Biden designates new Federal Thrift board chairman

President Joe Biden has designated Michael F. Gerber chairman of the Federal Retirement Thrift Investment Board, Washington.

Mr. Gerber, senior managing director and chief corporate affairs officer at FS Investments, a multistrategy alternative investment firm, and a co-founder and adviser at Intrinsic Capital Partners, a growth equity firm, was confirmed to the board on June 9 to fill a term expiring later this year and a second term expiring in September 2026. The White House announced his designation as chairman June 28.

He replaces David A. Jones, acting chairman, although Mr. Jones will remain on the five-member board, Kim Weaver, the board's director of external affairs, said in an email. Mr. Jones has served on the board since 2011 and his term expired in 2018, but he can continue to serve until a replacement is confirmed.

Mr. Biden has nominated Javier E. Saade, managing partner at Impact Master Holdings and venture partner at Fenway Summer, to replace Mr. Jones, but his nomination is held up in the Senate. The Senate Homeland Security and Governmental Affairs Committee in March was split on Mr. Saade's nomination in a 7-7 vote. Committee Republicans opposed his nomination due to previous tweets they deemed offensive and critical of Republicans.

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.