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Release Date: 07/24/2003
Release
Number: 03-398
Contact Name: Gloria Della
Phone Number: 202.693.8664 |
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Washington--Alan D. Lebowitz, Deputy
Assistant Secretary of the U.S. Department of Labor's Employee Benefits
Security Administration (EBSA), today explained to Congress the agency's
oversight of the Thrift Saving Plan (TSP), benefiting the more than 3 million
participants and beneficiaries who invest in the retirement plan. |
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Under the Federal Employees' Retirement System Act
(FERSA), EBSA is responsible for oversight and administration of the rules on
fiduciary standards, prohibited transactions and bonding. The agency also has
broad investigative and audit authority over the activities of the TSP Board of
Directors and other plan fiduciaries who make investments and operate the plan.
The TSP covers employees in the federal government, Congress, judiciary and
military. Since its inception 17 years ago, the TSP has accumulated over $113
billion in assets. |
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In testimony before the House Government Reform
Committee, Lebowitz highlighted the department's program on fiduciary
compliance audits. The audits test for compliance with the FERSA law. Next
year, the department plans to review the TSP's customer service, loan and
withdrawal subsystems to address concerns about access to its website. |
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In his testimony, Lebowitz stated, "To date, the
department has made over 800 recommendations under its audit program on which
the TSP board complied 95% of the time. The high rate of compliance with our
audit recommendations is attributable to the longstanding and positive working
relationship between the department and TSP fiduciaries." |
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Lebowitz told the committee that the department
will continue its open and candid exchange of views with the TSP's new
executive director and board members. Copies of the
full testimony are
available on the Internet at www.dol.gov/ebsa. |
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U.S. Department of
Labor news releases are accessible on the Internet at www.dol.gov. The
information in this news release will be made available in alternate format
upon request (large print, Braille, audio tape or disc) from the COAST office.
Please specify which news release when placing your request. Call 202.693.7773
or TTY 202.693.7755. |
