TSP board awards 4 contracts worth up to $4M a year

TSP

TSP board awards 4 contracts worth up to $4M a year

The Federal Retirement Thrift Investment Board is doubling the amount of contractors competing to provide financial management consultation for the TSP.

Daisy Thornton@dthorntonWFED

June 28, 2016 4:20 pm

1 min read

The Federal Retirement Thrift Investment Board awarded four investment consulting contracts worth up to $4 million each. The companies that won the awards will be able to compete for different task orders related to the management and support of the Thrift Savings Plan’s financial management.

“The four firms will assist the FRTIB with the following tasks: investment policy evaluation and design, portfolio governance and portfolio manager evaluation, investment option review and evaluation, investment manager search, benchmarking and participant behavior, research on improving operation efficiency, and Lifecycle Fund asset allocation and glide path analysis,” said Kim Weaver, director of external affairs for FRTIB, in a June 28 press release.

The four companies receiving the contracts are:

AON Hewitt Investment Consulting, Inc.
Mercer Investment Consulting LLC.
NEPC, LLC.
RVK, Inc.

These awards double the competition for financial management task orders; previously, only AON Hewitt and Mercer held these contracts.

The contracts are for one year, with four one-year options, and are worth up to $4 million per year. The first year has a guaranteed minimum of $5,000; every year afterwards has no minimum.

This comes as the agency develops its five-year strategic plan, which emphasizes using more data to make its decisions and improving dialogue and services for TSP participants.

Clifton Larson Allen audited TSP in 2015, noting cybersecurity as a major concern that the agency needed to address moving forward, especially as it adds a significant number of new participants.

In 2015, Congress included legislation in the National Defense Authorization Act that encourages existing current military members — and requires new ones — to invest in the TSP by 2018. The FRTIB projected in December that between 500,000 and 750,000 new participants would enroll within the first year and as many as 1 million within the first 18 months.

Daisy Thornton

Daisy Thornton is Federal News Network’s digital managing editor. In addition to her editing responsibilities, she covers federal management, workforce and technology issues. She is also the commentary editor; email her your letters to the editor and pitches for contributed bylines.

Follow @dthorntonWFED