TSP board awards contract for forms processing
In a $16 million deal, SI International will help process paper transactions faster.
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.