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Thrift Savings Plan: Delayed Allocation of Failed System Development Costs to Participant Accounts.

Publication: General Accounting Office Reports & Testimony
Publication Date: 01-SEP-03
Format: Online - approximately 714 words
Delivery: Immediate Online Access

Article Excerpt
GAO-03-827R July 22, 2003

The Thrift Savings Plan (TSP) is a retirement savings and investment plan for federal employees, governed by the Federal Retirement Thrift Investment Board (Board). The TSP is a defined contribution retirement plan available to eligible federal employees. The TSP...

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...had about 2.6 million participants and held about $100.6 billion in Net Assets Available for Benefits as of December 31, 2001, and about 3 million participants and $102.3 billion in Net Assets Available for Benefits as of December 31, 2002. In 1997, the Board awarded a contract to American Management Systems, Inc. (AMS) to develop and implement a new record-keeping system for the...

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