Sponsor
Eleanor Holmes Norton
Representative · D-DC
Representative · D-DC
Creates an independent Inspector General to strengthen oversight and protect taxpayer-supported retirement funds, but does so without new funding, risking budget strain and added administrative costs for the Board.
Federal employees (and participants in the Thrift Savings Plan overseen by the Board) gain an independent Inspector General to increase oversight and accountability of the Federal Retirement Thrift Investment Board.
Taxpayers benefit from stronger oversight because an independent IG can conduct audits and investigations that reduce waste and better protect federal retirement funds.
Entities that contract or interact with the Board will face greater accountability and improved program integrity thanks to enhanced independent oversight.
Taxpayers (and the Board) may ultimately bear costs because no new funding is provided to stand up and run the IG office, which could force budget reallocations.
Federal employees and plan participants could see indirect impacts on services or staffing if the Board absorbs additional administrative and compliance costs associated with expanded oversight.
Based on analysis of 2 sections of legislative text.
Adds the Federal Retirement Thrift Investment Board to the list of agencies covered by the Inspector General Act.
Official title: To amend title 5, United States Code (commonly referred to as the Inspector General Act of 1978), to establish a Federal Retirement Thrift Investment Board Inspector General, and for other purposes.
Introduced May 13, 2025 by Eleanor Holmes Norton · Last progress May 13, 2025
Adds the Federal Retirement Thrift Investment Board (FRTIB) to the statutory list of agencies covered by the Inspector General Act of 1978, thereby making the FRTIB subject to an office of Inspector General established under that law. The change is limited to updating the enumerated agency list and does not create new funding, deadlines, or other procedural changes.