Collins probes flaws in TSP buying process

Sen. Susan Collins

What contracting practices led the Thrift Savings Plan's record-keeping systems project off course? That's the question the Senate Governmental Affairs Committee wants the Federal Thrift Retirement Investment Board to answer.

Sen. Susan Collins (R-Maine), chairwoman of the committee, has asked the board to submit all records relating to the two contracts awarded for the system. She has also asked for documents from the lawsuit filed by the board after it fired its original contractor, American Management Systems Inc. of Fairfax, Va.

'It is outrageous that a federal agency spent tens of millions of dollars in retirement savings on a system that it couldn't even use,' Collins said.

Before it hired a second contractor'Matcom International Inc. of Alexandria, Va.'the board had already paid AMS $36 million. Matcom launched the TSP system in June, six years after work began and two years after Matcom took over from AMS.

Featured

  • Records management: Look beyond the NARA mandates

    Records management is about to get harder

    New collaboration technologies ramped up in the wake of the pandemic have introduced some new challenges.

  • puzzled employee (fizkes/Shutterstock.com)

    Phish Scale: Weighing the threat from email scammers

    The National Institute of Standards and Technology’s Phish Scale quantifies characteristics of phishing emails that are likely to trick users.

Stay Connected

Sign up for our newsletter.

I agree to this site's Privacy Policy.