TSP Disagrees with Some Recommendations

In its response to GAO, the TSP said that it wants to give participants more time to gain experience with its revised record keeping system—which was launched in 2003–before surveying them on their satisfaction, and that satisfaction surveys were not conducted before then because of the transition to the new system. In response to a GAO recommendation that it routinely survey the practices in private sector plans, the TSP said it stays on top of industry practices in other ways. The TSP also rejected GAO’s suggestion to increase investor education through the phone and online, saying that agency retirement counselors perform that role well. The TSP further said it does not want to spend money on technology that would only provide “bells and whistles” at the cost of higher administrative expenses that would be charged back to participants.