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GAO-03-827R 1 (2003-07-22)

handle is hein.gao/gaobaamgl0001 and id is 1 raw text is: im Accountability * Integrity * Reliability United States General Accounting Office Washington, DC 20548 July 22, 2003 The Honorable Thomas M. Davis Chairman Committee on Government Reform House of Representatives The Honorable Danny K. Davis Ranking Minority Member Subcommittee on Civil Service and Agency Organization Committee on Government Reform House of Representatives The Honorable Dave Weldon House of Representatives Subject: Thrift Savings Plan: Delayed Allocation of Failed System Development Costs to Participant Accounts 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 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 TSP. In 2001, after several implementation delays, the Board terminated the contract, and the Board's former Executive Director filed a lawsuit against the contractor on behalf of the TSP.2 On June 20, 2003, 2 days after we provided a draft of this report to the Board for its 'Under a defined contribution plan, employees have individual accounts to which employers, the employees, or both can make periodic contributions. Defined contribution plan benefits are based on the contributions to and the investment returns (gains and losses) on individual accounts. 2The Executive Director who filed the related litigation resigned from his post on November 18, 2002. GAO-03-827R Accounting for TSP Costs

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