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News & Policy

Long-time PBGC Employee Retires

December 20, 2002

The Pension Benefit Guaranty Corporation (PBGC) today announced that Raymond J. Smith, one of a core group of employees who joined PBGC at the time of its inception as a federal agency in 1974, will retire on January 3, 2003.

"Ray's loyalty to participants in defined benefit pension plans, and the pension professionals who administer them, is a wonderful example of the commitment PBGC makes to its customers," said John Seal, Chief Management Officer.

Detailed to PBGC after passage of the Employee Retirement Income Security Act of 1974 was signed by President Gerald R. Ford, Smith has had a distinguished 36 ½ -year career in the civil service (28 at PBGC) and the Army. In 1999, he received the Distinguished Career Service Award, PBGC's highest award, for his cumulative achievements and distinguished service throughout his PBGC career.

A management analyst throughout his government service, he came to PBGC after 5 ½ years in the Manpower Administration at the Department of Labor. For the past few years he has been responsible for PBGC's Strategic Plan and customer satisfaction surveys.

"One of my fondest memories," Smith said in 1994, "was opening the envelopes for the first premium checks when they began to arrive. I've seen PBGC evolve from infancy to maturity, and that has been remarkable."

Smith and his wife, Dianne, will move to a restored family home in Searsport, Maine, which was built by his great-grandfather in 1850 after emigrating from Ireland. He looks forward to learning how to sail his 19-foot pocket cruiser. The couple plan a 6-9 month stay in Italy beginning next Fall.

PBGC is a federal corporation created under ERISA. It currently guarantees payment of basic pension benefits earned by about 44 million American workers and retirees participating in over 35,000 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.

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PBGC No. 03-10