Federal Retirement Thrift Investment Board, Washington, is searching for a provider for the $590 billion Thrift Savings Plan's annuity program.
The annuity contract is for a performance period made up of a three-year base period and two, one-year options.
Incumbent Metropolitan Life Insurance Co. — whose contract is nearing expiration — is eligible to rebid, said Kim Weaver, director of external affairs, in an email Monday.
The Federal Employees' Retirement System Act sets forth five annuity methods that are required to be made available to eligible TSP participants and beneficiaries. As of July 31, year-to-date post-separation withdrawals have included 910 annuities, totaling about $201.8 million, according to the RFP.
The RFP is available on the Federal Business Opportunities website. Proposals are due by 1 p.m. EDT on Oct. 1, and the board expects to make a hiring decision no later than Jan. 1.
The board administers the TSP, the retirement system for 5.7 million federal employees and members of the uniformed services.