Title 5 — Government Organization and EmployeesRelease 119-73not60

§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 Apr 3, 2026|Official source

Summary

Any agreement that tries to free someone who manages or oversees the Thrift Savings Fund from duty or responsibility under this law is invalid. The Executive Director can make agencies add up to 1 percent of the contributions they already must pay into the Thrift Savings Fund. That extra money goes into the Fund and may be used to buy insurance to cover those managers’ legal liability, even if the insurer can later try to recover money from the manager 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

Apr 3, 2026

Release point: 119-73not60