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 with over 3.7 million particpants and assets worth over $210 billion dollars. Both the board and its Chairman are nominated by the
President and confirmed by the
United States Senate. The current Chairman is
Andrew Saul.
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. 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 first Chairman of the board was Roger W. Mehle, who was appointed on October 1st, 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. Clintons 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.
