Obama names new TSP Board chairman

Tuesday - 8/30/2011, 4:31pm EDT

Tom Trabucco, director of external affairs, Federal Retirement Thrift Investment Board

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The Federal Retirement Thrift Investment Board, which oversees your Thrift Savings Plan, has a new chairman — Michael Kennedy.

President Obama nominated Kennedy last week to take over for Andrew Saul, who has served as chairman for 9 years, according to the TSP website.

The five-member board is responsible for developing and establishing TSP investment policy, said Tom Trabucco, director of external affairs at FRTIB.

The board is set up to be "very stable," he said.

"If you look at the board member terms, they are by law staggered so there's not a lot of turnover that's going to affect policy consistency, if you will," Trabucco said.

Some information about Kennedy from the TSP website:

[Kennedy] is a Managing Director in the Atlanta office of Korn/Ferry International and a member of the firm's global financial services practice, specializing in commercial/investment banking, capital markets, and asset management searches. He also co-leads Korn/Ferry's Diversity Practice. Prior to joining Korn/Ferry, Kennedy founded his own venture capital consulting firm, and was a Vice President at GE Capital Corporation and at Wachovia Corporation in the US corporate group. He started his financial services career with J.P. Morgan's Investment Management Group in New York. Kennedy is also a member of the Board of Trustees of the Georgia Employees' Retirement System pension fund. He holds a B.A. with highest honors in history and political science from the University of North Carolina at Chapel Hill and a M.B.A. from the Harvard Business School.