Federal Thrift Savings Plan, Washington, would add a socially responsible investment option to the $240 billion defined contribution plan for federal employees under legislation introduced by Rep. James Langevin, D-R.I., according to a news release on the congressman's website.
The bill is opposed by the Federal Retirement Thrift Investment Board, which oversees the DC plan, according to Tom Trabucco, a board spokesman.
“The 4.4 million individuals with TSP accounts have invested their retirement savings with an explicit "no politics' commitment from the Congress,” Mr. Trabucco wrote in an e-mail response to questions. “The board opposes all efforts to alter this commitment and introduce political or social considerations into TSP investment policy.”
The TSP offers five index funds and five lifecycle funds based on the those index funds.
The bill has been referred to the House Oversight and Government Reform Committee.