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5 U.S.C. § 8472 — Federal Retirement Thrift Investment Board
Federal law — U.S. Code and appendices · legal_authorities
**(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
(B) 1 shall be appointed by the President after taking into consideration the recommendation made by the majority leader of the Senate in consultation with the minority leader of the Senate.
**(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.
**(e)**
(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) the Chairman shall be appointed for a term of 4 years;
(B) the members appointed under subsection (b)(2) shall be appointed for terms of 3 years; and
(C) the remaining members shall be appointed for terms of 2 years.
(2)
(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.
(B)
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Source file: Laws/federal/codes/united-states-code/title-5/section-8472-federal-retirement-thrift-investment-board--5076ffa963.md
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Source location: Title 5, Chapter 84, § 8472; chapter-084-federal-employees-retirement-system.md
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**(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
(B) 1 shall be appointed by the President after taking into consideration the recommendation made by the majority leader of the Senate in consultation with the minority leader of the Senate.
**(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.
**(e)**
(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) the Chairman shall be appointed for a term of 4 years;
(B) the members appointed under subsection (b)(2) shall be appointed for terms of 3 years; and
(C) the remaining members shall be appointed for terms of 2 years.
(2)
(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.
(B) An individual chosen to fill a vacancy shall be appointed for the unexpired term of the member replaced.
(3) The term of any member shall not expire before the date on which the member’s successor takes office.
**(f)** The Board shall—
(1) establish policies for—
(A) the investment and management of the Thrift Savings Fund; and
(B) the administration of subchapter III of this chapter;
(2) review the performance of investments made for the Thrift Savings Fund; and
(3) review and approve the budget of the Board.
**(g)**
(1) The Board may—
(A) adopt, alter, and use a seal;
(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
(D) take such other actions as may be necessary to carry out the functions of the Board.
(2) Except in the case of investments under section 8438(c)(2)(B), 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section1105&num=0&edition=prelim).
**(j)** The Board may submit to the President, and, at the same time, shall submit to each House of the Congress, any legislative recommendations of the Board relating to any of its functions under this title or any other provision of law.
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** For the purposes of this section—
(1) the term “Common Stock Index Investment Fund” means the Common Stock Index Investment Fund established under subsection (b)(1)(C);
(2) the term “equity capital” means common and preferred stock, surplus, undivided profits, contingency reserves, and other capital reserves;
(3) the term “Fixed Income Investment Fund” means the Fixed Income Investment Fund established under subsection (b)(1)(B);
(4) the term “Government Securities Investment Fund” means the Government Securities Investment Fund established under subsection (b)(1)(A);
(5) the term “International Stock Index Investment Fund” means the International Stock Index Investment Fund established under subsection (b)(1)(E);
(6) the term “net worth” means capital, paid-in and contributed surplus, unassigned surplus, contingency reserves, group contingency reserves, and special reserves;
(7) the term “plan” means an employee benefit plan, as defined in section 3(3) of the Employee Retirement Income Security Act of 1974 ([29 U.S.C. 1002(3)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1002/3&num=0&edition=prelim));
(8) the term “qualified professional asset manager” means—
(A) a bank, as defined in section 202(a)(2) of the Investment Advisers Act of 1940 ([15 U.S.C. 80b–2(a)(2)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section80b–2/a/2&num=0&edition=prelim)) which—
(i) has the power to manage, acquire, or dispose of assets of a plan; and
(ii) has, as of the last day of its latest fiscal year ending before the date of a determination for the purpose of this clause, equity capital in excess of $1,000,000;
(B) a savings and loan association, the accounts of which are insured by the Federal Deposi
Source: Supplied U.S. Code snapshot — release unconfirmed · 5 U.S.C. § 8438
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a)**
(1) An employee or Member may contribute to the Thrift Savings Fund in any pay period, pursuant to an election under subsection (b), an amount not to exceed the maximum percentage of such employee’s or Member’s basic pay for such pay period allowable under paragraph (2). Contributions under this subsection pursuant to such an election shall, with respect to each pay period for which such election remains in effect, be made in accordance with a program of regular contributions provided in regulations prescribed by the Executive Director.
(2) The maximum percentage allowable under this paragraph shall be determined in accordance with the following table: In the case of a pay period beginning in fiscal year:The maximum percentageallowable is: 200111 200212 200313 200414 200515 2006 or thereafter100.
(3) Notwithstanding any limitation under this subsection, an eligible participant (as defined by section 414(v) of the Internal Revenue Code of 1986) may make such additional contributions to the Thrift Savings Fund as are permitted by such section 414(v) and regulations of the Executive Director consistent therewith.
**(b)**
(1)
(A)
(i) The Executive Director shall prescribe regulations under which employees and Members may make contributions under subsection (a), to modify the amount to be contributed under such subsection, or to terminate such contributions.
(ii) An election to make contributions under this paragraph—
(I) may be made at any time;
(II) shall take effect on the earliest date after the election that is administratively feasible; and
(III) shall remain in effect until modified or terminated.
(B) The amount to be contributed pursuant to an election under subparagraph (A) shall be the percentage of basic pay or amo
Source: Supplied U.S. Code snapshot — release unconfirmed · 5 U.S.C. § 8432
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** On or after the first Monday in January but not later than the first Monday in February of each year, the President shall submit a budget of the United States Government for the following fiscal year. Each budget shall include a budget message and summary and supporting information. The President shall include in each budget the following:
(1) information on activities and functions of the Government.
(2) when practicable, information on costs and achievements of Government programs.
(3) other desirable classifications of information.
(4) a reconciliation of the summary information on expenditures with proposed appropriations.
(5) except as provided in subsection (b) of this section, estimated expenditures and proposed appropriations the President decides are necessary to support the Government in the fiscal year for which the budget is submitted and the 4 fiscal years after that year.
(6) estimated receipts of the Government in the fiscal year for which the budget is submitted and the 4 fiscal years after that year under—
(A) laws in effect when the budget is submitted; and
(B) proposals in the budget to increase revenues.
(7) appropriations, expenditures, and receipts of the Government in the prior fiscal year.
(8) estimated expenditures and receipts, and appropriations and proposed appropriations, of the Government for the current fiscal year.
(9) balanced statements of the—
(A) condition of the Treasury at the end of the prior fiscal year;
(B) estimated condition of the Treasury at the end of the current fiscal year; and
(C) estimated condition of the Treasury at the end of the fiscal year for which the budget is submitted if financial proposals in the budget are adopted.
(10) essential information about the debt of the Government.
Source: Supplied U.S. Code snapshot — release unconfirmed · 31 U.S.C. § 1105
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Federal law — U.S. Code and appendices · legal_authorities
For the purpose of this chapter—
(1) the term “account” means an account established and maintained under [section 8439(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section8439/a&num=0&edition=prelim);
(2) the term “annuitant” means a former employee or Member who, on the basis of that individual’s service, meets all requirements for title to an annuity under subchapter II or V of this chapter and files claim therefor;
(3) the term “average pay” means the largest annual rate resulting from averaging an employee’s or Member’s rates of basic pay in effect over any 3 consecutive years of service or, in the case of an annuity under this chapter based on service of less than 3 years, over the total service, with each rate weighted by the period it was in effect;
(4) the term “basic pay” has the meaning given such term by section 8331(3);
(5) the term “Board” means the Federal Retirement Thrift Investment Board established by [section 8472(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section8472/a&num=0&edition=prelim);
(6) the term “Civil Service Retirement and Disability Fund” or “Fund” means the Civil Service Retirement and Disability Fund under section 8348;
(7) the term “court” means any court of any State, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, or the Virgin Islands, and any Indian court;
(8) the term “Director” means the Director of the Office of Personnel Management;
(9) the term “dynamic assumptions” means economic assumptions that are used in determining actuarial costs and liabilities of a retirement system and in anticipating the effects of long-term future—
(A) investment yields;
(B) increases in rates of basic p
Source: Supplied U.S. Code snapshot — release unconfirmed · 5 U.S.C. § 8401
Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a)** For the purposes of this section—
(1) the term “account” is not limited by the definition provided in section 8401(1);
(2) the term “adequate consideration” means—
(A) in the case of a security for which there is a generally recognized market—
(i) the price of the security prevailing on a national securities exchange which is registered under section 6 of the Securities Exchange Act of 1934; or
(ii) if the security is not traded on such a national securities exchange, a price not less favorable to the Thrift Savings Fund than the offering price for the security as established by the current bid and asked prices quoted by persons independent of the issuer and of any party in interest; and
(B) in the case of an asset other than a security for which there is a generally recognized market, the fair market value of the asset as determined in good faith by a fiduciary or fiduciaries in accordance with regulations prescribed by the Secretary of Labor;
(3) the term “fiduciary” means—
(A) a member of the Board;
(B) the Executive Director;
(C) any person who has or exercises discretionary authority or discretionary control over the management or disposition of the assets of the Thrift Savings Fund; and
(D) any person who, with respect to the Thrift Savings Fund, is described in section 3(21)(A) of the Employee Retirement Income Security Act of 1974 ([29 U.S.C. 1002(21)(A)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1002/21/A&num=0&edition=prelim)); and
(4) the term “party in interest” includes—
(A) any fiduciary;
(B) any counsel to a person who is a fiduciary, with respect to the actions of such person as a fiduciary;
(C) any participant;
(D) any person providing services to the Board and, with r
Source: Supplied U.S. Code snapshot — release unconfirmed · 5 U.S.C. § 8477
Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
Page 1192
TITLE 5—GOVERNMENT ORGANIZATION AND EMPLOYEES
§ 8472
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE
Subchapter VII effective June 6, 1986, see section
702(b)(1) of Pub. L. 99–335, set out as a note under sec-
tion 8401 of this title.
§ 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 rec-
ommendation made by the Speaker of the
House of Representatives in consultation
with the minority leader of the House of
Representatives; and
(B) 1 shall be appointed by the President
after taking into consideration the rec-
ommendation made by the majority leader
of the Senate in consultation with the mi-
nority leader of the Senate.
(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 substan-
tial experience, training, and expertise in the
management of financial investments and pen-
sion benefit plans.
(e)(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 mem-
bers first appointed (other than the members ap-
pointed under such section)—
(A) the Chairman shall be appointed for a
term of 4 years;
(B) the members appointed under subsection
(b)(2) shall be appo
Source: Supplied 2024 U.S. Code historical extraction · 5 U.S.C. § 8472
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.