TSP board awards contract for forms processing

The board that oversees the federal employee Thrift Savings Plan has awarded a $16 million contract to help with forms processing and other work.

Under the agreement, SI International of Reston, Va., also will support imaging and data entry for applications and forms for the 401(k)-style retirement plan. The contract includes a two-year base period with two additional two-year options renewable at the board's discretion.

"Through our past work with the Federal Retirement Thrift Investment Board, SI International has been recognized for rapidly responding and deploying robust IT solutions," said Brad Antle, president and chief executive officer of SI International. "We are honored to have been selected to support this important business function."

About 1.4 million of the 5 million TSP transaction requests each year are submitted by paper. Loan applications, withdrawals and interfund transfers account for many. The contract will enable SI International to scan the paper forms into the TSP system and enter the data to process the transactions throughout individual savings accounts.

SI International designed the current TSP daily-valued system that enables employees to monitor and access their accounts on the Web. The company has provided other services to the TSP, including operation of one of the plan's two call centers. The TSP board also outsourced support functions to the company after Hurricane Katrina hit in 2005, leaving the plan's National Finance Center in New Orleans understaffed and in poor physical shape.

SI International has provided accounting, legal processing, death benefits, payroll contribution and loan repayment services for TSP as well.

"We look forward to working with the [plan's board] to provide the TSP, its participants and their families with the best quality of service and support," Antle said. As of March 2007, TSP assets totaled about $213 billion, and plan officials were maintaining retirement savings accounts for more than 3.7 million participants.

Stay up-to-date with federal news alerts and analysis — Sign up for GovExec's email newsletters.
FROM OUR SPONSORS
JOIN THE DISCUSSION
Close [ x ] More from GovExec
 
 

Thank you for subscribing to newsletters from GovExec.com.
We think these reports might interest you:

  • Sponsored by G Suite

    Cross-Agency Teamwork, Anytime and Anywhere

    Dan McCrae, director of IT service delivery division, National Oceanic and Atmospheric Administration (NOAA)

    Download
  • Data-Centric Security vs. Database-Level Security

    Database-level encryption had its origins in the 1990s and early 2000s in response to very basic risks which largely revolved around the theft of servers, backup tapes and other physical-layer assets. As noted in Verizon’s 2014, Data Breach Investigations Report (DBIR)1, threats today are far more advanced and dangerous.

    Download
  • Federal IT Applications: Assessing Government's Core Drivers

    In order to better understand the current state of external and internal-facing agency workplace applications, Government Business Council (GBC) and Riverbed undertook an in-depth research study of federal employees. Overall, survey findings indicate that federal IT applications still face a gamut of challenges with regard to quality, reliability, and performance management.

    Download
  • PIV- I And Multifactor Authentication: The Best Defense for Federal Government Contractors

    This white paper explores NIST SP 800-171 and why compliance is critical to federal government contractors, especially those that work with the Department of Defense, as well as how leveraging PIV-I credentialing with multifactor authentication can be used as a defense against cyberattacks

    Download
  • Toward A More Innovative Government

    This research study aims to understand how state and local leaders regard their agency’s innovation efforts and what they are doing to overcome the challenges they face in successfully implementing these efforts.

    Download
  • From Volume to Value: UK’s NHS Digital Provides U.S. Healthcare Agencies A Roadmap For Value-Based Payment Models

    The U.S. healthcare industry is rapidly moving away from traditional fee-for-service models and towards value-based purchasing that reimburses physicians for quality of care in place of frequency of care.

    Download
  • GBC Flash Poll: Is Your Agency Safe?

    Federal leaders weigh in on the state of information security

    Download

When you download a report, your information may be shared with the underwriters of that document.