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FEDERAL RETIREMENT THRIFT INVESTMENT BOARD ANNOUNCES SELECTION OF EXECUTIVE SEARCH FIRM

      Washington, D.C. (January 28, 2003) – The Federal Retirement Thrift Investment Board announced today that it has retained the executive search firm of Heidrick & Struggles to provide services in its effort to identify qualified candidates and select an Executive Director for the Board. The successful candidate will serve as the chief executive officer in charge of the Thrift Savings Plan (TSP). The Board intends to make a selection by the end of May.

     The TSP is a retirement savings plan for Federal civilian employees and members of the uniformed services 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 established the position of Executive Director and requires that the individual chosen have “substantial experience, training, and expertise in the management of financial investments and pension benefit plans.” As of December 31, 2002, TSP assets totaled approximately $100 billion, and retirement savings accounts were being maintained for more than 3 million TSP participants.

     Services to be provided by the search firm include strategic market and candidate identification as well as assistance with evaluation. A vacancy announcement, which will be posted on the Board’s business Web site (www.frtib.gov) and on the site maintained by the U.S. Office of Personnel Management (www.opm.gov) is being developed.

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