The Federal Retirement Thrift Investment Board was established as an independent agency of the United States government by the Federal Employees Retirement System Act of 1986. It has 230 employees. It was established to administer the Thrift Savings Plan, which is a retirement savings and investment plan for Federal employees and members of the uniformed services, including the Ready Reserve. The Thrift Savings Plan is a tax-deferred defined contribution plan similar to a private sector 401(k) plan. The Thrift Savings Plan is one of the three parts of the Federal Employees Retirement System, and is the largest defined contribution plan in the world with over 4.8 million participants and assets worth over $450 billion. The board members and its chairman are nominated by the president and co