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EBSA News Release: [03/01/2004] Contact Name: Gloria
Della Phone Number: (202) 693-8664
Labor Department Official Testifies on Oversight of
Thrift Savings Plan
WASHINGTONAlan D. Lebowitz, deputy assistant secretary of
the U.S. Department of Labors Employee Benefits Security Administration
(EBSA), today presented testimony on the departments 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.
Lebowitzs 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.
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