Governance
Governance of the agency is carried out by a five-person, part-time board of presidential appointees and by a full-time executive director selected by those appointees. Of the five appointees, three members are appointed solely by the President without other consideration (of whom one shall be nominated as chairman), one member is appointed after considering the recommendation of the Speaker of the House (in consultation with the House Minority Leader) and the fifth member is appointed after considering the recommendation of the Senate Majority Leader (in consultation with the Senate Minority Leader). Each of these persons is required by FERSA to have "substantial experience, training, and expertise in the management of financial investments and pension benefit plans." 5 U.S.C. 8472(d). The board members collectively establish the policies under which the TSP operates and furnish general oversight. The executive director carries out the policies established by the board members and otherwise acts as the full-time chief executive of the agency. The board and the executive director convene monthly in meetings open to the public to review policies, practices, and performance. The chairman also appoints a 15-member Employee Thrift Advisory Council to provide input from the various employee, servicemember, and annuitant groups who have TSP investments, of which one is designated by the chairman as the council head. 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 The first chairman of the board was Roger W. Mehle, who was appointed on October 1, 1986. In 1988 he was reappointed and served continuously until January 31, 1994. President Clinton appointed James H. Atkins to replace him, and the board named Mehle the agency's executive director. Clinton named Atkins to another term in 1997, and to a third term via a recess appointment in 2000. He was succeeded by Andrew Saul, who named Gary Amelio executive director in 2002, replacing Mehle. The current executive director is Ravindra Deo, who succeeded Gregory Long in 2017. Ravindra Deo joined the FRTIB in 2015 as the Chief Investment Officer and additionally served as Acting Chief Operating Officer and Acting Executive Director during his tenure.Investments in unaudited companies in China
The Federal Retirement Thrift Investment Board has been criticized for a 2017 decision to mirror an index that invests in unaudited Chinese companies as well as companies that are sanctioned by the U.S. Despite scrutiny from the U.S. Senate, Board voted to permit continued investment in an index containing stocks of unaudited companies in the People's Republic of China. In November 2019, U.S. senatorsSee also
* Title 5 of the Code of Federal Regulations * List of members of the Federal Retirement Thrift Investment BoardReferences
External links
* {{authority control Retirement Thrift Investment Board Retirement in the United States Public pension funds in the United States Government agencies established in 1986 Government-owned companies of the United States 1986 establishments in the United States