Alight Solutions, a leading cloud-based provider of integrated digital human capital and business solutions, is pleased to announce that it will team with Accenture Federal Services (AFS) to provide defined contribution recordkeeping for the Federal Thrift Savings Plan (TSP).
As announced on November 16, the Federal Retirement Thrift Investment Board concluded its Recordkeeping Services Acquisition (RKSA) with an award to Accenture Federal Services. Alight will work with Accenture Federal Services to provide recordkeeping, administration and support to the approximately 6.1 million Federal employees and uniformed service members who participate in the TSP.
“Alight’s long history of administering large, complex defined contribution plans has helped millions of U.S. workers save for a more secure retirement.” said Stephan Scholl, CEO of Alight. “We are honored to be selected to team with AFS to help advance the critical work of TSP in ensuring the long-term savings and retirement readiness of millions of Federal workers and members of the uniformed services.”
Under the terms of the contract, TSP participants will benefit from the innovation and investments available from a scaled commercial provider. Examples of new features for TSP participants include access to a mutual fund window, a mobile app, and electronic signature capabilities. In addition, Alight will partner with Retirement Clearinghouse to provide roll-in concierge services to participants interested in moving over retirement savings from prior employer plans.
“Alight is proud to serve the dynamic and diverse TSP participant and beneficiary population,” said Alison Borland, executive vice president and wealth solutions leader at Alight. “Alight’s integrated and highly personalized solutions focused on improving total wellbeing and retirement readiness, coupled with our long-standing commitment to work in the best interest of participants will have a positive impact on the retirement outcomes for TSP members for years to come.”