William W. Batoff to Serve on Advisory Committee for Federal Pension Insurer
FOR IMMEDIATE RELEASE
March 31, 2003
President Bush has selected William W. Batoff of Philadelphia for appointment to the Advisory Committee of the Pension Benefit Guaranty Corporation (PBGC). Mr. Batoff will represent the interests of the public for a term ending in 2006.
Mr. Batoff is president of William W. Batoff Associates, Lobbyist and Consultants. He is also a founder of the Republic First Bank of Philadelphia and its holding company, Republic First Bank Corp. In addition to his business career, Mr. Batoff has been active in a wide variety of civic, charitable and political activities. He has served as president of the Philadelphia State Hospital Board of Trustees, president of the Port of History Museum, member of the Philadelphia Planning Commission, and commissioner for the Presidential Scholars Commission. Mr. Batoff is a graduate of the Pennsylvania Institute of Technology.
The PBGC is a federal corporation created under the Employee Retirement Income Security Act of 1974. It currently guarantees payment of basic pension benefits earned by 44 million American workers and retirees participating in about 32,500 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.
The PBGC is run by an Executive Director who reports to a Board of Directors consisting of the Secretaries of Labor (chair), Commerce and Treasury. The PBGC Advisory Committee carries out several specific responsibilities outlined by ERISA, including advising on investment policies and procedures, the trusteeship of terminated plans, and other matters as determined by the PBGC. For more information, consult the agency Web site at www.pbgc.gov.
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PBGC No. 03-31