Labor Department Official Testifies on Oversight of Thrift Savings Plan

Archived News Release — Caution: Information may be out of date.

WASHINGTON—Alan D. Lebowitz, deputy assistant secretary of the U.S. Department of Labor’s Employee Benefits Security Administration (EBSA), today presented testimony on the department’s oversight of the Thrift Savings Plan (TSP). The TSP benefits more than three million participants and beneficiaries covered by the retirement plan.

EBSA is responsible for the oversight and administration of fiduciary standards, prohibited transactions and bonding requirements under the Federal Employees' Retirement System Act (FERSA). The agency also has broad investigative and audit authority over the activities of the TSP Board of Directors and other plan fiduciaries who make investments and operate the plan.

The TSP covers employees in the federal government, including the Executive Branch agencies, Congress, the judiciary and military. The fund has accumulated more than $131 billion in assets since it was established 18 years ago.

Lebowitz’s testimony before the Senate Subcommittee on Financial Management, the Budget and International Security of the Governmental Affairs Committee focused on the department's Fiduciary Oversight Program for determining compliance with FERSA. The program audits all significant activities of the fund to test for compliance with the law.

The full testimony will be available on the Internet at www.dol.gov/ebsa/newsroom/ty072403.html.

Archived News Release — Caution: Information may be out of date.