Page:United States Statutes at Large Volume 100 Part 1.djvu/616

 100 STAT. 580

5 USC app. 5 USC 8474

contracts.

Regulations.

5 USC 3109.

PUBLIC LAW 99-335—JUNE 6, 1986

"(3)(A) A vacancy in the Council shall be filled in the manner in which the original appointment was made and shall be subject to any conditions which applied with respect to the original appointment "(B) An individual chosen to fill a vacancy shall be appointed for the unexpired term of the member replaced. "(C) The term of any member shall not expire before the date on which the member's successor takes office. "(d) The Council shall act by resolution of a majority of the members. "(e) The Council shall— "(1) advise the Board and the Executive Director on matters relating to— "(A) investment policies for the Thrift Savings Fund; and "(B) the administration of this subchapter and subchapter III of this chapter; and "(2) perform such other duties as the Board may direct with respect to investment funds established in accordance with subchapter III of this chapter. "(f) Section 14(a)(2) of the Federal Advisory Committee Act shall not apply to the Council. "§ 8474. Executive Director "(a)(1) The Board shall appoint, without regard to the provisions of law governing appointments in the competitive service, an Executive Director by action agreed to by a majority of the members of the Board. "(2) The Executive Director shall have substantial experience, training, and expertise in the management of financial investments and pension benefit plans. "(b) The Executive Director shall— "(1) carry out the policies established by the Board; "(2) invest and manage the Thrift Savings Fund in accordance with the investment policies and other policies established by the Board; "(3) purchase annuity contracts and provide for the payment of other benefits under subchapter III of this chapter; "(4) administer the provisions of this subchapter and subchapter III of this chapter; "(5) prescribe such regulations (other than regulations relating to fiduciary responsibilities) as may be necessary for the administration of this subchapter and subchapter III of this chapter; and "(6) meet from time to time with the Council upon request of the Council. "(c) The Executive Director may— "(1) prescribe such regulations as may be necessary to carry out the responsibilities of the Executive Director under this section, other than regulations relating to fiduciary responsibilities; "(2) appoint such personnel as may be necessary to carry out the provisions of this subchapter and subchapter III of this chapter; "(3) subject to approval by the Board, procure the services of experts and consultants under section 3109 of this title; "(4) secure directly from an Executive agency, the United States Postal Service, or the Postal Rate Commission any

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