PLANSPONSOR - August - September 2022 - 14
UPFRONT
Thrift Plan Overhaul Moves Forward
THE FEDERAL Retirement Thrift
Investment Board has officially rolled
out a new investment platform for
its
Thrift Savings Plan, the retirement plan
for
federal employees
and members
of the uniformed services. It currently
serves approximately 6.1 million people.
The updated investor platform went live
on June 1, and though the initial transition
was bumpy, the FRTIB has moved to
eliminate the kinks and says it hopes the
new system will better position the plan
to respond to continuing changes in how
retirement programs are managed.
How It Started
The FRTIB first identified the need for the
transition in 2016. At the time, the board
managed both the hardware and software
for its retirement platform in-house. It
also contracted directly with its recordkeeper
and oversaw a handful of internal
14 PLANSPONSOR.COM August - September 2022
" We also wanted the tools to be
able to focus on retirement income
for our participants in ways we
couldn't with the old system. "
offices that worked directly with beneficiaries
to deliver retirement benefits. The
structure of the plan involved substantial
time and cost overhead, and the platform
technology itself was a bit out of date.
The board spent several years planning
what new features should look like
and determining what system requirements
would let it respond to changes in
retirement rules. " We['d] spent a lot of time
and money making sure the old system was
secure, but it wasn't agile, so any change
required [significant] resources, " explains
Kim Weaver, director of external affairs
Art by Jonathon Rosen
for the FRTIB. " When Congress changed
the RMD [required minimum distribution]
age, for example, making that change in
the old system required a lot of work. We
also wanted the tools to be able to focus
on retirement income for our participants
in ways we couldn't with the old system. "
In November 2020, the FRTIB
awarded Accenture Federal Services and
Alight Solutions a contract to update the
platform. Accenture provided the technology
and customer service call centers.
Alight would take over as the new recordkeeper.
The new platform also supports
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PLANSPONSOR - August - September 2022
Table of Contents for the Digital Edition of PLANSPONSOR - August - September 2022
INSIGHTS
INDUSTRY ANALYSIS
RULES AND REGULATIONS
UPFRONT
Key Player
Ever Vigilant
Open Season
Simplify the Experience
Connecting One-on-One
The Cost of Protection
FIDUCIARY FORUM
INSIDE ANGLE
PLAN PROFILE
PLANSPONSOR - August - September 2022 - Cover1
PLANSPONSOR - August - September 2022 - Cover2
PLANSPONSOR - August - September 2022 - 1
PLANSPONSOR - August - September 2022 - INSIGHTS
PLANSPONSOR - August - September 2022 - 3
PLANSPONSOR - August - September 2022 - INDUSTRY ANALYSIS
PLANSPONSOR - August - September 2022 - 5
PLANSPONSOR - August - September 2022 - RULES AND REGULATIONS
PLANSPONSOR - August - September 2022 - 7
PLANSPONSOR - August - September 2022 - 8
PLANSPONSOR - August - September 2022 - 9
PLANSPONSOR - August - September 2022 - UPFRONT
PLANSPONSOR - August - September 2022 - 11
PLANSPONSOR - August - September 2022 - 12
PLANSPONSOR - August - September 2022 - 13
PLANSPONSOR - August - September 2022 - 14
PLANSPONSOR - August - September 2022 - 15
PLANSPONSOR - August - September 2022 - Key Player
PLANSPONSOR - August - September 2022 - 17
PLANSPONSOR - August - September 2022 - 18
PLANSPONSOR - August - September 2022 - 19
PLANSPONSOR - August - September 2022 - 20
PLANSPONSOR - August - September 2022 - 21
PLANSPONSOR - August - September 2022 - Ever Vigilant
PLANSPONSOR - August - September 2022 - 23
PLANSPONSOR - August - September 2022 - 24
PLANSPONSOR - August - September 2022 - 25
PLANSPONSOR - August - September 2022 - 26
PLANSPONSOR - August - September 2022 - 27
PLANSPONSOR - August - September 2022 - 28
PLANSPONSOR - August - September 2022 - 29
PLANSPONSOR - August - September 2022 - Open Season
PLANSPONSOR - August - September 2022 - 31
PLANSPONSOR - August - September 2022 - Simplify the Experience
PLANSPONSOR - August - September 2022 - 33
PLANSPONSOR - August - September 2022 - Connecting One-on-One
PLANSPONSOR - August - September 2022 - 35
PLANSPONSOR - August - September 2022 - The Cost of Protection
PLANSPONSOR - August - September 2022 - 37
PLANSPONSOR - August - September 2022 - FIDUCIARY FORUM
PLANSPONSOR - August - September 2022 - INSIDE ANGLE
PLANSPONSOR - August - September 2022 - PLAN PROFILE
PLANSPONSOR - August - September 2022 - Cover3
PLANSPONSOR - August - September 2022 - Cover4
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