The Federal Retirement Thrift Investment Board (FRTIB) was created by the Federal Employees’ Retirement System Act of 1986. The FRTIB administers the Thift Savings Plan (TSP), a tax-deferred defined contribution plan, similar to a private sector 401(k) plans, which provides Federal employees the opportunity to save for additional retirement security. The TSP is now the world's largest defined contribution retirement plan with more than 6.2 million participants and nearly US$ 710 billion in AuM.