Federal Retirement Thrift Investment Board Announces Selection of Gary A. Amelio as Executive Director.Business Editors
WASHINGTON--(BUSINESS WIRE)--June 17, 2003
Chairman Andrew M. Saul announced the selection of Gary A. Amelio as Executive Director of the Federal Retirement Thrift Investment Board The Federal Retirement Thrift Investment Board was established as an independent agency of the United States government by the Federal Employees Retirement System Act of 1986. It is one of the smaller Executive Branch agencies, with just over 100 employees. . Amelio was selected after an extensive nationwide search that began in January 2003. The Executive Director of the Board serves as the Chief Executive Officer and managing fiduciary of the Thrift Savings Plan The Federal Thrift Savings Plan, or TSP, is a retirement savings plan for civilians who are, or previously were, employed by the United States Government and for members of the uniformed services. The TSP encompasses many millions of investors and has substantial assets. (TSP) for Federal employees.
Amelio comes to the Board with substantial experience in pension plan management and investments. Most recently, he served as Senior Vice President and Managing Director of the Retirement and Investment Services Department of PNC PNC Purdue University North Central (Westville, Indiana)
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PNC People's National Congress Bank, N.A., in Pittsburgh, Pennsylvania “Pittsburgh” redirects here. For the region, see Pittsburgh Metropolitan Area.
Pittsburgh (pronounced IPA: /ˈpɪtsbɚg/) is the second largest city in the Commonwealth of Pennsylvania. . In this role, Amelio had responsibility for 3,000 client relationships representing $40 billion in trust assets, and he managed a variety of departments with total staffing of 120 employees.
Prior to his 14 years at PNC, Amelio spent seven years in a series of progressively more demanding positions in the Tax Department at Mellon Bank, N.A., ultimately serving as Assistant Vice President. Before that, he was employed in the tax department at Coopers and Lybrand. Amelio earned a J.D. from the University of Pittsburgh School of Law in 1981 and a B.A. from the University of Pittsburgh College of Arts and Sciences in 1978.
Saul expressed confidence in the selection as well as gratitude to all of those who participated in the process and made it a success. "The other Board members and I enthusiastically chose Gary because he had exactly the qualities and background we were looking for Looking for
In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. ; however, we are also very grateful to those other candidates with extraordinary qualifications and experience in both the public and private sectors who participated in this process. Their strengths made the selection highly competitive, which will ultimately benefit the Plan participants Plan participants
Employees or other beneficiaries who are eligible to receive benefits from a company's employee benefit plan. whom we serve." Saul also recognized the firm of Heidrick and Struggles, which provided executive search services.
The TSP is a retirement savings plan Noun 1. retirement savings plan - a plan for setting aside money to be spent after retirement
pension account, pension plan, retirement account, retirement plan, retirement program, retirement savings account for Federal employees which is similar to the 401(k) plans offered by many private employers. It was created by the Federal Employees' Retirement System Act of 1986. That law created the five-member Board appointed by the President subject to confirmation by the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Senate, as well as the position of Executive Director, who is appointed by the Board members. All are required to have "substantial experience, training, and expertise in the management of financial investments and pension benefit plans" and serve in a fiduciary capacity.
As of May 31, 2003, TSP assets totaled approximately $112 billion, and retirement savings accounts were being maintained for more than 3 million TSP participants. Participants include Federal civilian employees in all branches of Government, employees of the U.S. Postal Service The U.S. Postal Service (USPS) processes and delivers mail to individuals and businesses within the United States. The service seeks to improve its performance through the development of efficient mail-handling systems and operates its own planning and engineering programs. , and members of the uniformed services.
Additional information on the Plan as well as biographical information on the Members and Executive Director of the Federal Retirement Thrift Investment Board can be found at www.tsp.gov.