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Federal Retirement Thrift Investment Board

77 K Street NE., Washington, DC 20002


Board Members

Board Members
CHAIRMichael D. Kennedy

Dana K. Bilyeu
William S. Jasien
David A. Jones
Ronald D. McCray


FinancialSusan C. Crowder
InvestmentSean Mccaffrey
OperatingSuzanne Tosini
RiskJay Ahuja
TechnologyVijay Desai

Communications and EducationJames Courtney
Enterprise PlanningRenée C. Wilder Guerin
External AffairsKimberly A. Weaver
Participant ServicesGuadalupe Ramos
Resource ManagementGisile Goethe

General CounselMegan G. Grumbine

The above list of key personnel was updated 2–2020.

The above list of key personnel was updated 2–2020.

The Federal Retirement Thrift Investment Board administers the Thrift Savings Plan in the interest of its participants and beneficiaries.


On June 6, 1986, Ronald W. Reagan approved Public Law 99–335, which is also cited as the Federal Employees' Retirement System Act of 1986. The Act established the Federal Retirement Thrift Investment Board (FRTIB) as an independent agency in the executive branch of the Government (100 Stat. 514).

The Board includes three members whom the President appoints, and one of them, the President designates to serve as its Chair. The President also appoints two additional members: one is appointed after considering "the recommendation made by the Speaker of the House of Representatives" in consultation with the minority leader of that Chamber; the other is appointed after considering "the recommendation made by the majority leader of the Senate" in consultation with the the minority leader of that Chamber (100 Stat. 578). Board members serve on a part-time basis.

The Act vests responsibility for the agency in six named fiduciaries: the Executive Director and the five Board members. "By action agreed to by a majority of the members," the Board appoints the Executive Director, who is required to have "substantial experience, training, and expertise in the management of financial investments and pension benefit plans." The Director oversees the agency and invests and manages "the Thrift Savings Fund in accordance with the investment policies and other policies established by the Board" (100 Stat. 580).

Statutory material affecting "Government Organization and Employees" is codified in 5 U.S.C. Section 8351 is introduced by the heading "Participation in the Thrift Savings Plan."

Chapter 84, sections 8401–8480, of 5 U.S.C. contains codified material affecting the "Federal Employees' Retirement System."

Rules and regulations affecting the FRTIB are codified in 5 CFR chapter VI, parts 1600–1699.

The FRTIB does not post an organizational chart on its website.


The TSP is a tax-deferred, defined contribution plan that constitutes one of the three components of the Federal Employees' Retirement System (FERS). Employees participating in the FERS accumulate savings through the TSP and combine those savings with retirement income from the two other components: Social Security benefits and the FERS Annuity. Employees participating in the Civil Service Retirement System (CSRS) and members of the uniformed services also may take advantage of the TSP to supplement their annuities.

The FRTIB operates the TSP and manages the investments of the Thrift Savings Fund for the benefit of participants and their beneficiaries. These operational and management responsibilities include maintaining an account for each TSP participant, making loans, purchasing annuity contracts, and providing for the payment of benefits.

Sources of Information

Announcements / News

To keep abreast of current TSP developments, visit the "What's New" web page.

Archived Records

The "Guide to Federal Records in the National Archives of the United States" indicates that FRTIB records have been assigned to record group 474. FRTIB records belong to the "General Government" cluster.

Business Opportunities

The FRTIB purchases products and services through contracts and agreements with private-sector entities and other Federal agencies. Due to its unique status—a self-funded Federal agency with independent budgetary authority that receives no annual appropriations from the U.S. Congress—the FRTIB is not strictly bound by the Federal Acquisition Regulation. While subject to many of the same procurement laws as other Government agencies, the FRTIB also works under the mandate of the Federal Employees' Retirement System Act. FRTIB fiduciaries are required by that law to manage Thrift Savings Fund assets in the sole interest of the TSF participants and beneficiaries, expending funds to provide benefits to participants and beneficiaries and defraying reasonable expenses of administering the TSP.

Career Opportunities

To carry out its mission, the FRTIB relies on financial experts, tax attorneys, and other professionals who possess diverse skills and expertise.

In 2019, the FRTIB ranked 19th among 28 small agencies in the Partnership for Public Service's Best Places To Work Agency Rankings.

Contact Information

Information for contacting the FRTIB and the TSP is available on the FRTIB website.

TSP contact information also is available on the "Contact Options" web page of the TSP website.

Expense Ratio

The net TSP expense ratio represents the amount that TSP administrative expenses reduce the investment returns of participants.

Federal Register

Significant documents and documents that the FRTIB recently published in the Federal Register are accessible online.


The TSP website has a collection of forms that are categorized by topic and by form number for civil service employees. Each form is available in Portable Document Format for viewing and downloading.

The TSP website has a collection of forms that are categorized by topic and by form number for members of the uniformed services. Each form is available in Portable Document Format for viewing and downloading.

Freedom of Information Act (FOIA)

The FOIA gives a right to access Federal Government records to any person. The FOIA is designed to make Government actions and operations more transparent. It applies to existing records and does not require an agency to create new records for compliance. The FOIA also does not require an agency to collect information that it does not have or to do research or analyze data to fulfill a request. Certain records, or parts of them, may be exempt from disclosure by the Act if one of nine exemptions shields their content. In some cases, the FRTIB provides copies of all of the records that a requester seeks. In other cases, part or all of the information falls under an exemption and is withheld, as the law permits. Before making a FOIA request, browse the holdings of the reading room to see what records already are available and consult the FRTIB's "Freedom of Information Act Guide," which is accessible online in Portable Document Format (PDF). | Email:

Benchmark evaluation and investment option review reports, employee and participant surveys, financial statements, FOIA reports, frequently requested records, press releases, regulations, reports to the U.S. Congress, strategic plans, and other documents are available online in the FRTIB's reading room.

Frequently Asked Questions (FAQs)

The TSP posts answers to FAQs on its website.


The TSP website has a glossary of terms.


In 1987, the TSP received its first participant contributions. Since that time, it has grown into the largest defined contribution retirement plan in the world. Read what former Executive Director Gregory T. Long had to say about the TSP's inception and growth during its first 30 years.

The U.S. Congress established the TSP by passing the Federal Employees' Retirement System Act of 1986. The TSP offers the same types of savings and tax benefits that private corporations offer to their employees. To learn more, visit the "Purpose and History" web page.

A history of TSP share prices is available online.

Investment Strategy

Account consolidation, compounding, and tax deferral can maximize retirement savings. Learn more about taking advantage of these benefits by visiting the "Maximize Your Retirement Savings" section of the TSP website.

Meeting Minutes

Starting with the year 2007 and continuing to the present, minutes of the meetings of FRTIB members are available online.

Newsletter Archive

The TSP posts issues of its newsletter "Highlights" on its website. Beginning with the year 2009, issues are available in Portable Document Format (PDF) for viewing and downloading.


The TSP posts publications online in Portable Document Format (PDF) on its "All Publications" web page.

Retirement Planning and Tools

The TSP website has information and tools for retirement planning.

Site Map

The TSP site map allows visitors to look for specific topics or to browse content that aligns with their interests.

Social Media

The TSP has a Facebook account.

The TSP tweets announcements and other newsworthy items on Twitter.

The TSP posts videos on its YouTube channel.

Website Orientation

An orientation video of the TSP website is available online.

The Sources of Information were updated 3–2020.