This story has been updated.
Thrift Savings Plan Executive Director Greg Long said Monday he is stepping down from the position, in part to focus on finishing his MBA. He announced his resignation at the TSP governing board’s monthly meeting—his last after a decade-long tenure.
Long was first appointed to the position in March 2007, after previously serving as head of research and product development for the 401(k)-style retirement savings program for federal employees.
“I don’t expect people to remember it, but my first day in this chair was actually 10 years ago in April 2007,” he said. “I’m deeply thankful and appreciative, and I’m proud of what we’ve done over the last decade, but this will be my last meeting.”
During Long’s tenure, he oversaw the implementation of a number of initiatives, including the immediate inclusion of agency contributions into participants’ accounts, automatic enrollment of new federal employees, the implementation of spousal beneficiary accounts and Roth TSP accounts.
And beginning next January, members of the military services will be automatically enrolled in the program.
Michael Kennedy, chairman of the Federal Retirement Thrift Investment Board, which governs the TSP, thanked Long for his many years of service.
“You’ve done a great job over the last 10 years, and you’ve set a great tone here at the TSP,” Kennedy said. “You’ve created a very collaborative and collegial culture, so we applaud and thank you.”
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John Hatton, deputy legislative director for the National Active and Retired Federal Employees Association, praised Long for his work to improve the program for participants during his decade at the helm.
“Greg’s done a good job, and generally speaking he’s done a good job overseeing the Thrift Savings Plan, examining why people were dissatisfied and pushing for various reforms,” Hatton said. “Most recently, he and the TSP board have been instrumental in [supporting the introduction of] the TSP Modernization Act, which would expand employees’ and retirees’ withdrawal options . . . We’re sad to see him go.”
Kennedy said that following Long’s departure, TSP Chief Investment Officer Ravindra Deo will serve as acting executive director. Deo took over the CIO position in 2015, and he served as acting chief operating officer from May 2016 until last February. Prior to joining the TSP, he worked for seven years as chief investment officer and chief technology officer at Altura Capital Group.
The TSP’s governing board will undertake a national search for a new permanent executive director and the board is already in contact with a firm to facilitate the search, Kennedy said.