The Federal Retirement Thrift Investment Board has awarded SI International a $16 million contract to provide business outsourcing services for the board’s Thrift Savings Plan (TSP). That plan allows federal employees to save money under a system similar to the 401(k) plans offered by private employers.
SI will provide information technology and network services to increase the efficiency of board’s 401(k) application and form processing. SI also will perform data imaging and data entry. The agreement includes a two-year base period with two additional two-year options.
Under the agreement, SI will receive forms from account holders in the mail, scan them and complete data entry by processing the forms as transactions to savings plans through the use of previously developed software, said Bill Smithson, SI's vice president of financial systems.
The board has contracted with SI for multiple projects, including a new TSP system with integrated voice response and Web capabilities to enable federal and uniformed service employees to oversee their accounts online or by phone. The system includes payroll interfaces to agencies, the Federal Reserve, Barclays and the Financial Systems Integration Office’s approved accounting packages, used by the Treasury Department.
The company also contracted to provide call center and support services to the TSP in 2005 and accounting, legal processing, death benefits, payroll contribution and loan repayment services in 2006.
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