The FRTIB was established as an independent agency by the Federal Employees' Retirement System Act of 1986. The Board is charged with administering the Thrift Savings Plan (TSP), a tax-deferred defined contribution plan that provides Federal employees the opportunity to save for additional retirement security.
As of May 31, 2003, TSP assets totaled approximately $112 billion, and retirement savings accounts were being maintained for more than 3 million TSP participants. These participants include Federal civilian employees in all branches of Government, employees of the U.S. Postal Service, and members of the uniformed services.
"It is a privilege to serve on this Board which administers the retirement savings plan for millions of Federal employees," Duffy said. "It is also a great responsibility to help ensure that the Government fosters the opportunity for these dedicated employees to grow their assets and enjoy a secure retirement. I am honored to have been nominated by House Speaker Dennis Hastert and appointed by President Bush to serve on a committee for this important purpose."
Duffy was appointed in 2002 by President Bush to serve on a National Saver Summit on Retirement Savings. He was elected Chairman of the Board of CME and its parent company, Chicago Mercantile Exchange Holdings Inc. in April 2002 after serving as Vice Chairman since 1998. He has been President of TDA Trading, Inc. since 1981 and a member of CME's Board of Directors since 1995. Under his leadership, CME became the first publicly traded U.S. financial exchange in December 2002, when the company completed its IPO and was listed on the New York Stock Exchange.
Chicago Mercantile Exchange Inc. (www.cme.com) is the largest futures exchange in the United States for the trading of futures and options on futures. As an international marketplace, CME brings together buyers and sellers on its trading floors and GLOBEX® around-the-clock electronic trading platform. CME offers futures and options on futures primarily in four product areas: interest rates, stock indexes, foreign exchange and commodities. The exchange moved about $1.5 billion per day in settlement payments in the first quarter of 2003 and managed $28.5 billion in collateral deposits at March 31, 2003. CME is a wholly owned subsidiary of Chicago Mercantile Exchange Holdings Inc. (NYSE: CME).
