FRTIB Awards TSP Annuity Contract

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By on January 31, 2020 in Agency News with 0 Comments
Contract on a desk with a close up of a person's hand holding a pen preparing to sign on the line at the bottom

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

MetLife has been the previous holder of the annuity contract and has since May 2014. The company has also been the sole annuity provider for the TSP since the plan’s inception in 1986.

The annuity contract is for a performance period comprised of a three-year base period and two 1-year option period.

A request for proposal (RFP) had previously been issued by the FRTIB for the annuity contract in September.

The Federal Employees’ Retirement System Act describes the annuity methods that are required to be made available to eligible 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. Separate Annuities are purchased for the traditional and Roth balances.

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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.

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