Acquisition

Thrift Board taps Accenture for consolidated records contract

financial technology (whiteMocca/Shutterstock.com) 

The Federal Retirement Thrift Investment Board awarded its consolidated recordkeeping contract to Accenture Federal Services on Nov. 13, capping an acquisition process that began in 2018.

The Board used to oversee and manage multiple contracts for recordkeeping, contact centers, forms processing and special legal processing services, said Kim Weaver, the Director of External Affairs at FRTIB. Now, however, Accenture will now be providing these services.

The contract spans more than 13.5 years if all options are exercised: that period of performance includes an 18-month transition and four 3-year option periods. The ceiling value is $3.3 billion.

New features set to be available in mid-2022 include a mutual fund window, electronic signature capabilities and a Thrift Savings Plan mobile app, said Tee Ramos, the FRTIB Director of Participant Services.

Accenture "will be providing a modernized experience while maintaining or increasing the high level of service that TSP customers have grown to expect," Ramos said in the FRTIB board member meeting on Nov. 16. Accenture is partnering with Alight Solutions.

Ramos also outlined changes made at the end of October to increase account security for TSP users.

Some of the modifications centered on account login processes. Account numbers can no longer serve as user ID's, which must be custom user ID's created by TSP participants. TSP users also now have a self-service option to reset, recover or create their user ID online.

Identity verification processes were also modified. TSP users can no longer use email addresses for two-step verification, Ramos said. Instead, they can use SMS messaging and voice codes sent through automated phone calls.

This article was updated Nov. 17 with additional information.

About the Author

Natalie Alms is a staff writer at FCW covering the federal workforce. She is a recent graduate of Wake Forest University and has written for the Salisbury (N.C.) Post. Connect with Natalie on Twitter at @AlmsNatalie.

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