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GAO Will Investigate the Troubled TSP Recordkeeper Transition

August 12, 2022
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A government watchdog agency confirmed last week that it will investigate the Thrift Savings Plan’s difficult transition to a new recordkeeping vendor.

Since June 1, when the TSP moved its recordkeeping services to a new provider, Accenture Federal Services, and updated its website to feature a more secure login process and a number of other changes and new features, participants have reported difficulty setting up and logging into their accounts, finding account information and historical documents, and confirming their beneficiary choices, among other issues.

Compounding those problems have been an unprecedented volume of calls to the TSP’s ThriftLine customer service number. Officials have said the contractor that operates the ThriftLine greatly underestimated the influx of calls they would receive and didn’t have enough staff to handle demand.

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