H.R. 3364 creates a new Inspector General position for the Federal Retirement Thrift Investment Board (FRTIB), the agency that manages retirement savings accounts for federal employees and military personnel. This change amends the federal Inspector General Act of 1978 to add the FRTIB to the list of agencies required to have an independent Inspector General who can investigate fraud, waste, and abuse. The new Inspector General will report to the FRTIB's Executive Director and have authority to conduct audits and investigations of the board's operations and financial management. The bill does not specify funding amounts or implementation timelines, but it essentially extends existing Inspector General oversight structure and protections to an agency that currently lacks independent internal audit authority.
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