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FEDERAL RETIREMENT THRIFT INVESTMENT BOARD ANNOUNCES SELECTION
OF GREGORY T. LONG AS EXECUTIVE DIRECTOR

     Washington, D.C. (March 19, 2007) -- Chairman Andrew M. Saul announced the selection of Gregory T. Long as Executive Director of the Federal Retirement Thrift Investment Board.  The Board members had convened today for their monthly meeting.  The Executive Director of the Board serves as the Chief Executive Officer and managing fiduciary of the Thrift Savings Plan (TSP) for Federal employees.

     For the past year, Long has been the Director of Product Development for the TSP, serving as the Agency’s chief research officer and principal advisor for all product development and related policy matters.  Before joining the TSP, Long spent seven years with CitiStreet where he served as Director of Marketing for the American Bar Association Retirement Funds.  In that position he oversaw all marketing, sales and product development activities for a program that provides 401(k) services to over 4,000 law firms nationwide.  Prior to CitiStreet, Long spent six years with Putnam Investments, most recently as the Regional 401(k) Sales Director in the southeast U.S.

     According to Saul, the Board members were unanimous in their selection.  He thanked Heidrick and Struggles, the executive search firm which led the nationwide candidate selection process, as well as all of the other qualified candidates.  “In the end, the Board members came home.  Greg has proven himself as the TSP’s Director of Product Development, having successfully managed the first Participant Survey in 15 years as well as the just completed Participant Behavior and Demographics Analysis.  His blend of recent TSP service and private sector experience is exactly the right recipe going forward.”

     At the Board meeting and an all-hands Agency staff meeting held immediately afterwards, Long said he was “both excited and humbled” by his selection.  “The TSP is a great Plan, and I look forward to advancing its record of continuous improvement for the participants and their beneficiaries.”

     The TSP is a retirement savings plan for Federal employees 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 created the five-member Board appointed by the President subject to confirmation by the United States Senate, as well as the position of Executive Director, who is appointed by the Board members.  All are required to have “substantial experience, training, and expertise in the management of financial investments and pension benefit plans” and serve in a fiduciary capacity.

     As of February 2007, TSP assets totaled approximately $210 billion, and retirement savings accounts were being maintained for more than 3.7 million TSP participants.  Participants include Federal civilian employees in all branches of Government, employees of the U.S. Postal Service, and members of the uniformed services.  Additional information on the Plan can be found at www.tsp.gov.

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