What's New

Press Release

FEDERAL RETIREMENT THRIFT INVESTMENT BOARD ISSUES REQUEST FOR PROPOSALS TO CONDUCT EXECUTIVE SEARCH

      Washington, D.C. (January 2, 2003) — The Federal Retirement Thrift Investment Board announced today that it is soliciting proposals from executive search firms to identify qualified candidates to serve as the Executive Director of the Board.  The successful candidate will serve as the chief executive officer in charge of the Thrift Savings Plan (TSP).  The Board is requesting responses by January 21, 2003, and intends to make an award to an executive search firm by the end of January to conduct the search.

      The TSP is a retirement savings plan for Federal civilian employees and members of the uniformed services which is similar to the 401(k) plans offered by many private employers.  It was created by the Federal Employees' Retirement System Act of 1986.  That law established the position of Executive Director and requires that the individual chosen have "substantial experience, training, and expertise in the management of financial investments and pension benefit plans."  As of November 30, 2002, TSP assets totaled approximately $100 billion, and retirement savings accounts were being maintained for nearly 3 million TSP participants.

      The successful candidate will replace James B. Petrick, who is currently serving as Executive Director in an acting capacity.  Mr. Petrick is the Director of the Board's Office of Benefits and Investments and will return to the duties of that office full time once a new Executive Director is selected by the Board members.

      The solicitation was sent to 13 well-known firms that conduct this type of executive search.  Other interested firms are also invited to participate and may obtain a copy of the detailed Request for Proposals at www.frtib.gov.

[END]