Sources Sought - Fiduciary Liability Insurance
ID: 2031JW25S00001Type: Sources Sought
Overview

Buyer

TREASURY, DEPARTMENT OF THEOFFICE OF THE COMPTROLLER OF THE CURRENCYOFFICE OF MANAGEMENT / CFOWASHINGTON, DC, 20219, USA

NAICS

Insurance Agencies and Brokerages (524210)

Original Source

https://sam.gov/opp/42d0ce6c9c684702b1d5dd347a2edba9/view
Timeline
    Description

    The Department of the Treasury, specifically the Office of the Comptroller of the Currency (OCC), is seeking sources for fiduciary liability insurance and Errors & Omissions coverage for its 401(k) Plans, which include both the OCC 401(k) Plan and the Office of Thrift Supervision (OTS) 401(k) Plan. The objective is to protect OCC employees from legal claims related to plan administration, with the insurance broker expected to provide comprehensive assessments, solicit competitive quotes, and respond promptly to inquiries during the coverage period from June 10, 2025, to June 9, 2026. This insurance is crucial for ensuring compliance with fiduciary responsibilities and safeguarding sensitive government data, as the OCC manages diverse investment options for its employees. Interested parties should contact Karen A. Green at karen.green@occ.treas.gov for further details regarding this opportunity.

    Point(s) of Contact
    Karen A. Green
    karen.green@occ.treas.gov
    Files
    Title
    Posted
    Draft Fiduciary Liability Insurance SOW.pdf
    The Office of the Comptroller of the Currency (OCC) requires fiduciary liability insurance and Errors & Omissions coverage for its 401(k) Plans, which include an OCC 401(k) Plan and an Office of Thrift Supervision (OTS) 401(k) Plan. The insurance seeks to protect OCC employees from legal claims arising from plan administration. CHARLES SCHWAB, INC. serves as the third-party record keeper. Eligible employees are automatically enrolled at 1% of their pay, with diverse investment options managed by a 401(k) Oversight Committee, which ensures adherence to fiduciary responsibilities. The insurance broker must provide comprehensive assessments, solicit competitive quotes, and respond to OCC inquiries swiftly during the coverage period from June 10, 2025, to June 9, 2026. The Contractor is expected to conduct training sessions on fiduciary responsibilities and assist in reviewing insurance policies for proper coverage. Compliance with federal security standards is essential, given the sensitive nature of the information processed and the necessity to protect government data. Payments for services will be made from designated OCC funds and forfeiture funds, following regulatory procedures. This document encapsulates the procedural and compliance-oriented approach in a federal RFP context aimed at safeguarding retirement plan management.
    Lifecycle
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    Sources Sought - Fiduciary Liability Insurance
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