---
kind: "section"
citation: "5 U.S.C. § 8472"
title: "5"
title_heading: "Government Organization and Employees"
number: "8472"
heading: "Federal Retirement Thrift Investment Board"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/5/8472"
units:
  - "Part III — Employees"
  - "Subpart G — Insurance and Annuities"
  - "Chapter 84 — Federal Employees’ Retirement System"
  - "Subchapter VII — Federal Retirement Thrift Investment Management System"
---

# §8472. Federal Retirement Thrift Investment Board

- (a) There is established in the Executive branch of the [Government](/usc/5/4101.md?p=3) a Federal Retirement Thrift Investment [Board](/usc/5/8401.md?p=5).
- (b) The [Board](/usc/5/8401.md?p=5) shall be composed of—
  - (1) 3 [members](/usc/5/8401.md?p=20) appointed by the President, of whom 1 shall be designated by the President as Chairman; and
  - (2) 2 [members](/usc/5/8401.md?p=20) 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](/usc/5/4701.md?p=a-2)’ Retirement System Act of 1986, appointments under [subsection (a)](#a) shall be made by and with the advice and consent of the Senate.
- (d) [Members](/usc/5/8401.md?p=20) of the [Board](/usc/5/8401.md?p=5) shall have substantial experience, [training](/usc/5/4101.md?p=4), and expertise in the management of financial investments and pension benefit plans.
- (e)
  - (1) Except as provided in section 311 of the Federal [Employees](/usc/5/4701.md?p=a-2)’ Retirement System Act of 1986, a [member](/usc/5/8401.md?p=20) of the [Board](/usc/5/8401.md?p=5) shall be appointed for a term of 4 years, except that of the [members](/usc/5/8401.md?p=20) first appointed (other than the [members](/usc/5/8401.md?p=20) appointed under such section)—
    - (A) the Chairman shall be appointed for a term of 4 years;
    - (B) the [members](/usc/5/8401.md?p=20) appointed under [subsection (b)(2)](#b-2) shall be appointed for terms of 3 years; and
    - (C) the remaining [members](/usc/5/8401.md?p=20) shall be appointed for terms of 2 years.
  - (2)
    - (A) A vacancy on the [Board](/usc/5/8401.md?p=5) 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](/usc/5/8401.md?p=20) replaced.
  - (3) The term of any [member](/usc/5/8401.md?p=20) shall not expire before the date on which the [member](/usc/5/8401.md?p=20)’s successor takes [office](/usc/5/5402.md?p=3).
- (f) The [Board](/usc/5/8401.md?p=5) shall—
  - (1) establish policies for—
    - (A) the investment and management of the [Thrift Savings Fund](/usc/5/8471.md?p=5); and
    - (B) the [administration](/usc/5/9801.md?p=1) of subchapter III of this chapter;
  - (2) review the performance of investments made for the [Thrift Savings Fund](/usc/5/8471.md?p=5); and
  - (3) review and approve the budget of the [Board](/usc/5/8401.md?p=5).
- (g)
  - (1) The [Board](/usc/5/8401.md?p=5) may—
    - (A) adopt, alter, and use a seal;
    - (B) except as provided in [paragraph (2)](#g-2), direct the [Executive Director](/usc/5/8401.md?p=13) to take such action as the [Board](/usc/5/8401.md?p=5) considers appropriate to carry out the provisions of this subchapter and subchapter III of this chapter and the policies of the [Board](/usc/5/8401.md?p=5);
    - (C) upon the concurring votes of four [members](/usc/5/8401.md?p=20), remove the [Executive Director](/usc/5/8401.md?p=13) from [office](/usc/5/5402.md?p=3) for good cause shown; and
    - (D) take such other actions as may be necessary to carry out the functions of the [Board](/usc/5/8401.md?p=5).
  - (2) Except in the case of investments under [section 8438(c)(2)(B)](/usc/5/8438.md), the [Board](/usc/5/8401.md?p=5) may not direct the [Executive Director](/usc/5/8401.md?p=13) to invest or to cause to be invested any sums in the [Thrift Savings Fund](/usc/5/8471.md?p=5) in a specific asset or to dispose of or cause to be disposed of any specific asset of such [Fund](/usc/5/8401.md?p=6).
- (h) The [members](/usc/5/8401.md?p=20) of the [Board](/usc/5/8401.md?p=5) shall discharge their responsibilities solely in the interest of [participants](/usc/5/8471.md?p=3) and [beneficiaries](/usc/5/8471.md?p=1) under this subchapter and subchapter III of this chapter.
- (i) The [Board](/usc/5/8401.md?p=5) shall prepare and submit to the President, and, at the same time, to the [appropriate committees of Congress](/usc/5/9801.md?p=6), an annual budget of the expenses and other items relating to the [Board](/usc/5/8401.md?p=5) which shall be included as a separate item in the budget required to be transmitted to the Congress under [section 1105 of title 31](/usc/31/1105.md).
- (j) The [Board](/usc/5/8401.md?p=5) may submit to the President, and, at the same time, shall submit to each House of the Congress, any legislative recommendations of the [Board](/usc/5/8401.md?p=5) relating to any of its functions under this title or any other provision of law.

## Source credit

(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.)

## Notes

### Editorial Notes

### References in Text

Section 311 of the Federal Employees’ Retirement System Act of 1986 [Pub. L. 99–335], referred to in subsecs. (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 Government”.

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: Initial Appointment of Members.—Section 8472(c) of title 5, United States Code (as added by section 101(a) of this Act) shall not apply to the members of the Federal Retirement Thrift Investment Board first appointed to such Board. 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 Investment Board appointed pursuant to subsection (a) shall be 1 year, except that such member shall continue to serve until his successor is appointed under subsection (b) of such section 8472 and confirmed under subsection (c) of such section.”

### Authorization of Appropriations for Certain Expenses of Federal Retirement Thrift Investment 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 appropriations for expenses incurred in the administration of the Federal Retirement Thrift Investment Management System under this subchapter during fiscal years 1986 and 1987.