Performance Audit of the Thrift Savings Plan Account Maintenance Process

This document is about a performance audit of the Thrift Savings Plan (TSP) account maintenance process conducted by the U.S. Department of Labor Employee Benefits Security Administration. The audit covers the period from January 1, 2020 to December 31, 2020 and examines whether the agency implemented procedures to accurately reflect contributions, daily valuation, and fund balances in participant accounts, as well as processes related to contributions, rollovers, adjustments, interfund transfers, forfeitures, and forfeiture restorations. The report also assesses compliance with relevant laws and regulations, the agency's response to the COVID-19 pandemic, and the status of a prior recommendation. Overall, the audit found that the agency implemented appropriate procedures and controls, with one exception related to testing participant contribution allocations.