5 U.S. Code § 8472 - Federal Retirement Thrift Investment Board
(a) There is established in the Executive branch of the Government a Federal Retirement Thrift Investment Board.
(b) The Board shall be composed of—
(1) 3 members appointed by the President, of whom 1 shall be designated by the President as Chairman; and
(2) 2 members appointed by the President, of whom—
(A) 1 shall be appointed by the President after taking into consideration the recommendation made by the Speaker of the House of Representatives in consultation with the minority leader of the House of Representatives; and
(c) Except as provided in section 311 of the Federal Employees’ Retirement System Act of 1986, appointments under subsection (a) shall be made by and with the advice and consent of the Senate.
(d) Members of the Board shall have substantial experience, training, and expertise in the management of financial investments and pension benefit plans.
(1) Except as provided in section 311 of the Federal Employees’ Retirement System Act of 1986, a member of the Board shall be appointed for a term of 4 years, except that of the members first appointed (other than the members appointed under such section)—
(A) A vacancy on the Board shall be filled in the manner in which the original appointment was made and shall be subject to any conditions which applied with respect to the original appointment.
(f) The Board shall—
(1) establish policies for—
(1) The Board may—
(B) except as provided in paragraph (2), direct the Executive Director to take such action as the Board considers appropriate to carry out the provisions of this subchapter and subchapter III of this chapter and the policies of the Board;
(C) upon the concurring votes of four members, remove the Executive Director from office for good cause shown; and
(2) Except in the case of investments required by section 8438 of this title to be invested in securities of the Government, the Board may not direct the Executive Director to invest or to cause to be invested any sums in the Thrift Savings Fund in a specific asset or to dispose of or cause to be disposed of any specific asset of such Fund.
(h) The members of the Board shall discharge their responsibilities solely in the interest of participants and beneficiaries under this subchapter and subchapter III of this chapter.
(i) The Board shall prepare and submit to the President, and, at the same time, to the appropriate committees of Congress, an annual budget of the expenses and other items relating to the Board which shall be included as a separate item in the budget required to be transmitted to the Congress under section 1105 of title 31.
Source(Added Pub. L. 99–335, title I, § 101(a),June 6, 1986, 100 Stat. 578; amended Pub. L. 99–509, title VI, § 6001(e),Oct. 21, 1986, 100 Stat. 1931.)
References in Text
Section 311 of the Federal Employees’ Retirement System Act of 1986 [Pub. L. 99–335], referred to in subsecs. (c) and (e)(1), is set out as a note below.
1986—Subsecs. (i), (j). Pub. L. 99–509added subsecs. (i) and (j).
Effective Date of 1986 Amendment
Amendment by Pub. L. 99–509effective Jan. 1, 1987, see section 6001(f) ofPub. L. 99–509, set out as a note under section 8432 of this title.
Initial Appointments to Federal Retirement Thrift Investment Board
“(a) Initial Appointment of Members.—Section 8472 (c) of title 5, United States Code (as added by section 101(a) of this Act) shall not apply to the members of the Federal Retirement Thrift Investment Board first appointed to such Board.
“(b) Terms of Service.—Notwithstanding subsection (e)(1) ofsection 8472 of title 5, United States Code (as added by section 101(a) of this Act), the term of service of each member of the Federal Retirement Thrift Investment Board appointed pursuant to subsection (a) shall be 1 year, except that such member shall continue to serve until his successor is appointed under subsection (b) of such section 8472 and confirmed under subsection (c) of such section.”
Authorization of Appropriations for Certain Expenses of Federal Retirement Thrift Investment Management System
Pub. L. 99–335, title VII, § 701,June 6, 1986, 100 Stat. 631, as amended by Pub. L. 99–500, § 101(m) [title IV, § 401], Oct. 18, 1986, 100 Stat. 1783–308, 1783–322, and Pub. L. 99–591, § 101(m) [title IV, § 401], Oct. 30, 1986, 100 Stat. 3341–308, 3341–322, provided that:
“(a) Temporary Alternative Funding.—Notwithstanding section 8434 (c)(3) [probably should be “section 8437 (c)(3)”] of title 5, United States Code (as added by section 101 of this Act), the expenses incurred in the administration of the Federal Retirement Thrift Investment Management System under subchapter VII of chapter 84 of such title (as so added) during fiscal years 1986 and 1987 may be paid from sums appropriated pursuant to subsection (b).
“(b) Authorization of Appropriations.—There are authorized to be appropriated to the Federal Retirement Thrift Investment Board, for fiscal years 1986 and 1987, such sums as may be necessary to pay the expenses incurred in the administration of the Federal Retirement Thrift Investment Management System during such fiscal years.”