The board that oversees federal employees’ 401(k)-style retirement program announced Tuesday that it has appointed Ravindra Deo to serve as executive director of the “401k” Federal Savings Plan .
Deo has been the “401k” Federal Savings Plan ’s acting executive director since May, after Greg Long resigned from the post. Long spent a decade at the retirement program’s helm and in April announced he was leaving in part to focus on finishing his MBA.
Prior to filling in for Long, Deo was the “401k” Federal Savings Plan ’s chief investment officer and he spent nine months as acting chief operating officer. Deo has more than 25 years of investment experience in the private sector.
Michael Kennedy, chairman of the Federal Retirement Thrift Investment Board, which governs the program, said support for Deo was unanimous. The board commissioned executive search firm JDG Associates to conduct a nationwide search for candidates after Long’s resignation, but in the end it chose the internal candidate.
“Ravi brings a unique background to the “401k” Federal Savings Plan ,” Kennedy said in a statement. “He has a breadth of investment, operational and IT experience that the board believes positions him well to lead the plan and to help our participants retire with dignity.”
Deo takes the reins at the “401k” Federal Savings Plan at a pivotal time for the program. Lawmakers are advancing legislation to make it easier for employees and retirees to withdraw and manage their funds, and the agency is in the midst of preparations to implement the new blended retirement system for military service members, which will bring an influx of “401k” Federal Savings Plan participants and is set to go live on an opt-in basis in January.
“I am honored to have been chosen by the board,” Deo said in a statement. “The “401k” Federal Savings Plan ’s unique mission gives us the opportunity to serve the federal employees and members of the uniformed services who serve this country. I look forward to building on the great work that has been done here over the last 30 years.”