In an email, Kim Weaver, Director of External Affairs, said, The Federal Retirement Thrift Investment Board, Washington, is keeping a close eye on monitoring the Coronavirus pandemic's impact and its $601.5 billion Thrift Savings Plan as more people withdraw from plan showing seasonal trends. In this article, we'll focus on different angles that the board uses to analyze the current situation.
The board is analyzing the current situation from three angles, Ms. Weaver said in her statement about the impact of the pandemic on TSP funds and participant; the Federal Retirement Thrift Investment Board's capacity to provide service to its participants and the smooth running of the TSP funds, and the third angle would be to ensure that the health and wellbeing of federal employees and contractors is well.
The Thrift Service Plan is the retirement system serving 5.9 million federal employees and members of the uniformed services. It provides five investment funds to its participants, including four index funds and one fund for specially issued Treasury-securities.
Ms. Weaver said in her statement that the board has always managed to provide unbeatable services to its TSP participants. She highlighted the fact that the number of inter-fund transfers has increased, and 95% of participants did no inter-fund transfers. According to Ms. Weaver, a total of $21 billion was moved into Treasury funds that are G-Fund from February 24 to March 17.
Weaver stated that around 330,000 participants withdrew from TSP during February and March and 2020.
