Insurance Services

The Federal Retirement Thrift Investment Board (FRTIB), headquarters located at 77 K Street, NE, Washington, DC announces the sole source contract award to Marsh & McLennan for the Agency’s insurance services to include Commercial Liability & Umbrella, Fiduciary and ERISA Bond policies with a total value of $393,902.00.  This contract was awarded with authority granted under the Federal Employees Retirement System Act of 1986, 5 U.S.C. § 8474.  The contract supports the Agency’s critical infrastructure in which to house the vast majority of its Federal staff, and support contractors. The combination of staff and on-site contractors are needed to support the daily operations of the TSP .The Agency solicits these insurances to provides liability coverage FRTIB headquarters and additional satellite sites/call centers, mitigate risks and irreputable harm. In addition, it is stated in our lease agreement with 77K (Brookfield) that proper insurance coverage is required in order to not violate any conditions of the lease. Failure to maintain coverage could potentially cause an increase in rental amount for higher insurance rates imposed by the property manager for replacement coverage as defined in the 77K Basic Lease, Insurance, Section 13.1, pg.34.

in light of the pandemic and unforseen circumstances, FRTIB is renewing the annual premiums for the Agency insurances for the 12-month period of performance with the previous vendor. The 12-month period of performance is the minimum amount of time that we can obtain these insurance services. The insurance industry does not permit for the use of option periods or a six (6) month option period to extend services. There are extenuating circumstances that preclude competition at this time and FRTIB is only awarding these contracts for 12-months (1 year) which is the absolute minimum amount of time.

See attachment for more detailed information.