Federal Position Descriptions
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Chairman of the Board

Chairman of the Board, Federal Retirement Thrift Investment Board
Responsibility
Management Scope

In fiscal 2023, the FRTIB had an approved budget of $481.4 million and an authorized staffing level of 277 with approximately 233 onboard personnel. The board receives no annual appropriations from Congress.5

Primary Responsibilities
  • Oversees the Thrift Savings Plan, a tax-deferred retirement plan like a corporate 401(k) plan, offered to civilian and uniformed federal employees and their beneficiaries.
  • Heads administrative duties of the FRTIB and presides over the establishment of the Employee Thrift Advisory Council.
  • The chairman appoints all 15 members of the council (5 U.S.C. § 8473).
  • Ensures that the Thrift Savings Plan investments comply with congressional requirements in service of its recipients.
  • Provides oversight on the financial performance of the agency, data protection, external educational efforts and customer service for beneficiaries.
Strategic Goals and Priorities
Depends on the priorities of the board
Requirements
  • Substantial experience, training and expertise in the management of financial investments and pension benefit plans. The chair serves for a term of four years (5 U.S.C. § 8472).
  • Previous board experience managing valuable assets in either corporate or non-profit settings a plus.
  • Advanced knowledge of asset management and partnering with investment and management entities.
  • Ability to navigate complex legal and compliance matters, especially in compliance with federal law and directives.
  • Previous experience working in government or with government officials a plus.
Competencies
  • Commitment to serve Thrift Savings Plan recipients and deliver them a high-quality experience.
  • Strong leadership skills and ability to deliver effective internal support and resources to staff.
  • Ability to collaborate with other federal agencies and Congress to fulfill FRTIB’s strategic objectives.
Past Appointments
  • Mike Gerber (2022 to present): Co-founder and advisor, Intrinsic Capital Partners; member, Corporate and Securities Practice Group, Drinker Biddle & Reath (U.K.) LLC; state representative and trustee, State Employee’s Retirement System, Commonwealth of Pennsylvania.6
  • Michael Kennedy (2011 to 2020): Member, Pension Fund Board of Trustees, State of Georgia; president, Venture South Capital Management Corporation; vice president corporate finance, GE Capital.7
  • Andrew Saul (2002 to 2010): Chairman, Cache Inc; board member, board of directors, New York Metropolitan Transportation Authority; president, Brooks.8
AGENCY

Federal Retirement Thrift Investment Board

Mission: The Federal Retirement Thrift Investment Board is charged by law with administering the Thrift Savings Plan solely in the interest of the participants and beneficiaries. The board seeks to improve participant retirement outcomes; provide top-tier defined contribution service to participants; function as a high-performing agency; and transition successfully to a managed services operating model.1

COMPENSATION

Level IV $176,300 (5 U.S.C. § 8476).2

REPORTS TO

The FRTIB is an independent federal agency whose board members are presidentially appointed and Senate-confirmed.3 The Department of Labor performs regular audits through the Employee Benefits Security Administration to determine the level of compliance with laws and regulations as well as to ensure the efficiency and effectiveness of operations. The FRTIB must submit its annual budget and other reports to Congress and the president as well as undergo an independent financial audit (5 U.S.C §8477).4

SENATE COMMITTEE

Homeland Security and Governmental Affairs

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Footnote
  1. https://www.frtib.gov/
  2. https://www.opm.gov/policy-data-oversight/pay-leave/salaries-wages/salary-tables/22Tables/exec/html/EX.aspx
  3. https://usgovernmentmanual.gov/Agency?EntityId=AS+RdWOA6oU=&ParentEId=+klubNxgV0o=&EType=jY3M4CTKVHY=
  4. https://www.gao.gov/assets/gao-07-611.pdf#:~:text=The%20Department%20of%20Labor%20%28DOL%29%20and%20Congress%20oversee,to%20ensure%20the%20efficiency%20and%20effectiveness%20of%20operations.
  5. https://www.frtib.gov/pdf/minutes/2023/Aug/Att10-FY-2024-Budget-Proposal.pdf
  6. Leadership Directories.
  7. Leadership Directories.
  8. Leadership Directories.
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