President Joe Biden has nominated Mike Gerber, a Lower Gwynedd native, former Pennsylvania Representative, and current executive at Philadelphia-based FS Investments, to serve as a member of the Federal Retirement Thrift Investment Board, writes Jeff Blumenthal for the Philadelphia Business Journal.
The independent agency was established to administer the Thrift Savings Plan by the Federal Employees Retirement System Act of 1986.
The Thrift Savings Plan is a tax-deferred defined contribution plan that is similar to the private sector’s 401(k) plans. It is the largest defined contribution plan worldwide with more than 5 million participants and assets worth over $500 billion.
All five part-time board members are presidential appointees.
Nominees are required to have “substantial experience, training, and expertise in the management of financial investments and pension benefit plans.”
If confirmed, Mike Gerber will not have to step down from his chief corporate affairs officer role at FS Investments.
“It is an honor to be nominated by the President,” Mike Gerber said. “I look forward to the Senate confirmation process and, if confirmed, serving the members of the Thrift Savings Plan as a member of the Federal Retirement Thrift Investment Board.”
Read more about Mike Gerber in the Philadelphia Business Journal.
