[vc_row][vc_column width=”2/3″ el_class=”section section1″][vc_column_text]The Federal Retirement Thrift Investment Board is searching for a brand new company to provide services to its $590 billion annuity program for the TSP. The board runs the TSP, the 5.7 million federal and military retirement system for employees. The annuity contract comprises of a three-year base term and a one year option that could be done twice.
Kim Weaver, director of external affairs, advised that the current provider, Incumbent Metropolitan Life Insurance Co., whose current agreement with them is close to expiring, will be able to bid once more for the contract.
The Retirement System Act for Federal Employees lays out five forms of annuity that must be distributed to qualifying members and beneficiaries of the TSP. Since July 31st, current annual post-separation withdrawals covered 910 annuities, amounting to approximately $201,800,000 in the RFP states.
- Also Read: Want to Leave Before 62? Here’s the Tradeoff Most Federal Workers Don’t Consider
- Also Read: 3 Ways CSRS Retirees Can Avoid Social Security Reductions Due to the Windfall Elimination Provision (WEP)
- Also Read: Your Next Federal Pay Raise Might Come With a Tradeoff—Here’s What to Watch
The board administers the TSP, the 5.7 million-federal employee retirement system, and uniformed service members.[/vc_column_text][/vc_column][vc_column width=”1/3″][vc_single_image image=”36875″ img_size=”292×285″ style=”vc_box_shadow”][/vc_column][/vc_row]
