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FEDERAL RETIREMENT THRIFT INVESTMENT BOARD ANNOUNCES SELECTION OF FIRM TO PROVIDE PARALLEL CALL CENTER

     Washington, D.C. (March 8, 2004) – The Federal Retirement Thrift Investment Board announced today that it has selected Spherix Incorporated of Beltsville, Maryland, to provide parallel call center support services to the Thrift Savings Plan (TSP) for Federal employees.  The new call center will complement current services provided by the Department of Agriculture’s National Finance Center in New Orleans, Louisiana.

     The Board recently implemented a new automated TSP record keeping system which moved the TSP from a monthly-valued plan to a daily-valued plan.  The new system, daily valuation, and growth in the Plan has increased the number of calls and participant inquiries.  As a result, additional call center support is required.  This requirement, as well as the need to ensure coverage in the event of a disaster that would close the NFC call center, prompted the issuance last November of a request for proposals from qualified firms to establish a complementary parallel call center.

     One requirement is that the parallel call center be established in an area of the country that will not be susceptible to weather related disasters that may occur in the New Orleans area.  Spherix call centers are located in both Cumberland and Beltsville, Maryland.

     The parallel call center will initially handle 20% of the current call volume and eventually handle 50% of all TSP phone traffic.  A key element of the future operating plan is for each center to provide disaster recovery relief for the other.  The parallel call center will therefore provide coverage of all calls in the event of a hurricane or other emergency that affects the NFC call center operations.

     The term of the contract is one year, with four one-year options renewable at the Board’s discretion.  Service hours, which currently end each weekday at 7:00 pm ET, will be extended until 9:00 pm when the parallel call center begins operations.

     The TSP is a retirement savings plan for Federal civilian employees and members of the uniformed services which is similar to the 401(k) plans offered by many private employers.  It was created by the Federal Employees’ Retirement System Act of 1986.  As of February 29, 2004, TSP assets totaled approximately $133 billion, and retirement savings accounts were being maintained for more than 3.2 million TSP participants.

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