Home Alternative Investments Biden designates new Federal Thrift board chairman

Biden designates new Federal Thrift board chairman


Because Mr. Saade’s nomination did not receive majority support in committee, it cannot move forward to the full Senate without Majority Leader Chuck Schumer, D-N.Y., discharging it from committee.

“I am honored President Biden has entrusted me to serve as Chair,” Mr. Gerber said in a statement. “David has a set a high bar of leadership and the outgoing board members have set a great example of stewardship. I look forward to working with David, our fellow board members and FRTIB staff to continue providing TSP participants and beneficiaries the first-rate experience they deserve.”

Mr. Gerber is one of three new board members the Senate confirmed last month.

Leona M. Bridges, a commissioner for the $34.4 billion San Francisco City & County Employees’ Retirement System, was confirmed to a term expiring in October 2023.

Stacie Olivares, a trustee of the $441.7 billion California Public Employees’ Retirement System, Sacramento, director of the Mission Advancement Corp. and a board member at the Kroll Bond Rating Agency, was confirmed to a term expiring in September 2024.

And Dana K. Bilyeu, executive director of the National Association of State Retirement Administrators, was confirmed to a third term, expiring in October 2023.

The Federal Retirement Thrift Investment Board administers the $734.3 billion Thrift Savings Plan, Washington, the retirement system for 6.6 million federal employees and members of the uniformed services.

Notably, the board transitioned to a new record keeper, Accenture Federal Services, on June 1 and launched a new website on the same day. The website has drawn criticism from participants who have reported log-in issues, long customer service wait times and transaction difficulties.

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