Correction of Administrative Errors; Required Minimum Distributions
The Federal Retirement Thrift Investment Board (FRTIB) is amending its regulations to make a non-substantive change to the constructed share price formula for a retired Lifecycle (L) Fund. The FRTIB uses a constructed share price to make error corrections involving a retired L Fund. In addition, due to a recent change in the Internal Revenue Code (Code), the FRTIB is amending its regulations to change the age by which TSP participants must begin receiving distributions from their TSP accounts from 70\1/2\ to 72.
Temporary Waiver of Notarization Requirement for Spousal Consent
In light of emergency stay-at-home and shelter-in-place orders issued all over the country, the Federal Retirement Thrift Investment Board (FRTIB) is temporarily waiving the requirement to notarize a spouse's signature on withdrawal election forms.
Notice of March 23, 2020 FRTIB Board Member Meeting: Correction
Due to the COVID-19 pandemic, the March 23, 2020 FRTIB Board Member meeting will be conducted telephonically and not at the Agency's 77 K St., Washington, DC location. Members of the public who are interested in the meeting can listen to the meeting by calling 1-877-446-3914 and using passcode 8249934. Issues caused by national higher-than-normal usage of phone lines may limit the number of individuals able to listen in on the meeting. Material relating to FRTIB Board meetings is available at frtib.gov. Contact Person for More Information: Kimberly Weaver, Director, Office of External Affairs, (202) 942-1640.
Cost-of-Living Adjustments and Identity Verification
The Federal Retirement Thrift Investment Board (FRTIB) is amending its regulations to change the cost-of-living adjustment rate used to calculate the annual increase for annuities with an increasing payment option and to clarify its requirements regarding identification verification and availability of announcements of meetings open to public observation.
Automatic Enrollment Program
The Federal Retirement Thrift Investment Board (FRTIB) is proposing to amend its regulations to increase the automatic enrollment percentage from 3 percent to 5 percent of basic pay for all participants who are automatically enrolled in the Thrift Savings Plan (TSP) on or after October 1, 2020 and for Blended Retirement Service (BRS) participants who are automatically re-enrolled in the TSP on or after January 1, 2021. In addition, the FRTIB is proposing a non- substantive clarification regarding installment payments calculated based on life expectancy.
Hardship Withdrawals for Expenses Related to Natural Disasters
The Federal Retirement Thrift Investment Board (``FRTIB'') proposes to allow participants to take hardship withdrawals for expenses related to natural disasters.
Simplification of Catch-Up Contribution Process
The FRTIB proposes to reduce paperwork burdens on participants who are eligible to make catch-up contributions, by removing the regulation that requires them to submit two different contribution election forms.