§8476 — Title 5 Government Organization and Employees | U.S. Code

§8476 Administrative provisions

Title 5 › Part PART III— - EMPLOYEES › Subpart Subpart G— - Insurance and Annuities › Chapter CHAPTER 84— - FEDERAL EMPLOYEES’ RETIREMENT SYSTEM › Subchapter SUBCHAPTER VII— - FEDERAL RETIREMENT THRIFT INVESTMENT MANAGEMENT SYSTEM › § 8476

Last updated Apr 6, 2026|Official source

Summary

The Board must meet at least once each month and can meet more when the Chairman calls extra meetings. Unless sections 8472(g)(1)(C) and 8474(a)(1) say otherwise, the Board acts by a majority vote of a quorum. Three members make a quorum, and a vacancy does not stop a quorum from acting. Board members who do not work for the federal government must be paid each day they do Board work at the daily rate for level IV of the Executive Schedule. Members will also get travel pay, per diem, and other necessary expenses under subchapter I of chapter 57 when they travel away from home or their regular workplace for Board duties. Those payments come from the Thrift Savings Fund. If a Board or Council member is a federal employee, using time to do Board or Council work does not count against their accrued annual leave.

Title 5, §8476

Government Organization and Employees — Source: USLM XML via OLRC

(a)The Board shall meet—

(1)not less than once during each month; and

(2)at additional times at the call of the Chairman.

(b)(1)Except as provided in section 8472(g)(1)(C) and 8474(a)(1) of this title, the Board shall perform the functions and exercise the powers of the Board on a majority vote of a quorum of the Board.

(2)A vacancy on the Board shall not impair the authority of a quorum of the Board to perform the functions and exercise the powers of the Board.

(c)Three members of the Board shall constitute a quorum for the transaction of business.

(d)(1)Each member of the Board who is not an officer or employee of the Federal Government shall be compensated at the daily rate of basic pay for level IV of the Executive Schedule for each day during which such member is engaged in performing a function of the Board.

(2)A member of the Board shall be paid travel, per diem, and other necessary expenses under subchapter I of chapter 57 of this title while traveling away from such member’s home or regular place of business in the performance of the duties of the Board.

(3)Payments authorized under this subsection shall be paid from the Thrift Savings Fund.

(e)The accrued annual leave of any employee who is a member of the Board or the Council shall not be charged for any time used in performing services for the Board or the Council.

Notes & Related Subsidiaries

Editorial Notes

References in Text

Level IV of the Executive Schedule, referred to in subsec. (d)(1), is set out in section 5315 of this title.

Amendments

1990—Subsec. (d)(1). Pub. L. 101–509 substituted “level IV of the Executive Schedule” for “grade GS–18 of the General Schedule”.

Statutory Notes and Related Subsidiaries

Effective Date

of 1990 AmendmentAmendment by Pub. L. 101–509 effective on such date as the President shall determine, but not earlier than 90 days, and not later than 180 days, after Nov. 5, 1990, see section 529 [title III, § 305] of Pub. L. 101–509, set out as a note under section 5301 of this title.