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Federal Retirement Drift Investment Board Case Study

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Federal Retirement Thrift Investment Board
The Federal Retirement Thrift Investment Board administers the Thrift Savings Plan (TSP), a tax-deferred defined contribution plan similar to private sector 401(k) plans which provides Federal employees the opportunity to save for additional retirement security. (frtib.gov). The Federal Retirement Thrift Investment Board (FRTIB) manages over 4 ½ million asset accounts for members of the military, federal government employees, and their beneficiaries. The FRTIB’s mission is to administer the TSP solely in the interest of participants and beneficiaries. The FRTIB is managed by five board members who are appointed by the President and confirmed by the Senate. At the present time the board members are Michael Kennedy, Dana Bilyeu, Ron McCray, David Jones, and …show more content…
Within this population, just under 16% (725,000) are members of the uniformed services and 28% (1.3 million) represent accounts with no current contributions (largely separated and retired account holders). (FRTIB.gov). The TSP offers the lowest costs in the industry, and minimizing rollovers to other institutions for the benefit of the individual participant. The agency is responsible for operating the Plan prudently and solely in the interest of the participants and their beneficiaries.
Assets of the Plan are maintained in the Thrift Savings Fund provided by statute, and members of the uniformed services. Federal employees are eligible to join the Plan immediately upon being hired. The Plan is a defined contribution plan but only the law specifies how much an employee may contribute and how much the employing agency must contribute to each FERS employee’s account in accordance to IRS regulations. The IRS limits the FRTIB on the age and amount a participant can contribute, no participant under age 50 could contribute more than the deferral limit of $17,500 for

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