TREAS - 401(k) Audit Services - Market Research

The General Services Administration (GSA), on behalf of the Department of the Treasury (TREAS), is conducting market research to assess the capabilities of firms interested in providing audit services for the Office of the Comptroller of the Currency's (OCC) two defined contribution plans. The OCC, a bureau within TREAS, supervises national banks and federal thrifts, and its funds are not appropriated by statute. The OCC sponsors two 401(k) plans: one for legacy OCC hires and another for employees from the Office of Thrift Supervision (OTS), which was merged with OCC as per the Dodd-Frank Wall Street Reform and Consumer Protection Act. These plans are crucial components of employee benefits, ensuring financial security through retirement savings.

The Performance Work Statement details that these audit services aim to evaluate whether plan management adheres to Employee Retirement Income Security Act (ERISA) guidelines, even though governmental plans like these are not bound by ERISA. The contractor will be responsible for auditing financial statements related to record keeping, investment management, and trustee services associated with these 401(k) plans. Additionally, there may be requirements for ad-hoc audits on specific participant accounts as directed by the Contracting Officer's Representative.

The OCC 401(k) Plan was established in January 2000 as an individually designed plan for its employees. Following their merger under Dodd-Frank legislation in 2010, responsibility for managing both this plan and the OTS 401(k) Plan fell under OCC's purview. Despite being managed by Charles Schwab Services who handles enrollment, recordkeeping, administrative tasks and Charles Schwab Trust Company who manages investment assets regular audits ensure compliance with all relevant standards and safeguard participants' interests.

Through this solicitation process, GSA seeks to identify qualified contractors who can provide comprehensive audit services that meet stringent oversight requirements while maintaining transparency in managing these critical employee retirement accounts. This initiative underscores TREAS's commitment to upholding high standards in financial management practices within its bureaus.