Federal Retirement Savings Plan Participants Sue Over Transition to New Recordkeeping Vendor

Accenture Federal Services and Alight Solutions LLC failed to adequately prepare to take over recordkeeping duties for federal retirement savings plans previously managed by the Federal Retirement Thrift Investment Board (FRTIB), a new class action lawsuit alleges.

A group of seven federal retirement savings plan participants claim Accenture and Alight were not ready to take over the recordkeeping services for the Thrift Savings Plan (TSP), a retirement savings and investment plan created for federal government workers and uniformed service members.

The savings plan participants argue the FRTIB and its executive director awarded a contract to Accenture and Alight to take over recordkeeping services for the TSP in 2020, with the transition beginning last year.

Read the source article at topclassactions.com