Federal Retirement Thrift Investment Board

The Federal Retirement Thrift Investment Board is an independent agency of the United States government by the Federal Employees Retirement System Act of 1986 (FERSA). It has roughly 270 employees. It was established to administer the Thrift Savings Plan (TSP), which is a retirement savings and investment plan for federal employees and members of the uniformed services, including the Ready Reserve. 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 (FERS), and is the largest defined contribution plan in the world. According to the 2023 audited financial statements, the board manages $845 billion in assets on behalf of 7.0 million participants in the Plan, with approximately 4.1 million contributing through payroll deductions. The board members and its chairman are nominated by the president and confirmed by the United States Senate.

FERSA (5 U.S.C. § 8440(a)(1)) states that the Thrift Savings Fund shall be treated as a trust described in section 401(a) of the Internal Revenue Code (IRC or Code), which is exempt from taxation under section 501(a) of the Code. This status was reaffirmed in the Tax Reform Act of 1986, Section 1147 (codified at I.R.C. § 7701(j)). It is not necessary for the Plan to apply for a tax status determination letter as it is qualified by statute.