The Federal Retirement Thrift Investment Board (FRTIB) did not fully implement key acquisition management practices to ensure the success of Thrift Savings Plan (TSP), according to a recent report. The lack of proper oversight and adherence to best practices has raised concerns among account holders and lawmakers alike.
When the Federal Retirement Thrift Investment Board rolled out a new system for managing the TSP, account holders encountered a website that was plagued with technical glitches and usability issues. This led to frustration and concerns about the security of their retirement savings.
Representative John Garamendi (D-CA-08) led ten other Democratic members in calling on the Federal Retirement Thrift Investment Board and the Bureau of the Fiscal Service to address the shortcomings in their acquisition management practices. They emphasized the need for transparency and accountability in overseeing federal retirement savings.
A GAO report found that the Federal Retirement Thrift Investment Board did not ensure that acquisition management practices were fully implemented, putting the TSP at risk. The report highlighted the importance of following established protocols to safeguard the retirement funds of federal employees.
Earlier this year, the results of the Federal Retirement Thrift Investment Board's 2023 financial wellness survey revealed some concerning trends. Many account holders reported feeling uncertain about their retirement savings and expressed a desire for more guidance and support.
Great news for federal retirees! The one-withdrawal-per-30-day rule for TSP is ending. Learn why the rule was eliminated and what it means for your retirement savings. This change aims to provide more flexibility and options for account holders.
The Thrift Savings Plan launched a new online system meant to modernize and improve users' access to their federal retirement savings. The updated platform promises a more user-friendly experience with enhanced security features.
Some state lawmakers say they want to protect pension fund investments in China from becoming collateral damage in a possible Indo-Pacific conflict. The geopolitical tensions in the region have raised concerns about the safety and stability of retirement funds tied to international investments.
The paradox of thrift is an economic theory that personal savings are a net drag on the economy during a recession. This concept highlights the delicate balance between individual financial security and overall economic growth.
