FEDERAL RETIREMENT THRIFT INVESTMENT BOARD

77 K Street, NE Washington, DC 20002

FOR IMMEDIATE RELEASE 

June 28, 2022

FEDERAL RETIREMENT THRIFT INVESTMENT BOARD ANNOUNCES THE 

CONFIRMATION OF DANA BILYEU, LEONA BRIDGES, MIKE GERBER

AND STACIE OLIVARES AS NEW MEMBERS OF THE BOARD

Washington, D.C. – The Federal Retirement Thrift Investment Board announced today that Dana 

Bilyeu, Leona Bridges, Mike Gerber and Stacie Olivares were confirmed by the U.S. Senate on 

June 9, 2022, as members of the Federal Retirement Thrift Investment Board. Ms. Bridges, Mr. 

Gerber and Ms. Olivares join Acting Chairman and fellow Board member David Jones. Ms. 

Bilyeu returns for an additional term.

Ms. Bilyeu has been serving as a Board member since June of 2010 and her new term ends 

October of 2023. Ms. Bridges was confirmed to a term ending October 2023. Mr. Gerber was 

confirmed for two terms; the first ending September 2022 and the second ending September 

2026. Ms. Olivares was confirmed to a term ending September 2024. 

The presidentially appointed Board members develop and establish the policies governing the 

Thrift Savings Plan (TSP) for Federal employees. The Executive Director of the Board, 

Ravindra Deo, serves as the head of the Agency that manages the Plan. 

“I am honored to have been confirmed to a third term at the FRTIB; this will allow me to 

continue to focus on serving the more than 6.5 million TSP participants,” commented Ms. 

Bilyeu. 

Ms. Bridges stated, “I’m pleased to have the opportunity to use my experience in asset 

management and fiduciary role to serve TSP participants.” 

“I look forward to working with my board colleagues, FRTIB staff, the Employee Thrift 

Advisory Council and Congress to ensure TSP participants and beneficiaries have the first-rate 

experience they deserve," said Gerber. 

Ms. Olivares noted, “The TSP serves more than 6.5 million participants. I’m grateful to have 

this opportunity to continually drive improvements to serve Federal employees and members of 

the uniformed services.”

Mr. Deo commented, “We are so pleased to have a Board comprised of highly experienced and 

highly energetic Members. Working together, we will ensure that TSP participants and 

beneficiaries have access to quality, low-cost products and services that will help them to retire 

with dignity.” 
Dana Bilyeu 

Ms. Bilyeu is the Executive Director of the National Association of State Retirement 

Administrators (NASRA), an organization of the CEOs of statewide pension plans in all states 

and territories of the United States. Prior to her appointment as the Executive Director of 

NASRA, Ms. Bilyeu served for ten years as the Executive Officer of the Public Employees’ 

Retirement System of Nevada. In 2006, Ms. Bilyeu was nominated by the President and 

confirmed by the Senate to the Social Security Advisory Board. The Advisory Board is an 

independent, bipartisan board created by Congress and appointed by the President and the 

Congress to advise the President, the Congress, and the Commissioner of Social Security on 

matters related to Social Security and Supplemental Security Income programs. Ms. Bilyeu 

serves on the Public Employee Board of the International Foundation of Employee Benefit Plans 

and the Board of Directors of the National Institute on Retirement Security. She received her 

juris doctor from California Western School of Law and her B.A. from the University of 

Arizona. 

Leona M. Bridges 

Ms. Bridges is a Commissioner for the San Francisco Employees’ Retirement System, where she 

serves as chair of the Deferred Compensation Committee. She is a former Director for the

Municipal Transportation Agency and was a Commissioner for the San Francisco Parking 

Authority of the City & County of San Francisco, where she continues to serve on the Bond 

Oversight Committee. For more than two decades, Ms. Bridges was a Managing Director at 

Barclays Global Investors (acquired by BlackRock in 2009), becoming the world’s largest asset 

manager in combined assets under management. During her career in the financial services 

industry, she focused on asset management as it related to global securities lending/trading, 

collateral management, custody services, client services, and business development. 

Additionally, she was responsible for establishing and maintaining civic and community 

relationships. Ms. Bridges holds an MBA from Golden Gate University Ageno School of 

Business and a Bachelor of Arts in Business Administration from San Francisco State University. 

She established an endowed scholarship in the College of Business to support economically and 

educationally disadvantaged students at San Francisco State University. She is actively involved 

in her community and believes that “we should always be a blessing to others.” Ms. Bridges 

serves on various community and non- profit boards. She is the recipient of many professional, 

community, and prestigious national awards. 

Mike Gerber

Mr. Gerber is a partner at the Philadelphia-based multi-strategy alternative investment firm FS 

Investments, where he is a member of the firm’s Executive Committee. He is also a co-founder 

of and advisor to Intrinsic Capital Partners, a growth equity firm. Earlier in his career, Mr. 

Gerber practiced law at what is now Faegre Drinker Biddle & Reath LLP, where he was a 

member of the firm’s Corporate and Securities practice group. He also served in several public 

service roles, including as a member of the Pennsylvania House of Representatives and a trustee 

of Pennsylvania’s State Employees’ Retirement System, where he was a member of the Audit 

and Investment Committees. Mr. Gerber serves on the Board of Trustees of the University of 

Pennsylvania and is the Founding Chair of the Board of Philadelphia Financial Scholars, a high 

school-focused financial literacy and entrepreneurship program. Mr. Gerber also serves on the 
Board of Directors and Executive Committee of the Chamber of Commerce for Greater 

Philadelphia and the Philadelphia Equity Alliance. Mr. Gerber earned his undergraduate degree 

from the University of Pennsylvania and graduated cum laude from Villanova University School 

of Law, where he received a scholarship award for his involvement in community legal services. 

Mr. Gerber lives with his wife and three children in the Philadelphia suburbs. 

Stacie Olivares

Ms. Olivares served as California Governor Gavin Newsom's appointee to the board of 

administration of CalPERS, the largest public pension fund in the United States, from 2019 -

2022. Prior to joining CalPERS, Ms. Olivares was Chief Investment Officer of Lendistry, a 

minority-owned CDFI and fintech lender from 2019 to 2020 and of California Organized 

Investment Network (COIN) insurer from 2011 to 2018. She also served as the Senior Advisor 

on blockchain for the State of California in 2018. Prior to working at Morgan Stanley from 2008 

to 2011, Ms. Olivares led the State of California’s economic advisory board from 2002 to 2007 

guiding the State's leadership on economic strategy, bond issuance, global capital markets, and 

legislation. She joined the State from Palm, Inc. where she led licensee business development 

and account management for the company’s top clients. Ms. Olivares serves on the corporate 

boards of Core Scientific (NASDAQ: CORZ), Kroll Bond Rating Agency (KBRA), and Mission 

Advancement Corp (NYSE: MACC), the nonprofit boards of the California Endowment, Latino 

Community Foundation, and Hispanic Heritage Foundation, and the advisory boards of UC 

Berkeley’s College of Letters & Science, SUMA Wealth, Mogul, and the California Emerging 

Technology Fund. Ms. Olivares is an alumna of the University of California at Berkeley and 

Harvard University. 

The TSP is a retirement savings plan for Federal employees; it is similar to the 401(k) plans 

offered by many private employers. As of May 31, 2022, TSP assets totaled approximately 

$734.3 billion, and retirement savings accounts were being maintained for more than 6.6 million 

TSP participants. Participants include Federal civilian employees in all branches of 

Government, employees of the U.S. Postal Service, and members of the uniformed services. 

Additional information can be found at www.tsp.gov.

MEDIA CONTACT: 

Kim Weaver 

202-942-1641 

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