Encyclopedia > Federal Retirement Thrift Investment Board
The Federal Retirement Thrift Investment Board was established as an independent agency of the United States government by the Federal Employees' Retirement System Act of 1986. It is one of the smaller Executive Branchagencies, with just over 100 employees. It was established to administer the Thrift Savings Plan, which provides Federal employees the opportunity to save for additional retirement security. The Thrift Savings Plan is a tax-deferred defined contribution plan similar to a private sector 401(k) plan. The Thrift Savings Plan is one of the three parts of the Federal Employees' Retirement System. Under the doctrine of the separation of powers, the executive is the branch of a government charged with implementing, or executing, the law. ... An agency is a department of a local or national government responsible for the oversight and administration of a specific function, such as a customs agency or a space agency. ... Thrift Savings Plan The Federal Thrift Savings Plan, or TSP, is a retirement savings plan for civilians who are employed by the United States Government and for members of the uniformed services. ... This law-related article does not cite its references or sources. ... Retirement is the status of a worker who has stopped working. ... ... The 401(k) plan is a type of retirement plan available in the United States. ...
The retirement income that you receive from your TSP account will depend on how much you (and your agency, if you are a FERS employee) have contributed to your account during your working years and the earnings on those contributions.
The five members of the Board and the Executive Director are required by law to manage the TSP prudently and solely in the interest of the participants and their beneficiaries.
Federal income taxes are deferred on all contributions to your account.
In cases in which the interpretation of the federal civil service laws is in issue, the OPM Director may intervene as of right, "as early in the proceeding as practicable," provided that she determines that an erroneous decision would have a substantial impact on any civil service law, rule, or regulation under OPM's jurisdiction.
The FederalRetirementThriftInvestmentBoard ("FRTIB"), in contrast, contends that OPM retains discretionary authority to petition the MSPB for reconsideration of its decisions whether they are precedential or not.
The Board's treatment of unreviewed initial decisions of presiding officials as non-precedential is based upon sound policy considerations and is a reasonable and appropriate practice for the Board to utilize in handling its heavy volume of cases.
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