Tom Trabucco is director of external affairs for the Board and says, for the most part, it seems that users like it, and there are still more changes to come.
“The big news this week at the Board member meeting was that we did put put the website, and the big news at the next Board meeting will be that we changed the website because we’ve rolled out automatic enrollment, which we plan to do Aug. 1.”
He says there have been some bumps and bruises since the launch, as well.
“It’s up on new software. We didn’t simply transport the old [code] . . . and just use it again. It’s new software. Things are going to be located in different areas than they were before, and they’re going to work differently. But, by and large, everything seems to be going extremely well.”
The Board is still taking feedback from users, and Trabucco says the call centers are open for that purpose. He says the webmaster is also taking suggestions and listening to concerns via email.
In addition to dealing with the website, he says today’s Board meeting also included the welcome of two new members: Michael Kennedy and Dana Bilyeu.
Trabucco says the Board appreciates its members and wants to acknowledge them for their work because they do have other responsibilities.
“It’s a part time job. They hold other positions. Dana Bilyeu is the executive officer of the Public Employees Retirement System of Nevada. She has held every job from soup to nuts in the retirement system, including working in the General Counsel’s office there. So, she has terrific state experience on running a pension plan and all of the issues that one comes up with. Michael Kennedy is a managing director and partner at Korn/Ferry International, a . . . search firm for executive talent, but he also has a background in the financial services industry. Very knowledgable guy.”
All Board members are charged by law to establish and develop investment policy for the TSP.
“They develop policy, and then the executive director here runs the agency, and} the agency is all made up of federal employees. So, it’s slightly different than the private sector arrangement that you would have, but the executive director serves as a fiduciary, as well.”
The Board members serve staggered terms, with the goal being to never have an empty seat.