President Selects Charles H. Cole for PBGC Advisory Committee
FOR IMMEDIATE RELEASE
June 27, 2000
President Clinton has named Charles H. Cole, of Oakton, Va., for appointment to the Advisory Committee of the Pension Benefit Guaranty Corporation (PBGC). As a member of the panel, he will represent the interests of the general public.
Mr. Cole joined Mobil Oil Corporation in 1959 and served in a series of increasingly responsible staff and managerial positions in human resources. In 1979, he was named Manager of Compensation, Benefits and Policy Development for Mobil's worldwide Exploration and Producing Division, a post he held until his retirement in 1996.
A native of Magnolia, Ark., Mr. Cole received undergraduate and graduate degrees in business administration from the University of Arkansas.
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.
— ### —
PBGC No. 00-31