US - President Barack Obama has appointed Michael Kennedy as chairman of The Federal Retirement Thrift Investment Board (FRTIB).
Kennedy, who has been a Board member since June 2010, replaces former chairman Andrew Saul who will continue to serve until his replacement is confirmed by the US Senate. Kennedy is currently managing director of recruitment firm Korn/Ferry International. Before this, he founded his own venture capital consulting firm and was a vice president at GE Capital and Wachovia.
The TSP is a tax-deferred defined contribution plan, similar to private sector 401(k) plans, specifically for federal employees. The plan had $287bn of assets under management as of July 2011, with about 4.5m members.
Kennedy said he was "honoured by the President's action and looks forward to continuing the effective and steady leadership that Andrew Saul provided as chairman of the Board".
Updating your subscription status
The UK Pensions Awards remain the industry's most prestigious accolades. They shine the light on excellence, and recognise the providers that have offered the highest level of innovation, performance and service to occupational pension schemes and their members over year to October 31 2013.
The best of our readers' ideas on how to structure defined ambition pensions
This report provides an overview of the pension tax relief system and examines the rationale for tax relief. It also considers the extent to which tax relief incentivises pension saving and considers some alternatives to the current system, including adjustments to the current system, changes to the tax free lump sum and the use of a single rate of tax relief.
After years of debate, auto enrolment is now upon us, bringing with it the potential for unlimited fines for the unwary. RSM Tenon surveyed the owners and managers of 300 UK businesses throughout to find out how well-prepared employers are for this important legislation. The results were alarming.
£in line with experience
GBP25000 - 30000 per annum
GBP - 38000 per annum
Send to a friend