Here are highlights from Monday’s Federal Retirement Thrift Investment Board meeting:
-The number of participants with no contributions to their TSP accounts increased by about 3,000 last month, compared with a 25,000 increase on October. The number of active FERS employees contributing to the Thrift Savings Plan decreased by about 5,000 in November.
-Renee Wilder, the board’s director of research and strategic planning said an increase in separations, financial hardship withdrawals and the fact that employees are hitting their contribution limits have contributed to a decrease in participation. Employees who take out a hardship withdrawal cannot contribute to their TSP accounts for 6 months. The board also expects to see more retirements in the face of hiring freezes and budget cuts.
-The C, S and I funds decreased 1.1 percent, 5.9 percent and 14.5 percent respectively as of Dec. 16.
-The TSP’s overall fund balance is nearly $292 billion, up from more than $289 billion in October.