5 U.S.C. § 8473 — Employee Thrift Advisory Council

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. 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.)