Obama appoints new federal retirement chairman

  • By: Jaishree Kalia
  • 23 Aug 2011
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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".

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