Federal Retirement Thrift Investment Board Inspector General Act of 2023

Bill 118 hr 1416, also known as the Federal Retirement Thrift Investment Board Inspector General Act of 2023, aims to establish an Inspector General for the Federal Retirement Thrift Investment Board (FRTIB). The FRTIB is responsible for managing the Thrift Savings Plan, which is a retirement savings and investment plan for federal employees and members of the uniformed services.

The bill outlines the duties and responsibilities of the Inspector General, who will be appointed by the President and confirmed by the Senate. The Inspector General will be responsible for conducting audits, investigations, and inspections of the FRTIB to ensure that it is operating efficiently and effectively. The Inspector General will also have the authority to make recommendations for improvements and report any findings of waste, fraud, or abuse to Congress.

Additionally, the bill requires the FRTIB to provide the Inspector General with access to all records, documents, and other information necessary to carry out their duties. The Inspector General will also have the authority to subpoena witnesses and compel the production of documents. Overall, the Federal Retirement Thrift Investment Board Inspector General Act of 2023 aims to increase transparency and accountability within the FRTIB by establishing an independent Inspector General to oversee its operations and ensure that it is serving the best interests of federal employees and members of the uniformed services.