Management. The Federal Retirement Thrift Investment Board (Agency) is an independent Government agency that administers the TSP. It is managed by a Presidentially appointed five-member Board and an Executive Director chosen by the Board. The Agency's record keeper handles the day-to-day maintenance and administration of all TSP accounts and assists participants with specific types of TSP-related problems or questions.
Law. The TSP is established under the Federal Employees' Retirement System Act of 1986 and is codified primarily under Chapter 84 of title 5, United States Code (U.S.C.). By law, the assets in the TSP are held in trust for each individual participant. The TSP is treated as a qualified trust which is exempt from taxation (see 26 U.S.C. § 7701(j)). Its regulations are published in Chapter VI of title 5 of the Code of Federal Regulations.
Audits. By law, the financial statements of the Thrift Savings Fund are required to be audited annually.