Federal Retirement Thrift Investment Board

Federal Retirement Thrift Investment Board

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Federal Retirement Thrift Investment Board

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The Federal Retirement Thrift Investment Board was established as an independent agency of the United States government by the Federal Employees Retirement System Act of 1986. It is one of the smaller executive branch agencies, with just over 80 employees. It was established to administer the Thrift Savings Plan, which provides Federal employees the opportunity to save for additional retirement security. The Thrift Savings Plan is a tax-deferred defined contribution plan similar to a private sector 401 plan. The Thrift Savings Plan is one of the three parts of the Federal Employees Retirement System, and is the largest defined contribution plan in the world with over 3.7 million participants and assets worth over $244 billion dollars. Both the board and its Chairman are nominated by the President and confirmed by the United States Senate. The current Chairman is Andrew Saul.

Governance of the agency is carried out by a five-person, part-time Board of Presidential appointees and by a full-time Executive Director selected by those appointees. Each of these persons is required by FERSA to have "substantial experience, training, and expertise in the management of financial investments and pension benefit plans." 5 U.S.C. 8472(d). The Board members collectively establish the policies under which the TSP operates and furnish general oversight. The Executive Director carries out the policies established by the Board members and otherwise acts as the full-time chief...
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