David Jones Resigns from FRTIB

One of the Board members on the FRTIB has resigned effective later this month. The agency will still continue to operate as normal.

Board member David A. Jones has resigned from his position at the Federal Retirement Thrift Investment Board, the agency that oversees the Thrift Savings Plan.

Jones submitted his resignation to President Biden effective September 15, 2022. In his resignation letter, he stated:

It has been my honor and privilege to serve as a Member of the Federal Retirement Thrift Investment Board (FRTIB) since November 2011. On June 9, 2022, four people nominated by you were confirmed to Board terms: Dana Bilyeu, Leona Bridges, Michael Gerber, and Stacie Olivares. My term expired in October 2018. I believe that it is the right time for me to step down now that the Board has four very capable members confirmed by the Senate.

Mike Gerber was designated Chair of the FRTIB on June 28, 2022. Despite the resignation of Jones, the FRTIB has a quorum and will continue to operate as normal.

Other FRTIB members offered public statements in response to Jones’ resignation.

Dana Bilyeu, who has served on the Board since 2010, said, “David played an instrumental role on our Board for more than a decade. He helped guide the FRTIB’s evolution and we benefited from his focus on execution. David’s collaborative style will be missed, and I am deeply grateful for the contributions he made.”

Ravindra Deo, Executive Director of the FRTIB, noted, “Mr. Jones has fulfilled his fiduciary duties with extraordinary care and diligence. His years of work at the Agency have benefited all TSP participants and beneficiaries. The Agency will miss his wise counsel and strategic guidance.”

A copy of Jones’ bio from the FRTIB website is included below.

David A. Jones

Mr. Jones established D.A. Jones LLC, an independent consulting firm and trustee for a number of families and their entities, in 2004. Before the founding of his own firm, Mr. Jones was a managing director and the senior client executive at Deutsche Bank Private Wealth Management in New York. His other prior experiences include running his own investment advisory firm, Bannister Capital Management, and serving as CEO of Citicorp Securities Markets, Inc. in New York, where he was responsible for the firm’s fixed income and foreign exchange businesses for North America. 

Mr. Jones also worked at Goldman Sachs as the fixed income trading manager in London. Mr. Jones has served as a member of the Treasury Borrowing Advisory Committee, as Vice Chairman of the Primary Dealers Committee and as a director of the Public Securities Association. He is a past Chairman of the Board of Trustees of The Jewish Home Lifecare System in New York and serves as the Chairman of Fund for the Aged, Inc. Mr. Jones is a graduate of Princeton University and the Harvard Business School.

About the Author

Ian Smith is one of the co-founders of FedSmith.com. He has over 20 years of combined experience in media and government services, having worked at two government contracting firms and an online news and web development company prior to his current role at FedSmith.