The Federal Retirement Thrift Investment Board, the agency that oversees the Thrift Savings Plan, has issued a request for proposal for a provider for the TSP’s annuity program.
The annuity contract is for a performance period comprised of a three-year base period and two, one-year option periods. The FRTIB anticipates awarding the contract no later than January 1, 2020.
The Metropolitan Life Insurance Company currently holds the contract and has since May 2014.
The Federal Employees’ Retirement System Act (FERSA) sets forth five annuity methods that are required to be made available to eligible TSP participants and beneficiaries. As of July 2019, year-to-date post-separation withdrawals have included 910 annuities, totaling approximately 201.8 million.