David A. Jones will step down from the Federal Retirement Thrift Investment Board, Washington, on Sept. 15.
"I believe that it is the right time for me to step down now that the board has four very capable members confirmed by the Senate," Mr. Jones, founder of independent consulting firm D.A. Jones LLC, said in a letter to President Joe Biden Thursday.
Mr. Jones has served on the Thrift board — which administers the $743 billion Thrift Savings Plan, the retirement system for 6.5 million federal employees and members of the uniformed services — since 2011; his term expired in 2018, though he was allowed to stay on until a replacement was confirmed.
In June, the Senate confirmed four of Mr. Biden's nominees to the five-member Thrift board: Leona M. Bridges, a commissioner for the $33.1 billion San Francisco City & County Employees' Retirement System; Stacie Olivares, a trustee of the $461.4 billion California Public Employees' Retirement System, Sacramento, director of the Mission Advancement Corp. and a board member at the Kroll Bond Rating Agency; Michael F. Gerber, senior managing director and chief corporate affairs officer at FS Investments; and Dana K. Bilyeu, executive director of the National Association of State Retirement Administrators.
Mr. Jones served as the board's acting chairman while the nominees went through the confirmation process. Mr. Biden then designated Mr. Gerber as the chairman in June.
Mr. Biden has nominated Javier E. Saade, managing partner at Impact Master Holdings and venture partner at Fenway Summer, to replace Mr. Jones, but Mr. Saade's 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.
For now, the board will continue its work with four members.
Ravindra Deo, executive director of the Thrift board, said in a news release that "Mr. Jones has fulfilled his fiduciary duties with extraordinary care and diligence. His years of work at the agency have benefited all TSP participants and beneficiaries. The agency will miss his wise counsel and strategic guidance."
