Blog: Rep. Norton expresses concerns regarding Thrift Savings Plan – Financial Regulation News – Financial Regulation News

U.S. Rep. Eleanor Holmes Norton (D-DC) recently forwarded correspondence to the Federal Retirement Thrift Investment Board, noting concerns regarding constituents having difficulty accessing their Thrift Savings Plan (TSP) accounts.

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“I write with serious concern regarding the Thrift Savings Plan’s (TSP) new online system,”
Norton wrote to Federal Retirement Thrift Investment Board Acting Chairman David A. Jones. “Several District of Columbia residents have contacted me about their inability to access their TSP information and investments and reach TSP customer service representatives.”

Norton said the new TSP online system required some participants to change passwords and other account information and wait for a security code to be delivered by mail, delaying account access for weeks.

Additionally, Norton noted constituents have expressed efforts to contact the TSP ThriftLine for assistance, which has resulted in being placed on hold for several hours and then disconnected before talking with someone.

“It appears that the Federal Retirement Thrift Investment Board (Board) was not prepared to launch the new system,” Norton concluded. “I ask that you respond in writing by June 17, 2022, outlining the steps the Board took to prepare for the launch of the new system, the cause of these problems, and how they are being fixed. Federal employees and retirees need access to their TSP investments.”

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