Federal Retirement Thrift Investment Board

Federal Retirement Thrift Investment Board

Agency overview
Formed	1986; 38 years ago (1986)
Headquarters	Washington, D.C.
Employees	256 (December, 2016)
Agency executives	Michael F. Gerber[1], Chairman Ravindra Deo, Executive Director
Child agency	Thrift Savings Plan
Website	www.frtib.gov

The Federal Retirement Thrift Investment Board is an independent agency of the United States government by the Federal Employees Retirement System Act of 1986. It has roughly 270 employees. It was established to administer the Thrift Savings Plan, 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, and is the largest defined contribution plan in the world. As of August 2021, the board manages $794.7 billion in assets on behalf of 6.4 million participants. The board members and its chairman are nominated by the president and confirmed by the United States Senate.