A new software system to be built by American Management Systems Inc. of Fairfax, Va., will handle more investment choices for the Thrift Savings Plan's 2.3 million participants and will report daily on the value of each account.
Under the three-year, $29.5 million contract, AMS will build a client-server system that plan participants can access by telephone and the World Wide Web. A Federal Retirement Thrift Investment Board spokesman said the plan will offer five investment options, two more than are available now, and will support more withdrawal and loan alternatives.
The Agriculture Department's National Finance Center in New Orleans will continue to operate the system for the board. The board spokesman said the upgrade will not disrupt plan services.
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