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Title 5, Government Organization and EmployeesRelease 119-102

§8479 Exculpatory Provisions; Insurance

Title 5 › PART III — EMPLOYEES › Subpart G — Insurance and Annuities › CHAPTER 84 — FEDERAL EMPLOYEES’ RETIREMENT SYSTEM › SUBCHAPTER VII — FEDERAL RETIREMENT THRIFT INVESTMENT MANAGEMENT SYSTEM › § 8479

Last updated Aug 21, 2026|Official source

Summary

No contract can remove a manager’s duty or let them avoid responsibility for duties they have under this subchapter. A "fiduciary" means a person who manages or cares for the Thrift Savings Fund. The Executive Director can make agencies add up to 1 percent of the amount those agencies must pay under section 8432(c) into the Thrift Savings Fund. That money can be used by the Executive Director to buy insurance to protect people who serve as fiduciaries for the Fund, even if the insurance policy allows the insurer to try to get money back from the fiduciary after a breach.

Full Legal Text

Title 5, §8479

Government Organization and Employees, Source: USLM XML via OLRC

(a)Any provision in an agreement or instrument which purports to relieve a fiduciary from responsibility or liability for any responsibility, obligation, or duty under this subchapter shall be void.
(b)(1)The Executive Director may require employing agencies to contribute an amount not to exceed 1 percent of the amount such agencies are required to contribute in accordance with section 8432(c) of this title to the Thrift Savings Fund.
(2)The sums credited to the Thrift Savings Fund under paragraph (1) shall be available and may be used at the discretion of the Executive Director to purchase insurance to cover potential liability of persons who serve in a fiduciary capacity with respect to the Thrift Savings Fund, without regard to whether a policy of insurance permits recourse by the insurer against the fiduciary in the case of a breach of a fiduciary obligation.

Reference

Citations & Metadata

Citation

5 U.S.C. § 8479

Title 5, Government Organization and Employees

Last Updated

Aug 21, 2026

Release point: 119-102