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 Employee Benefits Security Administration (EBSA). The audit examined the procedures used by the Federal Retirement Thrift Investment Board's Staff to process annuity payments, provide the required annuity options, and evaluate the financial stability of the annuity vendor. The report presents three new findings and recommendations related to controls over the annuity process, including issues with inaccurate state tax withholdings, untimely monthly annuity payments, and weaknesses in updating annuitant address information.