TSP Taps Amelio as New Chief

Andrew Saul, chairman of the Federal Retirement Thrift Investment Board, said that Gary Amelio was named to run the Thrift Savings Plan (TSP).

Previously, Amelio served as senior vice president and Managing Director of the Retirement and Investment Services Department of PNC Bank. In that role, Amelio had responsibility for 3,000 client relationships representing $40 billion in trust assets and managed a variety of departments with 120 employees.

Before that, Amelio served in a series of positions at Mellon Bank, including as an assistant vice president. Amelio earned a BA from the University of Pittsburgh College of Arts and Sciences in 1978 and a JD from the University of Pittsburgh School of Law in 1981.

The TSP has been plagued in recent months by continuing troubles in getting a new recordkeeping system up and running to allow it offer daily valuation. Because of the computer mess, a General Accounting Office report recently urged lawmakers to pay closer attention to the pension fund’s issues (See GAO to Congress: Keep Better Track of Federal Retirement Plan ).

As of April 30, 2003, TSP assets totaled approximately $109 billion, and retirement savings accounts were being maintained for more than three million TSP participants. Participants include federal civilian employees in all branches of government, employees of the US Postal Service, and members of the uniformed services. For more information, go to www.tsp.gov .