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News & Policy

President Selects Sharon Cassidy for PBGC Advisory Committee

May 31, 0200

President Clinton has named Sharon Cassidy, of Millwood, N.Y., for appointment to the Advisory Committee of the Pension Benefit Guaranty Corporation (PBGC). As a member of the panel, she will represent the interests of employers.

An attorney with Pittsburgh-based USX Corporation since 1974, Ms. Cassidy has served as General Counsel of the firm's U.S. Steel Group subsidiary and of the Carnegie Pension Fund since 1990.

Ms. Cassidy holds a B.S. degree from Wheeling Jesuit University, Wheeling, W.Va., and a J.D. degree from the University of Pittsburgh.

PBGC is a federal corporation created under the Employee Retirement Income Security Act of 1974 (ERISA) to guarantee payment of basic pension benefits earned by about 43 million American workers and retirees participating in nearly 40,000 private-sector defined benefit pension plans. The agency receives no funds from general tax revenues. Operations are financed largely by insurance premiums paid by companies that sponsor pension plans and investment returns.

ERISA outlines several specific responsibilities for PBGC's Advisory Committee, including advising on policies and procedures of PBGC's investments and trusteeship of terminated plans and on other matters as determined by PBGC.

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PBGC No. 00-29