AMS, thrift board faulted

A failed attempt to develop an electronic recordkeeping system for the federal Thrift Savings Plan wasted $36 million in federal retirement assets, according to the Senate Governmental Affairs Committee.

Writing to Federal Retirement Thrift Investment Board Chairman Andrew Saul, Sens. Susan Collins (R-Maine) and Joseph Lieberman (D-Conn.) said contractor American Management Systems Inc. of Fairfax, Va., missed deadlines, overran cost estimates and failed to produce a workable system.

The Thrift Investment Board "should have taken more steps early on to prevent this failure and to protect plan participants and beneficiaries," the letter said.


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