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Federal Retirement Thrift Investment Board

77 K Street NE., Washington, DC 20002


Board Members

Board Members
CHAIRDavid A. Jones, Acting

Dana K. Bilyeu
William S. Jasien
Ronald D. McCray


FinancialSusan C. Crowder
InvestmentSean Mccaffrey
OperatingSuzanne Tosini
TechnologyVijay Desai

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

General CounselDharmesh Vashee, Acting

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).

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


Statutory material that is associated with the Federal Employees' Retirement System is codified and has been assigned to Chapter 84 (sections 8401–8480) of 5 U.S.C.

Statutory material affecting "Government Organization and Employees" is codified and has been assigned to 5 U.S.C. The heading "Participation in the Thrift Savings Plan" describes section 8351.

Rules and regulations that govern the FRTIB are codified and have been assigned to Chapter VI (parts 1600–1699) of 5 CFR.


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


The TSP posts a periodically updated factsheet that explains life annuities. The "Annuities" factsheet (MAR 2020) is posted in Portable Document Format (PDF) for viewing and downloading.

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. Record group 474 does not have a description that is associated with it. It was created in anticipation of the transfer of archival records; however, no transfer had been made before the "Guide to Federal Records in the National Archives of the United States" was updated.

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.

Calculators / Estimators

The TSP website's "Calculators" web page provides convenient access to a collection of calculating and estimating tools.

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 from the "We're Here To Help" web page on the TSP website.

Federal Register

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

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 electronic 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:

Frequently Asked Questions (FAQs)

TSP staff posts answers to questions that are asked frequently.


TSP participants may opt to invest their retirement dollars in one or more of five individual funds: the Common Stock Index Investment Fund (C), Fixed Income Index Investment Fund (F), Government Securities Investment Fund (G), International Stock Index Investment Fund (I), and Small Cap Stock Index Investment Fund (S).

Each of the TSP's 10 lifecycle (L) funds is a diversified blend of the 5 individual core funds (C, F, G, I, and S).


The January 2021 edition of the "Summary of the Thrift Savings Plan" has a glossary of terms that starts on page 23. The summary is posted in Portable Document Format (PDF) for viewing and downloading.

History of Share Prices

The TSP website's "Share Price History" web page allows visitors to retrieve share prices for all of the individual and lifecycle funds from a specified range of dates.

Meeting Minutes

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

News / Resources

To keep abreast of TSP announcements, news, and popular resources, visit the "News and Resources" web page.

Rates of Return

Annual and monthly rates of return for each of the individual and life cycle funds are available on the TSP website's "Rates of Return" web page.

Reading Room

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.

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.

TSP Basics

The "TSP Basics" web page highlights the following topics: fitting the TSP into a comprehensive plan for retirement, moving money into the TSP, administrative and investment expenses, and designating beneficiaries.