Thrift Savings Plan, Washington, hired Metropolitan Life Insurance Co. as its lifetime annuity provider, the Federal Retirement Thrift Investment Board, which oversees the $403.9 billion plan, announced Monday.
The annuity program offers participants 18 annuity options and two annuity methods, single life and joint life. TSP participants can use all or some of their TSP account balances to purchase an annuity. Annuity purchases cannot combine traditional and Roth IRA account balances.
The annuity provider contract is for a term of three years, with the option of extending it for an additional two years. Details on the current annuity provider were not available by press time, spokeswoman Kim Weaver said.