Thrift Savings Plan

Pursuant to a congressional request, GAO reviewed: (1) why Congress replaced the Civil Service Retirement System (CSRS) with the Federal Employees Retirement System (FERS); and (2) the Federal Retirement Thrift Investment Board's response to the GAO recommendation concerning the inclusion of participant information on contributions to Thrift Savings Plan (TSP) retirement accounts. GAO noted that: (1) Congress replaced CSRS with FERS to provide federal employees with a retirement benefit that included a Social Security payment, a basic FERS annuity, and payments from amounts accumulated in a TSP account; and (2) the Board did not implement the recommendation because it believed that it would be violating its fiduciary duty to TSP participants and misusing its funds.