Performance Audit of the Thrift Savings Plan Lifecycle Funds Process

This document is about a performance audit of the Thrift Savings Plan (TSP) Lifecycle Funds (L Funds) process conducted by the U.S. Department of Labor's Employee Benefits Security Administration (EBSA). The audit evaluated whether the Federal Retirement Thrift Investment Board's Staff (the Agency) implemented procedures to properly rebalance, adjust asset allocations, review assumptions, calculate expenses, and verify published allocations for the L Funds. The audit also assessed compliance with regulations and followed up on prior recommendations. The report presents one new recommendation related to service account naming conventions to strengthen L Funds operations.