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FEDERAL RETIREMENT THRIFT INVESTMENT BOARD
ANNOUNCES VENDOR SELECTION FOR ANNUITY PROVIDER
Washington, D.C. (January 17, 2006) — The Federal Retirement Thrift Investment Board announced today that Metropolitan Life Insurance Company (MetLife) has been selected as the provider of the annuity program of the Thrift Savings Plan (TSP) for Federal employees. The selection results from a competitive procurement initiated by the Board in September 2005 through a Request for Proposals (RFP). The award will be formalized in the coming weeks in a master annuity agreement with MetLife.
The annuity program has been available to TSP participants since January 1988. The current agreement, also won by MetLife through a competitive procurement, expires on January 31, 2006.
The TSP is a retirement savings plan for Federal employees and is similar to the 401(k) plans offered by many private employers. It was created by the Federal Employees' Retirement System Act of 1986. As of December 31, 2005, TSP assets totaled approximately $173 billion, and retirement savings accounts have been established for over 3.5 million participants.
MetLife is one of the nation's largest annuity providers. The company has assets of more than $120 billion, with over 320 million individual annuity contracts and group pension certificates in force.
The law creating the TSP requires that five basic types of annuities be available to participants: two forms of single life annuities, two forms of joint with spouse annuities, and a joint annuity with a survivor other than a spouse. In addition to providing these basic options, variations of each are also available, including cash refund features.
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