§8474 Executive Director

Summary

The Board must pick an Executive Director by a majority vote and can do so without using the normal civil service hiring rules. The person chosen must have strong experience and training in managing investments and pension plans. The Executive Director must carry out the Board’s policies and run the Thrift Savings Fund. That includes investing and managing the fund, buying annuities and paying other benefits under subchapter III, running the programs covered by this law, writing needed rules (but not rules about fiduciary duties), and meeting with the Council when asked. The Executive Director can also hire staff, with Board approval hire outside experts, get information from federal agencies and postal bodies, spend Fund money to run the programs and pay appointed workers’ pay and travel, use and pay intermittent government workers, delegate duties to employees (and allow them to redelegate), and take other actions needed to do the job.