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Simple English definitions for legal terms
FRTIB
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A quick definition of FRTIB:
Term: FRTIB
Definition: FRTIB stands for Federal Retirement Thrift Investment Board. It is a group of people who help manage retirement savings for federal employees. They make sure that the money is invested wisely so that when the employees retire, they have enough money to live on.
A more thorough explanation:
FRTIB
FRTIB stands for Federal Retirement Thrift Investment Board. It is an independent government agency that manages retirement savings plans for federal employees.
One example of a retirement savings plan managed by FRTIB is the Thrift Savings Plan (TSP). This plan allows federal employees to save for retirement by contributing a portion of their salary to a tax-deferred account. FRTIB then invests these funds in various investment options, such as stocks and bonds, to help grow the savings over time.
Another example is the Blended Retirement System (BRS), which was introduced in 2018 for new military members. FRTIB manages the investment options for the TSP component of the BRS, which allows military members to save for retirement in a similar way to federal employees.
FRTIB is responsible for managing retirement savings plans for federal employees and military members. The examples illustrate how FRTIB manages the investment options for these plans, which allows participants to save for retirement and potentially grow their savings over time through various investment options.