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News & Policy

Original PBGC Employee Retires

April 03, 2003

The Pension Benefit Guaranty Corporation (PBGC) today announced that Ethel M. Tibbs, part of the initial group of employees who helped form PBGC as a federal agency in 1974, will retire on April 3, 2003. "Ethel was instrumental in laying the foundation for PBGC's personnel operations," said John Seal, Chief Management Officer.

Detailed to PBGC in September 1974 after passage of the Employee Retirement Income Security Act of 1974 was signed by President Gerald R. Ford, Tibbs has had a distinguished civil service career of more than 35 years at the Department of Labor and PBGC. In 2001, she received the Distinguished Career Service Award, PBGC's highest award, for her contributions to the Corporation's operations for its entire period of existence.

A human resources specialist throughout her government career, for the past few years Tibbs has served as Assistant to the Director of the Human Resources Department, where she assists in the management of the Department.

"Working at PBGC has been a challenging experience," Tibbs said. "It was very rewarding to staff the Corporation from ground zero. Over the years we've made great strides to improve PBGC's human resources capabilities."

Tibbs has two grown daughters, Chrystal and Nicole, and one granddaughter, Diamond. Nicole and Diamond live with Tibbs in Olney, Md., where she is fixing up a house she bought last December. She looks forward to planting and gardening in the Spring and volunteering at Diamond's school.

PBGC is a federal corporation created under ERISA. 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.

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PBGC No. 03-33