
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 5USC8472]

 
             TITLE 5--GOVERNMENT ORGANIZATION AND EMPLOYEES
 
                           PART III--EMPLOYEES
 
                   Subpart G--Insurance and Annuities
 
            CHAPTER 84--FEDERAL EMPLOYEES' RETIREMENT SYSTEM
 
 SUBCHAPTER VII--FEDERAL RETIREMENT THRIFT INVESTMENT MANAGEMENT SYSTEM
 
Sec. 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 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' 
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 substantial experience, 
training, and expertise in the management of financial investments and 
pension 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 members first appointed (other 
than the members appointed 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 appointed 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 appointment.
    (B) An individual chosen to fill a vacancy shall be appointed for 
the unexpired term of the member 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), direct the Executive 
    Director to take such action 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 members, remove the 
    Executive Director from office for good cause shown; and
        (D) take such other actions as may be necessary to carry out the 
    functions of the Board.

    (2) Except in the case of investments required by section 8438 of 
this title to be invested in securities of the Government, 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 
subchapter and subchapter III of this chapter.
    (i) The Board shall prepare and submit to the President, and, at the 
same time, to the appropriate committees of Congress, an annual budget 
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 
recommendations of the Board relating to any of its functions under this 
title or any other provision of law.

(Added Pub. L. 99-335, title I, Sec. 101(a), June 6, 1986, 100 Stat. 
578; amended Pub. L. 99-509, title VI, Sec. 6001(e), Oct. 21, 1986, 100 
Stat. 1931.)

                       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

    1986--Subsecs. (i), (j). Pub. L. 99-509 added subsecs. (i) and (j).


                    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

    Section 311 of Pub. L. 99-335 provided that:
    ``(a) 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.
    ``(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 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

    Section 701 of Pub. L. 99-335, as amended by Pub. L. 99-500, 
Sec. 101(m) [title IV, Sec. 401], Oct. 18, 1986, 100 Stat. 1783-308, 
1783-322, and Pub. L. 99-591, Sec. 101(m) [title IV, Sec. 401], Oct. 30, 
1986, 100 Stat. 3341-308, 3341-322, provided that:
    ``(a) Temporary Alternative Funding.--Notwithstanding section 
8434(c)(3) [probably should be ``section 8437(c)(3)''] of title 5, 
United States Code (as added by section 101 of this Act), the expenses 
incurred in the administration of the Federal Retirement Thrift 
Investment Management System under subchapter VII of chapter 84 of such 
title (as so added) during fiscal years 1986 and 1987 may be paid from 
sums appropriated pursuant to subsection (b).
    ``(b) Authorization of Appropriations.--There are authorized to be 
appropriated to the Federal Retirement Thrift Investment Board, for 
fiscal years 1986 and 1987, such sums as may be necessary to pay the 
expenses incurred in the administration of the Federal Retirement Thrift 
Investment Management System during such fiscal years.''

                  Section Referred to in Other Sections

    This section is referred to in sections 8401, 8475, 8476, 8477 of 
this title.
