Federal Retirement Thrift Investment Board, Washington, rehired Metropolitan Life Insurance Co. as provider for the $628 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.
Metlife has been the TSP's annuity provider since 1988, said Kim Weaver, director of external affairs, in an email. The board issued an RFP in September because Metlife's current contract will expire March 1, the same date a new contract takes effect.
“We are pleased to continue our longstanding relationship with the Thrift Savings Plan,” said Michel Khalaf, president and CEO of MetLife, in a statement. “Income annuities offer financial certainty in retirement. By providing these solutions to federal employees, the Federal Retirement Thrift Investment Board is creating a solid foundation for its participants’ retirement.”
The Federal Employees' Retirement System Act describes the annuity methods that are required to be made available to eligible TSP participants and spousal beneficiaries. There are 18 annuity options and two annuity methods: single life and joint life.
The board administers the TSP, the retirement system for 5.8 million federal employees and members of the uniformed services.
