The Federal Retirement Thrift Investment Board is losing its executive director of 10 years. Greg Long announced his resignation during the board’s monthly meeting. In the interim, the agency’s chief investment officer, Ravindra Deo, will serve as the acting executive director while the board conducts a national search for a new leader.
Cybersecurity remains a tough challenge to tackle for Federal Retirement Thrift Investment Board, the agency that administers and oversees the Thrift Savings Plan. Under the Federal Information Security Modernization Act (FISMA), an independent auditor found the board lagging on risk management and access strategies.
The Federal Retirement Thrift Investment Board, the agency that facilitates the Thrift Savings Plan, is preparing for two major projects next year. The new blended retirement program for military members and the agency’s long term IT modernization plan are the driving factors behind the agency’s 17 percent budget increase in 2017.
The Federal Retirement Thrift Investment Board customer service effort ExPRESS will provide an “end-to-end view” of communications between the board and TSP participants.
The Federal Retirement Thrift Investment Board may need to ask for more resources to get through the rest of fiscal 2016, the agency’s leadership warned. The board predicts the money it spends on cybersecurity upgrades and external audits will likely force the agency to exceed 2016 budget allocations before the year ends.
The Federal Retirement Thrift Investment Board, which administers the Thrift Savings Plan, is looking at best practices in the private sector to help strengthen the board’s own cybersecurity and network penetration testing procedures.
The Federal Retirement Thrift Investment Board predicts it will have 500,000-750,000 new participants to the TSP by 2019, one year after major changes to the military retirement and pension system go into effect. The 2016 National Defense Authorization Act requires new military members participate in the TSP starting in 2018.
In a bid to keep more people participating in the Thrift Savings Plan even after they leave the government, members of the plan’s oversight board have approved a million-dollar-plus study of new investment options, including mutual funds that focus on real estate, emerging markets and socially responsible companies.
Young feds are too passive; older feds too hasty with their retirement savings, according to Greg Long, executive director of the Federal Retirement Thrift Investment Board. He spoke at a meeting Wednesday of the Financial Literacy and Education Commission.
The agency that runs federal employees’ (401)k-style Thrift Savings Plan needs to do a better job monitoring potential cyber incidents against its website, strengthen security at its data centers and come up with a plan for tracking all of its technology hardware. That’s according to recent audits of the TSP program undertaken by the Labor Department, which were presented to the Federal Retirement Thrift Investment Board Monday.