View source for Federal Retirement Thrift Investment Board

{{Organization
|OrganizationName=Federal Retirement Thrift Investment Board
|OrganizationType=Independent Agencies
|Mission=To administer the Thrift Savings Plan (TSP) solely in the interest of its participants and beneficiaries, providing federal employees and members of the uniformed services with a retirement savings plan similar to private sector 401(k) plans. It aims to improve participant retirement outcomes through effective investment management and service provision.
|CreationLegislation=Federal Employees' Retirement System Act of 1986
|Employees=270
|Budget=Not publicly detailed as it operates through TSP funds; however, administrative expenses are managed to be as low as possible
|OrganizationExecutive=Executive Director
|Services=Administration of TSP; investment management; participant education and support
|HeadquartersLocation=38.90221, -77.00631
|HeadquartersAddress=77 K Street NE, Suite 1000, Washington, DC 20002
|Website=https://www.frtib.gov
}}
{{Infobox government agency
| agency_name     = Federal Retirement Thrift Investment Board
| seal            = US-FRTIB-Seal.svg
| seal_width      = 160px
| seal_caption    = 
| formed          = {{start date and age|1986}}
| headquarters    = [[Washington, D.C.]]
| employees       = 256 (December, 2016)
| chief1_name     = [[Michael F. Gerber]]<ref>{{Cite web|url=https://www.frtib.gov/BoardMembers/index.html|title=FRTIB: Board Members}}</ref>
| chief1_position = Chairman
| chief2_name     = Ravindra Deo
| chief2_position = Executive Director
| child1_agency   = [[Thrift Savings Plan]]
| footnotes       = 
}}
The '''Federal Retirement Thrift Investment Board''' is an [[Independent agencies of the United States government|independent agency of the United States government]] by the Federal Employees Retirement System Act of 1986. It has roughly 270 employees. It was established to administer the [[Thrift Savings Plan]], which is a retirement savings and investment plan for [[Federal government of the United States|federal]] employees and members of the uniformed services, including the Ready Reserve. The Thrift Savings Plan is a [[tax-deferred]] [[defined contribution plan]] similar to a private sector [[401(k)]] 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. As of August 2021, the board manages $794.7 billion in assets on behalf of 6.4 million participants. The board members and its chairman are nominated by the [[President of the United States|president]] and confirmed by the [[United States Senate]].

== Governance ==
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. Of the five appointees, three members are appointed solely by the President without other consideration (of whom one shall be nominated as chairman), one member is appointed after considering the recommendation of the Speaker of the House (in consultation with the House Minority Leader) and the fifth member is appointed after considering the recommendation of the Senate Majority Leader (in consultation with the Senate Minority Leader).  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." The members serve for four year terms. The members may however serve until their successor has taken office, so the actual terms the members serve can be far longer.<ref>{{USCode|5|8472}}</ref>

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 executive of the agency. The board and the executive director convene monthly in meetings open to the public to review policies, practices, and performance.

The chairman also appoints a 15-member '''Employee Thrift Advisory Council''' to provide input from the various employee, servicemember, and annuitant groups who have TSP investments, of which one is designated by the chairman as the council head.  The 15-member board is made up of the following:<ref>{{USC|5|8473}}</ref>
*Four members, one each representing the four largest non-Postal employee unions
*Two members, one each representing the two largest Postal employee unions, excluding rural letter carrier unions
*One member representing the largest Postal employee union representing rural letter carriers
*Two members, one each representing the two largest groups representing Postal managerial personnel
*One member representing Postal supervisors
*One member representing the interests of women in Federal civil service
*One member representing the largest group of individuals receiving annuities
*One member representing the largest group representing supervisors and managerial personnel, excluding Senior Executive Service
*One member representing the Senior Executive Service
*One member representing the uniformed services

The first chairman of the board was Roger W. Mehle, who was appointed on October 1, 1986. In 1988 he was reappointed and served continuously until January 31, 1994. President Clinton appointed James H. Atkins to replace him, and the board named Mehle the agency's executive director. Clinton named Atkins to another term in 1997, and to a third term via a recess appointment in 2000. He was succeeded by Andrew Saul, who named Gary Amelio executive director in 2002, replacing Mehle. The current executive director is Ravindra Deo, who succeeded Gregory Long in 2017. Ravindra Deo joined the FRTIB in 2015 as the Chief Investment Officer and additionally served as Acting Chief Operating Officer and Acting Executive Director during his tenure.<ref>{{Cite web|url=https://www.frtib.gov/ReadingRoom/PressRel/PR-2017-08-01-Announcement-of-Deo-as-ED.pdf|title=Archived copy|access-date=2020-05-12|archive-url=https://web.archive.org/web/20171003175110/https://www.frtib.gov/ReadingRoom/PressRel/PR-2017-08-01-Announcement-of-Deo-as-ED.pdf|archive-date=2017-10-03|url-status=live}}</ref>

===Board members===
The current board members as of September 24, 2024:<ref>{{cite web |url=https://www.frtib.gov/board-members/ |title=Board, Executive Director, and ETAC |author=<!--Not stated--> |date=<!--Not stated--> |website=FRTIB.gov |publisher=Federal Retirement Thrift Investment Board |access-date=September 24, 2024}}</ref>
{| class="wikitable sortable" style="text-align:center"
! Position
! Name
! Party
! Took office
! Term expires
|-
! Chair
| {{sortname|Michael F.|Gerber}}
| {{party shading/Democratic}} | Democratic
| {{dts|2022|06|28}}
| {{dts|2026|09|25}}
|-
! Member
| {{sortname|Dana|Bilyeu}}
|
| June 2010
| {{dts|2023|10|11}}
|-
! Member
| {{sortname|Leona M.|Bridges}}
|
| June 2022
| {{dts|2023|10|11}}
|-
! Member
| {{sortname|Stacie|Olivares}}
|
| June 2022
| {{dts|2024|09|25}}
|-
! Member
| ''Vacant''
|
| 
| 
|}

==See also==
*[[Title 5 of the Code of Federal Regulations]]
*[[List of members of the Federal Retirement Thrift Investment Board]]

==References==

{{reflist}}

==External links==
*{{official website}}

{{authority control}}

[[Category:Federal Retirement Thrift Investment Board| ]]
[[Category:Independent agencies of the United States government|Retirement Thrift Investment Board]]
[[Category:Retirement in the United States]]
[[Category:Public pension funds in the United States]]
[[Category:Government agencies established in 1986]]
[[Category:Government-owned companies of the United States]]
[[Category:1986 establishments in the United States]]