5 U.S.C. § 8472 — Federal Retirement Thrift Investment

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 appointed for terms of 3 years; and (C) the remaining members shall be ap- pointed 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 ap- pointment. (B) An individual chosen to fill a vacancy shall be appointed for the unexpired term of the mem- ber 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), di- rect the Executive Director to take such ac- tion 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 mem- bers, remove the Executive Director from of- fice for good cause shown; and (D) take such other actions as may be nec- essary 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 sub- chapter and subchapter III of this chapter. (i) The Board shall prepare and submit to the President, and, at the same time, to the appro- priate committees of Congress, an annual budg- et 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. (j) The Board may submit to the President, and, at the same time, shall submit to each House of the Congress, any legislative rec- ommendations of the Board relating to any of its functions under this title or any other provi- sion of law. (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; Pub. L. 113–255, § 2(c), Dec. 18, 2014, 128 Stat. 2920.) Editorial Notes REFERENCES IN TEXT Section 311 of the Federal Employees’ Retirement System Act of 1986 [Pub. L. 99–335], referred to in sub- secs. (c) and (e)(1), is set out as a note below. AMENDMENTS 2014—Subsec. (g)(2). Pub. L. 113–255 substituted ‘‘under section 8438(c)(2)(B)’’ for ‘‘required by section 8438 of this title to be invested in securities of the Gov- ernment’’. 1986—Subsecs. (i), (j). Pub. L. 99–509 added subsecs. (i) and (j). Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1986 AMENDMENT Amendment by Pub. L. 99–509 effective Jan. 1, 1987, see section 6001(f) of Pub. L. 99–509, set out as a note under section 8432 of this title. INITIAL APPOINTMENTS TO FEDERAL RETIREMENT THRIFT INVESTMENT BOARD Pub. L. 99–335, title III, § 311, June 6, 1986, 100 Stat. 608, provided that: ‘‘(a) INITIAL APPOINTMENT OF MEMBERS.—Section 8472(c) of title 5, United States Code (as added by sec- tion 101(a) of this Act) shall not apply to the members Page 1193 TITLE 5—GOVERNMENT ORGANIZATION AND EMPLOYEES § 8473 of the Federal Retirement Thrift Investment Board first appointed to such Board. ‘‘(b) TERMS OF SERVICE.—Notwithstanding subsection (e)(1) of section 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 In- vestment Board appointed pursuant to subsection (a) shall be 1 year, except that such member shall continue to serve until his successor is appointed under sub- section (b) of such section 8472 and confirmed under subsection (c) of such section.’’ AUTHORIZATION OF APPROPRIATIONS FOR CERTAIN EX- PENSES OF FEDERAL RETIREMENT THRIFT INVEST- MENT 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 for authorization of appro- priations for expenses incurred in the administration of the Federal Retirement Thrift Investment Manage- ment System under this subchapter during fiscal years 1986 and 1987. § 8473. Employee Thrift Advisory Council (a) The Board shall establish an Employee Thrift Advisory Council. The Council shall be composed of 15 members appointed by the Chair- man of the Board in accordance with subsection (b). (b) The Chairman shall appoint 15 members of the Council, of whom— (1) 4 shall be appointed to represent the re- spective labor organizations representing (as exclusive representatives) the first, second, third, and fourth largest numbers of individ- uals subject to chapter 71 of this title; (2) 2 shall be appointed to represent the re- spective labor organizations which have been accorded exclusive recognition under section 1203(a) of title 39 representing the largest and second largest numbers of individuals em- ployed by the United States Postal Service; (3) 1 shall be appointed to represent the labor organization which has been accorded exclusive recognition under section 1203(a) of title 39 representing the largest number of in- dividuals employed by the United States Post- al Service as rural letter carriers; (4) 2 shall be appointed to represent the re- spective managerial organizations (other than an organization described in paragraph (5)) which consult with the United States Postal Service under section 1004(b) of title 39 and which represent the largest and second largest numbers of individuals employed by the United States Postal Service as managerial personnel; (5) 1 shall be appointed to represent the su- pervisors’ organization as defined in section 1004(h) of title 39; (6) 1 shall be appointed to represent em- ployee organizations having as a purpose pro- moting the interests of women in Government service; (7) 1 shall be appointed to represent the or- ganization representing the largest number of individuals receiving annuities under this chapter or chapter 83 of this title; (8) 1 shall be appointed to represent the or- ganization representing the largest number of supervisors and management officials (as de- fined by section 7103(a)); (9) 1 shall be appointed to represent the or- ganization representing the largest number of members of the Senior Executive Service; and (10) 1 shall be appointed to represent partici- pants (under section 8440e) who are members of the uniformed services. (c)(1) The Chairman of the Board shall des- ignate 1 member of the Council to serve as head of the Council. (2) A member of the Council shall be appointed for a term of 4 years. (3)(A) A vacancy in the Council shall be filled in the manner in which the original appoint- ment was made and shall be subject to any con- ditions which applied with respect to the origi- nal appointment. (B) An individual chosen to fill a vacancy shall be appointed for the unexpired term of the mem- ber replaced. (C) The term of any member shall not expire before the date on which the member’s successor takes office. (d) The Council shall act by resolution of a majority of the members. (e) The Council shall— (1) advise the Board and the Executive Di- rector on matters relating to— (A) investment policies for the Thrift Sav- ings Fund; and (B) the administration of this subchapter and subchapter III of this chapter; and (2) perform such other duties as the Board may direct with respect to investment funds established in accordance with subchapter III of this chapter. (f) Section 1013(a) of this title shall not apply to the Council. (Added Pub. L. 99–335, title I, § 101(a), June 6, 1986, 100 Stat. 579; amended Pub. L. 103–89, § 3(b)(1)(N), Sept. 30, 1993, 107 Stat. 982; Pub. L. 106–65, div. A, title VI, § 661(a)(6), Oct. 5, 1999, 113 Stat. 672; Pub. L. 117–286, § 4(a)(10), Dec. 27, 2022, 136 Stat. 4306.) Editorial Notes AMENDMENTS 2022—Subsec. (f). Pub. L. 117–286 substituted ‘‘Section 1013(a) of this title’’ for ‘‘Section 14(a)(2) of the Federal Advisory Committee Act’’. 1999—Subsec. (a). Pub. L. 106–65, § 661(a)(6)(A), sub- stituted ‘‘15 members’’ for ‘‘14 members’’. Subsec. (b). Pub. L. 106–65, § 661(a)(6)(B)(i), substituted ‘‘15 members’’ for ‘‘14 members’’ in introductory provi- sions. Subsec. (b)(10). Pub. L. 106–65, § 661(a)(6)(B)(ii)–(iv), added par. (10). 1993—Subsec. (b)(8). Pub. L. 103–89 substituted ‘‘super- visors and management officials (as defined by section 7103(a))’’ for ‘‘individuals subject to the Performance Management and Recognition System under chapter 54 of this title’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1999 AMENDMENT Amendment by Pub. L. 106–65 effective 180 days after Oct. 30, 2000, unless postponed, see section 663 of Pub. L. 106–65, as amended, set out as an Effective Date note under section 8440e of this title.