Performance Audit of the Thrift Savings Plan Annuity Process

This document is about a performance audit of the Thrift Savings Plan (TSP) annuity process conducted by the U.S. Department of Labor's Employee Benefits Security Administration. The audit examined whether the Federal Retirement Thrift Investment Board implemented procedures to process annuity payments accurately and promptly, provide the prescribed annuity options, and perform due diligence reviews of the annuity vendor's financial condition. The report presents the audit objectives, scope, findings, and recommendations aimed at strengthening the TSP annuity process, including issues related to the accurate reporting of taxable and tax-exempt annuity amounts and errors in new annuitant payment calculations.