The Federal Retirement Thrift Investment Board, Washington, is monitoring the impact of the coronavirus pandemic on the $601.5 billion Thrift Savings Plan as the number of withdrawals from participants remains in line with seasonal trends, Kim Weaver, director of external affairs, said in an email.
The board is monitoring the current situation from three perspectives, Ms. Weaver said: the impact on the TSP funds and participant accounts; the FRTIB's ability to service its participants and ensure the running of the TSP; and the health and well-being of employees and contractors.
The TSP is the retirement system for 5.9 million federal employees and members of the uniformed services. It offers participants five investment funds: four index funds and one fund made up of specially issued Treasury securities.
The board has continued to provide unaltered service to TSP participants, Ms. Weaver said. She also noted that while the number of interfund transfers has risen, 95% of participants have not made any interfund transfers. A net of $21 billion was moved into the G Fund — the one made up of specially issued Treasury securities — from Feb. 24 to March 17, according to Ms. Weaver.
The TSP typically sees roughly 330,000 withdrawals during February and March and 2020 looks similar, Ms. Weaver said.