Management of the Federal Government’s Thrift Savings Program

Debbie HatchBlog, Federal RetirementLeave a Comment

Pinnacle Personnel Services LLC  |  Debbie Hatch

The Federal Retirement Thrift Investment Board was established as an independent agency of the US government by the Federal Employees Retirement System Act of 1986.
 
Five Presidential-appointed members, together with an executive director, all administer the TSP on behalf of the plan’s 5.9 million participants. 
Once nominees are confirmed by the Senate, the President designates one to serve as chairman. Board members are appointed to four-year terms, and under statute can continue to serve until replaced.  The chairman of the board appoints a 15-member Employee Thrift Advisory Council to provide input from the various employee, service member, and annuitant groups.
The 15-member board is made up of the following:
– Four members representing the four largest non-Postal employee unions
– Two members representing the two largest Postal employee unions, excluding rural letter carrier unions
– One member representing the largest Postal employee union representing rural letter carriers
– Two members representing the two largest groups representing Postal managerial personnel
 
– One member representing Postal supervisors
– One member representing the interests of women in Federal civil service
– One member representing the largest group of individuals receiving annuities
– One member representing the largest group representing supervisors and managerial personnel, excluding Senior Executive Service
– One member representing the Senior Executive Service
– One member representing the uniformed services
 
This past Monday, 4 May 2020, President Trump nominated the following individuals: 
–  Frank Dunleavy, counselor to the CEO of U.S. International Development Finance Corporation, nominated to replace replace current chairman Michael Kennedy.
–  Christopher Bancroft Burnham, chairman and CEO of Cambridge Global Capital, to replace Ronald David McCray
–  John M. Barger, managing director of Norcross Partners, to replace David Jones.
That leaves remaining members Dana Bilyeu and William Jasien on the board.  Ravindra Deo serves as the Executive Director.

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