FY2017 – 2021

Strategic Plan Closeout Report

Federal Retirement Thrift Investment Board

May 2021
FY2017 – 2021 Strategic Plan Closeout Report

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Letter from the Executive Director

Over the last five years, Federal Retirement Thrift Investment Board (FRTIB) successfully 

implemented the FY2017-2021 Strategic Plan, in order to deliver better outcomes to our Thrift 

Savings Plan (TSP) participants. Together, we achieved many impactful accomplishments and 

overcame both challenges and complex choices, culminating in making the strategic decision to 

shift to a managed services business model. As we closeout the FY2017-2021 Strategic Plan, it is 

clear we have learned a lot over the last five years and have plenty to celebrate. 

For instance, we invested in our IT security infrastructure and made tremendous strides to 

improve our IT security posture, increased our cyber resiliency, and bolstered business 

continuity. We worked to ensure that FRTIB had the right skills, competencies, and leadership 

at all levels, enabling our teams to deliver our strategic objectives. We delivered a more secure 

environment for participants, updated the participant website, expanded our contact center 

services, added the uniformed services Blended Retirement System, greatly enhanced the 

Lifecycle Funds, and expanded withdrawal flexibilities. All of these efforts worked to improve 

the participant experience and provide them the tools and services that aid them in making 

sound retirement decisions.

Building upon the progress achieved and stronger foundation built during the FY2017-2021 

Strategic Planning cycle, we have a renewed focus on improving participant outcomes and TSP 

services in our FY2022-2026 Strategic Planning period. Consequently, we look forward to

providing a participant experience that enables all TSP participants to achieve better retirement 

outcomes and retire with dignity.

Sincerely,

Ravindra Deo

Executive Director
FY2017 – 2021 Strategic Plan Closeout Report

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Table of Contents

Introduction............................................................................................................................................... 4

FY2017-2021 Strategic Plan Summary................................................................................................ 6

FY2017-2021 Strategic Goal A Overview........................................................................................... 7

FY2017-2021 Strategic Goal B Overview ........................................................................................... 9

FY2017-2021 Strategic Goal C Overview.........................................................................................10

FY2017-2021 Strategic Goal D Overview.........................................................................................11

Conclusion................................................................................................................................................12
FY2017 – 2021 Strategic Plan Closeout Report

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Introduction

This report serves as the final step in the Federal Retirement Thrift Investment Board’s (FRTIB

or Agency) five-year Strategic Planning process, closing out the FY2017-2021 Strategic Plan. It 

provides a high-level summary of the impact and accomplishments of FRTIB’s strategy 

implementation efforts, while also providing a more detailed look at specific outcomes and 

measures for each strategic goal. It is a key step in reflecting on the progress FRTIB made 

during the period as well as the lessons the Agency learned while implementing the plan. 

The FY2017-2021 Strategic Plan established the strategic goals by which the FRTIB planned to 

achieve its vision over the course of five years. These goals were developed to address four key 

areas: infrastructure, people, Agency processes, and participant experience. 

• Goal A – Implement a physical and technology infrastructure that optimizes and

supports plan administration, Agency operations, and the evolution of a new participant

experience

• Goal B – Ensure that FRTIB has the right skills, competencies, and leadership at all

levels

• Goal C – Optimize business processes to allow continuous improvement of TSP and

Agency operations

• Goal D – Develop a new participant experience that enables participants to identify and

achieve their targeted retirement outcomes

In addition to the goals, the Strategic Plan defined Agency-level priorities and helped to facilitate 

decisions around resources needed to implement the established goals and objectives. 
FY2017 – 2021 Strategic Plan Closeout Report

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Environmental Backdrop going into FY2017-2021

These factors defined the environment in which the Agency was operating at the time and were

key considerations in developing the goals and objectives of the FY 2017-2021 Strategic Plan. 

Major Changes During the Strategic Planning Cycle

During the implementation of the FY2017-2021 Strategic Plan, FRTIB shifted its approach for 

delivering one of its key initiatives for achieving the strategic objectives. Historically, the Agency 

faced IT infrastructure and security deficits, open audit findings and recommendations, and 

lagged in participant services. To address these concerns, the Agency decided to build a 

modernized recordkeeping platform. 

After considerable analysis, FRTIB decided to pivot from owning and maintaining 

recordkeeping, financial systems, and related IT systems to procuring these services in the 

future. It was determined that this strategic outsourcing and replacement of the legacy IT 

platform would allow the Agency to leverage industry best practices for technology and 

recordkeeping and enable agile responses to changes in the defined contribution market.

Further, this new operating model would allow the Agency to dedicate more of its efforts to 

better understanding participant needs and preferences and offer the services and plan design 

that enable them to make sound retirement decisions. 
FY2017 – 2021 Strategic Plan Closeout Report

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FY2017-2021 Strategic Plan Summary

The Agency made significant progress on its strategic goals and objectives during Strategic Plan 

implementation, as highlighted by some key accomplishments:

• Enhanced IT Security and Infrastructure: The Federal Information Security Management

Act of 2002 (FISMA) mandates that federal agencies develop, document, and implement

an Agency-wide program to provide information security for information systems that

support Agency operations and assets. The Agency achieved a more secure IT

environment as evidenced by much improved FISMA scores. Additionally, significant

investments in infrastructure were made which improved systems performance,

resilience, and business continuity.

• Improved Risk Posture: By managing the Agency’s risk to achieve current strategic goals

and objectives, FRTIB greatly improved its risk posture and risk management culture. By

prioritizing efforts to address the root causes of audit findings to improve operations

and program outcomes, the Agency closed a large number of open audit

recommendations. The Agency is now better positioned to renew its focus on core

mission areas.

• Expanded Reach and New Services Provided to Participants: FRTIB expanded access to

the TSP with auto-enrollment of uniformed service members via the Blended

Retirement System (BRS). Improvements were made in customer service availability and

account security. FRTIB also enhanced plan design with the addition of 5-year Lifecycle

funds, greater withdrawal flexibilities, an easier catch-up contribution process, and an

increased default contribution amount.

• Progressed Towards New Business Model: FRTIB awarded two managed service

procurements, Recordkeeping Services Acquisition (RKSA, now called Converge) and

Financial Services Modernization (FSM), moving the Agency closer to its future business

model to procure instead of owning and operating the systems.

The next section provides a deeper dive into each of the Strategic Plan’s four goals, including an 

expanded look at accomplishments and impacts by goal. 
FY2017 – 2021 Strategic Plan Closeout Report

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FY2017-2021 Strategic Goal A Overview

Goal A: Implement a physical and technology infrastructure that optimizes and supports plan 

administration, Agency operations, and the evolution of a new participant experience

The Agency recognized the need to update and harden its 

existing IT infrastructure, improve controls, and remediate 

audit findings. These improvements were needed as the 

foundational work before the Agency could focus on

enhancing the participant experience and improving 

retirement outcomes. As such, this work was prioritized 

ahead of the other goals in the FY 2017-2021 Strategic 

Plan. 

Goal A key accomplishments and impacts include: 

Improved FISMA scores

At the start of the Strategic Planning period, 

the Agency was at the lowest FISMA maturity 

level (Ad Hoc) in all domains. Now all 8 

Agency domains have reached Level 2 

(Defined) or higher on the FISMA maturity 

scale, with 7 domains at Level 4 (Managed and 

Measurable). These FISMA scores are an 

indication of the Agency’s progress towards 

maturing cybersecurity measures and creating 

a more secure environment for participant and 

Agency operations.

Increased resiliency and disaster recovery capabilities

The Agency increased its resiliency and disaster recovery capabilities by procuring upgraded

mainframes, beginning the implementation of full failover capabilities at both of its data centers,

and starting the transition to a Security Operations Center (SOC) via a Federal Shared Services 

Provider. 

3

7

8

0

2

4

6

8

2018 2019 2020

FISMA Indicator

(# of Domains At/Above "Defined" Maturity Level)

Total Domains At/Above "Defined"

Goal A Intended Outcomes:

Outcome 1 – We keep participant data 

and operational systems safe, in line with 

best practices

Outcome 2 – Our IT infrastructure allows 

us to operate efficiently and easily

Outcome 3 – We provide participants the 

information they want, on their desired 

platform, when they want it
FY2017 – 2021 Strategic Plan Closeout Report

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Increased network performance 

The Agency increased network performance 

and bandwidth to support the increased 

participant population arriving with the 

creation of BRS in 2018. The improved

network performance also enabled the 

Agency and its contractor workforce to 

seamlessly shift to a remote work 

environment at the onset of the COVID-19 

pandemic. 

While significant IT improvements were 

made, as well as improvements specific to participant services, the Agency made the decision to 

defer other participant products and services until the implementation of the new 

recordkeeping platform. This platform (now referred to as Converge) will deliver much 

improved services and tools to support TSP participants.

41%

54%

64% 69%

0%

50%

100%

2018 2019

IT Satisfaction Survey

Indicator (Percent of survey respondents who are 

satisfied or extremely satisfied with the IT infrastructure)

FRTIB Government Employees FRTIB Contractors
FY2017 – 2021 Strategic Plan Closeout Report

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FY2017-2021 Strategic Goal B Overview

Goal B: Ensure that FRTIB has the right skills, competencies, and leadership at all levels

Human capital is critically important to the Agency’s long-term 

success and consequently it is important to ensure that FRTIB has 

the right competencies and skills among employees to optimize

steady state operations, professional development, and achieve its 

strategic goals. In executing this goal, the Agency continues to 

endeavor to make FRTIB a great place to work and a place where 

great work is done.

Goal B key accomplishments and impacts include: 

Identified the right skills and competencies

The Agency completed multiple milestones, including the full implementation of a workforce 

skill assessment effort and competency inventory designed to support the Agency’s move to 

managed services contracts. This enabled the Agency to assess skill needs, identify gaps, and 

develop strategies to address those gaps. In 2020, 54% of employees reported that they met 

their target skill level. While there is still more progress to be made here, the assessment 

illuminated where FRTIB can specifically target efforts to better prepare employees for success. 

Improved on core values realization 

In 2019, the Agency’s results improved in OPM’s Core 

Values Survey indicating that the Agency is doing a 

better job delivering on its core values of integrity, 

collaboration, and focus on participants.

In addition to the above, the Agency engaged in a 

number of other initiatives as a regular part of steady 

state activities, including training and development 

programs, technical trainings, coaching and mentoring 

programs, and an employee detail program.

Goal B Intended Outcomes: 

Outcome 1 – We live our core 

values

Outcome 2 – Our employees 

possess the right skills to 

achieve our goals 

65.0%

75.7%

0%

20%

40%

60%

80%

100%

2018 2019 2020

Core Values Survey Indicator

(Composite of 3 Core Values Survey)

Core Values Results

Delayed 

by OPM
FY2017 – 2021 Strategic Plan Closeout Report

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FY2017-2021 Strategic Goal C Overview

Goal C: Optimize business processes to allow continuous improvement of TSP and Agency operations

FRTIB devised methodologies to understand the maturity of

its current processes and spending practices and identified 

where to focus efforts during the planning period. 

Additionally, the Agency developed an approach to assess 

how well processes improve speed, accuracy, and security of 

its operations.

Goal C key accomplishments and impacts include: 

Identified process improvement

The Agency focused on process improvement to 

further drive efficiency and effectiveness in delivering

the TSP participant experience, including by 

simplifying the residential loan process. Additionally, 

the Agency streamlined its contractor onboarding 

and acquisition planning processes, and initiated

processes to track audit findings and remediation. 

The focus on processes resulted in a significant 

increase in maturity between 2019 and 2020. 

Identified methodologies for assessing spending

The Agency devised methodologies for assessing spending, by examining investments in people, 

processes, and technology, with the goal of ensuring that Agency expenditures are thoughtful 

and effective and lead to positive 

impacts for participants. Costs 

increased as a result of required 

infrastructure work that had to be 

done and most recently the impact 

of implementing Converge and 

Financial Services Modernization, 

while continuing to run and 

maintain legacy systems.

42%

13%

58%

87%

0%

50%

100%

2019 2020

Critical Business Processes 

(Maturity Scores by Year)

Level 3 Maturity or Above

Below Level 3 Maturity

Goal C Intended Outcomes:

Outcome 1 – We have 

streamlined processes that 

improve speed, accuracy, and 

security

Outcome 2 – We spend 

participant money wisely

$47.78 $46.97

$55.92 $56.24

$63.94

$35.26 $33.43

$43.83 $45.29

$53.13

$0.00

$20.00

$40.00

$60.00

$80.00

CY 2016 CY 2017 CY 2018 CY 2019 CY 2020

Cost per Participant (Gross and Net)

Gross Cost per participant Net Cost per participant
FY2017 – 2021 Strategic Plan Closeout Report

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FY2017-2021 Strategic Goal D Overview

Goal D: Develop a new participant experience that enables participants to identify and achieve their 

targeted retirement outcomes

Goal D’s purpose is centered around enhancing 

participant interaction with the TSP and enabling 

participants to achieve their retirement goals. The 

Agency has leveraged business intelligence capabilities to 

learn more about TSP participants, enabling it to 

enhance services and provide targeted solutions to help 

participants save for retirement.

Goal D key accomplishments and impacts include: 

Improved plan design

The Agency has helped participants increase their retirement 

savings by implementing a 5% auto-enrollment and spillover, 

which made the process to make catch-up contributions easier 

and more intuitive. These activities have resulted in 77% of 

participants contributing at least 5%, to receive full matching 

benefits and an average account balance increase, as of 2020. 

Further, FRTIB launched new 5-year Lifecycle funds to expand 

opportunities for participants to accumulate wealth at their 

appropriate age-based risk level.

Improved the participant experience 

The Agency launched the new TSP website, incorporating feedback from participants to inform 

the design and offered more user-friendly features to help participants interact with their 

accounts more easily. Additionally, the Thrift Savers Newsletter was launched to keep 

participants updated with information and helpful tips to make 

smarter savings decisions. The Agency also included flexibility in 

decumulation strategies for participants via the Additional 

Withdrawals project and moved from paper forms to online 

wizards to provide easier and more flexible options for 

participants to withdraw funds. Additionally, the opening of the 

new contact center increased the Agency’s ability to sufficiently 

address participant calls.

Launched Uniformed Services Blended Retirement System (BRS)

The National Defense Authorization Act for Fiscal Year 2016 authorized the creation of BRS, 

which makes the TSP a significant component of the retirement plans for many uniformed 

services members. The Agency implemented the new retirement system and delivered targeted 

communication to BRS participants, educating on benefits of contributing the full match.

Goal D Intended Outcomes:

Outcome 1 – Participants are satisfied with their TSP 

experience and interactions

Outcome 2 – Participants retire comfortably when 

they’re ready

Outcome 3 – We don’t leave participants behind
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Provided COVID-19 relief to participants

The Agency provided emergency relief to participants in 2020 during the COVID-19 pandemic

via implementation of the CARES Act. This relief allowed participants greater access to their 

retirement funds to immediate economic assistance during the crisis.

Conclusion

The accomplishments achieved and progress made over the FY2017-2021 Strategic Planning 

cycle have positioned FRTIB well in 2021. The Agency’s IT infrastructure and security is strong, 

significant audit findings have been addressed and closed, internal operations continue to grow 

in their efficiency and effectiveness, and participants are saving more than ever before while 

maintaining high satisfaction levels. 

In the FY2022-2026 Strategic Planning cycle, FRTIB will build on these successes with a 

renewed focus on participant experience and outcomes.