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FEDERAL RETIREMENT THRIFT INVESTMENT BOARD ANNOUNCES SELECTION OF GARY A. AMELIO AS EXECUTIVE DIRECTOR

     Washington, D.C. (May 19, 2003) – Chairman Andrew M. Saul announced today the selection of Gary A. Amelio as Executive Director of the Federal Retirement Thrift Investment Board.  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 (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 Bank, N.A., in Pittsburgh, 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; 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 whom we serve.”  Saul also recognized the firm of Heidrick and Struggles, which provided executive search services.

     The TSP is a retirement savings plan 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 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 April 30, 2003, TSP assets totaled approximately $109 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, 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.

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