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.