Recordkeeping_Defined_(RKSA).pdf

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1. How is the term Recordkeeping being used for the Recordkeeping procurement?

The Recordkeeping procurement is working towards securing a defined contribution managed service provider (e.g., commercial recordkeeper or systems integrator) to manage AND operate recordkeeping processes including the underlying IT infrastructure and applications (i.e., managed services) and discontinue the FRTIB’s practice of serving as the integrator and owning hardware and software in support of recordkeeping. We are not expecting the provider to take over existing operations.

Therefore, recordkeeping for this procurement refers to the people, processes, and technology needed to deliver all of the in-scope TSP operational services described in the chart below. The chart is a representative business service model of the TSP operations and provides a standard taxonomy of services.

2. What is the scope of the Recordkeeping procurement?

The FRTIB is seeking to enter into a direct contractual relationship with a Defined Contribution Managed Services Provider (DCMSP) that will operate and manage the associated people, processes, and systems required to deliver TSP retirement services as defined below (excerpted from Section 3 of the Statement of Objectives)

A. In-Scope

Participant-Focused

• Participant Correspondence - Includes call centers, voice-response systems, Web access, excludes congressional inquiries and correspondence regarding decisions for which the FRTIB is required by law to retain final authority.

• Participant Financial Education - Educate participants to drive better and smarter financial decisions and achieve their targeted retirement outcomes

• Mutual Fund Window - If offered/applicable, allow for direct purchase of mutual funds by plan participants, in order to allow participants to choose investments other than the TSP.

• Loan Processing - Process loans and administrative services associated with loans.

Administrative Services

• Recordkeeping - Includes maintaining plan records; payroll processing; processing participants’ investment elections, contributions, and distributions; and issuing account statements to participants.

• Transaction Processing - Includes purchases and sales of participants’ assets.

Regulatory and Compliance Services

Defined Contribution Recordkeeping Defined

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• Accounting Services - Accounting services for plan

• Audit Services - Audit support services.

• Processing of Domestic Relations Orders (Legal Processing) - Ensure the split of accounts pursuant to legal processing

B. Out-of-Scope

Participant-Focused

• Participant Communications Design – Providing the branding, look and feel, and content for the

TSP

• Agency PRO outreach and Training - Includes communication, education, and overall awareness training for employing agency employee's.

• Investment Management - Offered through a variety of professionally managed investment options.

• Annuity Services - Includes offering annuities to satisfy annuity distribution options.

Administrative Services

• Trustee Services (Custodial Bank) - Provide the safe holding of the plan’s assets in a trust.

Regulatory and Compliance Services

• Plan Document Services - The plan document details the benefits offered to participants and provides guidelines for the plan administrator in decision-making regarding plan operations

• Consulting - Includes assistance in selecting the investments offered to participants.

• Legal Advice - Includes advice regarding compliance with legal requirements and second level review of benefits.

• Plan Amendments - Development and authorization of plan changes.