5 U.S.C. § 8474 — Executive Director

Page 1194 TITLE 5—GOVERNMENT ORGANIZATION AND EMPLOYEES § 8474 EFFECTIVE DATE OF 1993 AMENDMENT Amendment by Pub. L. 103–89 effective Nov. 1, 1993, see section 3(c) of Pub. L. 103–89, set out as a note under section 3372 of this title. § 8474. Executive Director (a)(1) The Board shall appoint, without regard to the provisions of law governing appointments in the competitive service, an Executive Direc- tor by action agreed to by a majority of the members of the Board. (2) The Executive Director shall have substan- tial experience, training, and expertise in the management of financial investments and pen- sion benefit plans. (b) The Executive Director shall— (1) carry out the policies established by the Board; (2) invest and manage the Thrift Savings Fund in accordance with the investment poli- cies and other policies established by the Board; (3) purchase annuity contracts and provide for the payment of other benefits under sub- chapter III of this chapter; (4) administer the provisions of this sub- chapter and subchapter III of this chapter; (5) prescribe such regulations (other than regulations relating to fiduciary responsibil- ities) as may be necessary for the administra- tion of this subchapter and subchapter III of this chapter; and (6) meet from time to time with the Council upon request of the Council. (c) The Executive Director may— (1) prescribe such regulations as may be nec- essary to carry out the responsibilities of the Executive Director under this section, other than regulations relating to fiduciary respon- sibilities; (2) appoint such personnel as may be nec- essary to carry out the provisions of this sub- chapter and subchapter III of this chapter; (3) subject to approval by the Board, procure the services of experts and consultants under section 3109 of this title; (4) secure directly from an Executive agen- cy, the United States Postal Service, or the Postal Regulatory Commission any informa- tion necessary to carry out the provisions of this subchapter or subchapter III of this chap- ter and policies of the Board; (5) make such payments out of sums in the Thrift Savings Fund as the Executive Director determines are necessary to carry out the pro- visions of this subchapter and subchapter III of this chapter and the policies of the Board; (6) pay the compensation, per diem, and travel expenses of individuals appointed under paragraphs (2), (3), and (7) of this subsection from the Thrift Savings Fund; (7) accept and use the services of individuals employed intermittently in the Government service and reimburse such individuals for travel expenses, as authorized by section 5703 of this title, including per diem as authorized by section 5702 of this title; (8) except as otherwise expressly prohibited by law or the policies of the Board, delegate any of the Executive Director’s functions to such employees under the Board as the Execu- tive Director may designate and authorize such successive redelegations of such func- tions to such employees under the Board as the Executive Director may consider to be necessary or appropriate; and (9) take such other actions as are appro- priate to carry out the functions of the Execu- tive Director. (Added Pub. L. 99–335, title I, § 101(a), June 6, 1986, 100 Stat. 580; amended Pub. L. 109–435, title VI, § 604(b), Dec. 20, 2006, 120 Stat. 3241.) Editorial Notes AMENDMENTS 2006—Subsec. (c)(4). Pub. L. 109–435 substituted ‘‘Post- al Regulatory Commission’’ for ‘‘Postal Rate Commis- sion’’. § 8475. Investment policies The Board shall develop investment policies under section 8472(f)(1) of this title which pro- vide for— (1) prudent investments suitable for accumu- lating funds for payment of retirement in- come; and (2) low administrative costs. (Added Pub. L. 99–335, title I, § 101(a), June 6, 1986, 100 Stat. 581.) § 8476. Administrative provisions (a) The Board shall meet— (1) not less than once during each month; and (2) at additional times at the call of the Chairman. (b)(1) Except as provided in sections 8472(g)(1)(C) and 8474(a)(1) of this title, the Board shall perform the functions and exercise the powers of the Board on a majority vote of a quorum of the Board. (2) A vacancy on the Board shall not impair the authority of a quorum of the Board to per- form the functions and exercise the powers of the Board. (c) Three members of the Board shall con- stitute a quorum for the transaction of business. (d)(1) Each member of the Board who is not an officer or employee of the Federal Government shall be compensated at the daily rate of basic pay for level IV of the Executive Schedule for each day during which such member is engaged in performing a function of the Board. (2) A member of the Board shall be paid travel, per diem, and other necessary expenses under subchapter I of chapter 57 of this title while traveling away from such member’s home or regular place of business in the performance of the duties of the Board. (3) Payments authorized under this subsection shall be paid from the Thrift Savings Fund. (e) The accrued annual leave of any employee who is a member of the Board or the Council shall not be charged for any time used in per- forming services for the Board or the Council. (Added Pub. L. 99–335, title I, § 101(a), June 6, 1986, 100 Stat. 581; amended Pub. L. 101–509, title V, § 529 [title I, § 101(b)(9)(K)], Nov. 5, 1990, 104 Stat. 1427, 1442.)