Thrift Investment Board director Mehle steps down

After nearly nine years, Roger W. Mehle, executive director of the Federal Retirement Thrift Investment Board, last week resigned from the board, leaving the ongoing saga of the Thrift Savings Plan's new record-keeping system to his replacement, James B. Petrick.

The board named Petrick, director of the board's Office of Benefits and Investments, the same day Mehle announced his departure. Petrick is a 25-year federal employee who worked as an attorney for the Justice and Labor departments before joining the board in 1986.

The record-keeping system has been plagued by problems and lawsuits over the last five years, which included firing the original contractor. The board postponed implementation twice since September after two months of parallel testing showed the application could not handle large transaction volumes fast enough. The board said there is no new schedule for the system's launch.

TSP has more than 3 million participants, holds more than $102 billion worth of retirement assets and has the largest daily transaction volume of any 401(k)-type plan.

Mehle, who also served as the board's first presidentially appointed private-sector chairman from 1986 to 1994, plans to re-establish his financial institutions and securities law practice in Washington.

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