FRTIB Awards Annuity Contract

By on May 12, 2014 in Current Events with 0 Comments

The Federal Retirement Thrift Investment Board (FRTIB) announced today that it has awarded its life annuity contract to Metropolitan Life Insurance Company (MetLife).

The Federal Employees’ Retirement System Act describes the annuity methods that are required to be made available to eligible Thrift Savings Plan (TSP) participants and spousal beneficiaries. There are eighteen annuity options and two annuity methods (single life and joint life). TSP participants may elect to use all or a portion of the proceeds of their TSP account to purchase an annuity. Account balances may consist of traditional contributions and earnings and Roth contributions and earnings (if the qualified distribution rules are met – participant is 591⁄2 or older and have Roth contributions for five years or more). Annuity purchases cannot combine traditional and Roth balances.

The annuity contract is for a performance period comprised of a three-year base period and one 2-year option period.

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Ian Smith is one of the co-founders of FedSmith.com. He enjoys writing about current topics that affect the federal workforce. Ian also has a background in web development and does the technical work for the FedSmith.com web site and its sibling sites.

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