FS Investments partner will serve over 6.5 million participants and beneficiaries of the Federal government’s more than $739 billion defined contribution plan through September 2026
Philadelphia – June 13, 2022 – On Thursday, June 9, the United States Senate unanimously confirmed Mike Gerber, a partner at Philadelphia-based FS Investments, to the Federal Retirement Thrift Investment Board (FRTIB). Gerber, whom President Biden nominated for the position on November 17, 2021, will fill two terms, one expiring later this year and the second expiring in September 2026.
As a member of the FRTIB, Gerber will help oversee the Thrift Savings Plan (TSP), a tax-deferred retirement plan similar to a corporate 401(k) plan, which is offered to civilian and uniformed federal employees and their beneficiaries. The TSP is the country’s largest defined contribution plan, serving more than 6.5 million participants and beneficiaries and managing more than $739 billion in assets. The FRTIB was established by the Federal Employees’ Retirement System Act of 1986 to administer the TSP.
“It is an honor to serve the American people and President Biden, with whom I have been fortunate to share a long-standing family friendship, as a member of the Federal Retirement Thrift Investment Board,” said Gerber. “I am grateful to have had the bipartisan support throughout this process of my home state senators and friends, Senators Casey and Toomey, both of whom are model Senators who have earned the respect of their colleagues and live up to the highest ideals of public service.”
Gerber has an extensive history of public service. Prior to joining FS Investments a decade ago, Gerber served in the Pennsylvania House of Representatives and as a trustee of Pennsylvania’s State Employees’ Retirement System (SERS), where he was a member of the Audit and Investment Committees. Earlier in his career, he was legal counsel to Pennsylvania Governor Ed Rendell’s transition team and a law clerk for Judge Ronald L. Buckwalter of the United States District Court for the Eastern District of Pennsylvania. In recent years, Gerber served as an adviser to both Pennsylvania Governor Tom Wolf’s and Philadelphia Mayor Jim Kenney’s transition teams. Additionally, Gerber currently serves as a Trustee of the University of Pennsylvania and as board member for several nonprofits.
Three other FRTIB board members were confirmed on Thursday, Leona M. Bridges of California, Stacie Olivares of California and Dana K. Bilyeu of Oregon.
“Mike Gerber is exceptionally well-qualified to serve on the Federal Retirement Thrift Investment Board based on his career in asset management and experience as a trustee of a major public pension system,” said Senator Pat Toomey. “Having known Mike personally for a number of years, I have seen firsthand his open-mindedness and constructive approach to problem solving. I am confident that he will be a valued member of the board, and I congratulate him on his confirmation.”
“As a longtime civic leader in Pennsylvania and former state representative, Mike’s extensive experience in both the public and private sector will allow him to serve the American people honorably as a member of the Federal Retirement Thrift Investment Board,” said Senator Casey. “I am grateful for his commitment to public service and his work on behalf of our Commonwealth and country. Given his rich experience, I believe he will faithfully and effectively serve the American people in this role.”
About FS Investments:
FS Investments is a leading asset manager dedicated to helping individuals, financial professionals and institutions design better portfolios. The firm provides access to alternative sources of income and growth, and focuses on setting industry standards for investor protection, education and transparency. FS Investments is headquartered in Philadelphia, PA with offices in New York, NY, Orlando, FL, and Leawood, KS. Visit www.fsinvestments.com to learn more.