Thrift Board admits share of blame

The Federal Retirement Thrift Investment Board has agreed with a congressional oversight committee that found the board and contractor American Management Systems Inc. responsible for a failed attempt to implement an electronic recordkeeping system for the Federal Thrift Savings Plan.

"Be assured that the board and agency accept your committee's findings, as well as the recommendations presented", Board Chairman Andrew Saul wrote to the committee.

After four years and $65 million, the system didn't work, and AMS was fired. Matcom International Corp. of Alexandria, VA, was hired and built the system in 18 months for $33 million.