The FINANCIAL -- Accenture Federal Services (AFS), a subsidiary of Accenture (NYSE: ACN), has been awarded the Recordkeeping Services Acquisition (RKSA) contract by the Federal Retirement Thrift Investment Board (FRTIB). The contract aims to reimagine retirement services for the digital age and improve the customer experience for the Thrift Savings Plan (TSP).
The TSP savings and retirement plan is similar to 401K plans offered by many private employers. It serves 6.1 million federal employees and members of the uniformed services managing over $644 billion in assets. The RKSA contract has an 18-month transition and four, three-year option periods.
“It’s an honor to support the FRTIB to reimagine retirement services and improve the customer experience of the TSP,” said Elaine Beeman, senior managing director and Accenture Federal Services civilian lead. “The new functions will give participants more self-service options to meet the expectations of an increasingly digital, savvy TSP customer and ultimately meet the needs at the heart of our client’s mission, to help all federal employees effectively prepare for their retirement.”
Under the terms of the contract, AFS will provide FRTIB a modern, flexible, and secure platform that enables continuous innovation and provides next-generation capabilities including electronic signature. AFS will automate and streamline TSP manual processes to improve the customer experience.
TSP customers will have access to services via the channel of their choice, including phone, live chat, virtual assistant, secure messaging, email, interactive voice response, website, mobile, mail, and fax. In addition, participants can start transactions in one channel and finish in another.
“No other single retirement plan serves a participant population that includes people who deliver our mail, protect our nation and orbit our planet,” said Vanessa Godshalk, federal financial services sector lead for Accenture Federal Services. “We welcome the opportunity to use Accenture’s proven commercial solutions to help reimagine retirement and secure tomorrow’s financial outcomes for people working today.”
Alight Solutions will support the recordkeeping function of the RKSA contract. Alight, a cloud-based provider of integrated digital human capital and business solutions, has a decades-long history of administering large, complex defined contribution plans and helping millions of U.S. workers save for a more secure retirement.
AFS will also be working with cloud platform provider Amazon Web Services. The Salesforce* platform will be used for case management and communication services. ServiceNow will be used for service management digital workflow solutions.
“We have the wonderful opportunity to work with FRTIB and help the participants and beneficiaries of the TSP improve their retirement outcomes,” said Owen Davies, Accenture Federal Services FRTIB lead and global public retirement/pension lead for Accenture. “Together we will work to reinvent retirement for the digital age and the post-digital age to advance their financial wellness.”