformed services that has $937 billion in assets.

The measure has been referred to the House Committee on Oversight and Government Reform, of which Norton is a member. As a delegate representing Washington, D.C., which does not have a representative, Norton may introduce bills and participate in debate but is ineligible to vote on the bill.

If enacted, the inspector general would be responsible for conducting audits, investigations and evaluations to promote efficiency while preventing any fraud, waste or abuse within the agency.

Norton introduced the bill in part because of the troubled 2022 rollout of a new online system for the program. 

“I frequently heard from constituents about many problems with the TSP system after it changed platforms in 2022, including discrepancies in account balances, difficulties accessing accounts, lost beneficiary information, and hours-long wait times for customer service,” Norton said in a statement. “While I am pleased that the widespread problems with the TSP’s online system have been addressed since then, the FRTIB should be held to the same standards of accountability as any other federal agency.”

The FRTIB, which oversees the TSP, introduced a suite of new features in 2022 aimed at modernizing the system. These included a redesigned participant login interface, a mobile app and virtual assistant, electronic document signing, streamlined online transactions, and access to a mutual fund window.

However, the transition quickly ran into legal issues. In June 2023, seven TSP participants filed in U.S. District Court for the District of Columbia a complaint against the FRTIB, along with contractors Accenture Federal Services and Alight Solutions—the firms responsible for implementing the system overhaul. The plaintiffs alleged that the botched rollout caused significant financial harm and accused the defendants of breaching their fiduciary duties.

The FRTIB and its board members had motions to dismiss the charges against them granted in March 2025, but motions to dismiss filed by Accenture and Alight were denied.