TSP Faces Class-Action Lawsuit for Recordkeeper Transition and Website Issues

Seven Thrift Savings Plan (TSP) participants have filed a class-action lawsuit against the Federal Retirement Thrift Investment Board and Accenture Federal Services (AFS), along with AFS’ contracting partner Alight Solutions, for failing to provide the services required by the contract, industry standards, and federal law. The lawsuit comes a year after the major update to TSP, which caused severe technical problems and processing delays for loans, withdrawals, and death benefits. The plaintiffs are seeking damages and a declaration that FRTIB, AFS, and Alight are financially responsible for participants’ losses.