The Federal Retirement Thrift Investment Board (FRTIB) administers the Thrift Savings Plan (TSP), which is a retirement savings plan for federal employees and members of the uniformed services. The TSP offers the same types of savings and tax benefits as a 401(k) plan. The FRTIB is responsible for managing the investments of the TSP, which has over 6 million participants and over $700 billion in assets. The FRTIB is also responsible for ensuring that the TSP operates in compliance with all applicable laws and regulations. The FRTIB is an independent agency of the federal government, and is overseen by a five-member board appointed by the President of the United States.