Exhibit A OCC and OTS 401(k) Plan Overview.xlsx
XLSX spreadsheet 28 KB Posted
- Solicitation number
- 529700
About this file
This document provides an overview of two 401(k) plans administered for federal employees as well as a synopsis for a proposed contract action seeking to maintain 401(k) administration and recordkeeping services.
The overview summarizes plan details such as recordkeepers, custodial trustees, participating agencies and employees, payroll providers, contribution methods, loan and distribution information, vesting schedules, and governance committees for the OCC and OTS 401(k) plans. The synopsis indicates the Office of the Comptroller of the Currency seeks to issue a solicitation in accordance with FAR part 12 and subpart 13.5 to maintain recordkeeping and trustee services. Services are to be provided under a contract not exceeding 129 months. The NAICS code identified is 523150.
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Plan Summary Data as of 12/31/2022
| Plan Operational Information | |
| Plan Recordkeeper | Charles Schwab Services - both Plans |
| Custodial Trustee | Charles Schwab Trust Company – both Plans |
| Current Employees with a Balance | OCC 3274; OTS 392 |
| Number of Terminated Employees with a Balance | OCC 1456; OTS 406 |
| Payroll Provider | US Department of Agriculture, National Finance Center, New Orleans, LA |
| Payroll Frequency | Biweekly |
| Ending Market Value | OCC $810,394,453; OTS $313,002,020 |
| Plan Distrubitions | OCC $39,948,108; OTS $85,223,281 |
| Method of Data Remittance | |
| Contribution Record | Internet via SFTP (see supporting tab) |
| Eligibility Record | Internet via SFTP (see supporting tab) |
| Method of Contribution Remittance | ACH Wire Transfer |
| Plan Contribution Information | |
| Contributing (Active Employees) | OCC 97.6%, OTS 96.6% |
| Median Employee Account Balance | OCC $120,959; OTS $214,601 |
| Average Employee Account Balance | OCC 173,819; OTS $381,160 |
| Median Employee Savings Rate Election | OCC 1%; OTS 4% |
| Average Employee Savings Rate Election | OCC 3.1%; OTS 5.1% |
| Median Employee Contributions YTD (All Sources) | OCC $3,728; OTS $8,407 |
| Average Employee Contributions YTD (All Sources) | OCC $5,656; OTS $10,196 |
| Maximum Employee Deferral Rate | 100% of pre-tax adjusted base salary[1] biweekly |
| Employer Discretionary Contributions (OCC Plan) | Allowed. 4% of adjusted base salary, biweekly; |
| Employer Discretionary Contributions (OTS Plan) | Allowed. Various %'s of adjusted base salary depending on Federal Retirement Plan and Participating Agency, biweekly; |
| Additional Employer Discretionary Contributions | Allowed and determined on an annual basis. |
| Loans | |
| · # of Outstanding Loans | OCC 439; OTS 78 |
| · Amount of Outstanding Loans | OCC $8,060,265; OTS $1,478,286 |
| · Minimum Loan Amount | $1,000 |
| · # of Loans Per Participant Allowed | 2 active loans |
| Plan Features (see plan documents) | |
| Eligibility | Immediate upon hire |
| Vesting Employee Contributions | Immediate (All) |
| Vesting Employee Matching | Immediate (All) |
| Vesting Employer Discretionary & any additional employer discretionary | OCC = 3 years of continuous service; OTS = 3 years of continuous OFR service. |
| Loans | General Purpose and Residential |
| Catch-up Deferral for employees age 50 or older | Allowed |
| Rollover Accounts | 401(k), 403(b), 457 |
| Distribution Options | Lump Sum Payment, Periodic Payments, Rollover to another Qualified Plan or IRA |
| Post Tax Feature | |
| · Roth | Yes |
| · Voluntary After-Tax | Yes |
| Auto Enrollment & Reenrollment | Yes at 1% Pretax |
| Annuity | Under consideration |
| Income Protection | Under consideration |
| Plan Governance | |
| Investment Policy Statement | Yes |
| Loan Policy | Yes |
| 3rd Party Investment Fund Menu Advisor | No |
| Committee | Yes, 401(k) oversight committee, investment subcommittee and advisors to the committees (see supporting tab) |
[1] Adjusted Base Salary is defined as employees’ base salary plus that portion of geographic differential allotted for benefits
Payroll Summary
| Current Recordkeeper to Payroll Provider Participant Change Files (SFTP). | ||
| Files include deferral rate changes, loan originations and paid loans | ||
| File Names | Frequency | Description |
| [Redacted] | Biweekly Mondays | FDIC and CFPB agency changes for the OTS plan |
| [Redacted] | Biweekly Mondays | OFR and OCC changes for the OTS plan |
| [Redacted] | Biweekly Mondays | OCC changes for the OCC plan |
| Current Payroll Provider/Client to Recordkeeper Files (SFTP) |
| File Names | Frequency | Description |
| OCC 401(k) Plan | ||
| [Redacted] | Bi-weekly Mondays | Negative Contributions |
| [Redacted] | Bi-weekly Mondays | Contributions |
| [Redacted] | Bi-weekly Mondays | Negative Loan Payments |
| [Redacted] | Bi-weekly Mondays | Loan Payments |
| [Redacted] | Daily but processed Thursdays | OCC employee census file (sent by OCC) |
| OTS 401(k) Plan | ||
| [Redacted] | Bi-weekly Mondays | Loan Payments (larger amounts) |
| [Redacted] | Bi-weekly Mondays | Loan Payments (smaller amounts) |
| [Redacted] | Bi-weekly Mondays | Negative Loan Payments (smaller amounts) |
| [Redacted] | Bi-weekly Mondays | Contributions |
| [Redacted] | Bi-weekly Mondays | Negative Contributions |
| [Redacted] | Bi-weekly Mondays | OTS employee census file (sent by NFC) |
| Current ACH Wires from Payroll Provider/Client to Recordkeeper |
| Type | Frequency |
| Total OCC Contributions | Bi-weekly Mondays |
| Total OCC Loan Payments | Bi-weekly Mondays |
| Total OTS Contributions | Bi-weekly Mondays |
| Total OTS Loan Payments | Bi-weekly Mondays |
Committee Summary 401(k) Governance and Oversight Committee
The entire 401(k) Oversight Committee meets 3x per year. The 401(k) Investment Subcommittee meets once per quarter. All members and advisors are federal employees.
| 401(k) Oversight Committee Members | ||
| Member | Title | Business Unit |
| [Redacted] | Senior Deputy Comptroller and CFO | Office of Management |
| [Redacted] | SyRIS Asset Management Lead Expert | Supervision Risk & Analysis |
| [Redacted] | Director, Administrative and Internal Law | Chief Counsel’s Office |
| [Redacted] | National Bank Examiner (EIC BNY Mellon/Asset Management) | Midsize and Community Bank Supervision |
| [Redacted] | Fiduciary Risk Officer and Special Assistant | Office of Management |
| [Redacted] | National Bank Examiner (Asset Management) | Midsize and Community Bank Supervision |
| [Redacted] | National Bank Examiner (AM Lead Expert) | Midsize and Community Bank Supervision |
| [Redacted] | National Bank Examiner (Midsize AM Lead Expert) | Supervision Risk & Analysis |
| [Redacted] | National Bank Examiner (Asset Management) | Bank Supervision Policy |
| Operations Advisory Group | ||
| Advisory Group Member | Role/Title | Department |
| [Redacted] | Director for Accounting | Financial Management |
| [Redacted] | Manager for 401(k) Team | Human Capital |
| [Redacted] | Benefits Analyst, 401(k) Team | Human Capital |
| [Redacted] | Counsel | Chief Counsel’s Office |
| [Redacted] | Director for Compensation and Benefits | Human Capital |
| [Redacted] | Benefits Analyst, 401(k) Team | Human Capital |
| [Redacted] | Information Security Officer | Office of Management |
| [Redacted] | Director for Acquisitions Management | Acquisitions - Office of Management |
File details come from the government source that posted it. Updated .