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News & Policy

Jared Gross Named Special Assistant to PBGC Executive Director

April 21, 2003

Jared Gross has been named Special Assistant to the Executive Director of the Pension Benefit Guaranty Corporation, with responsibility for helping to review the agency's investment strategy.

Gross comes to the PBGC from the U.S. Treasury Department, where he served as Senior Advisor to the Under Secretary for Domestic Finance. In that position he coordinated policy on a range of topics, including debt management and related bond-market issues, government credit allocation, financial market stability, and oversight of financial institutions.

"With his strong background in fixed-income securities, Jared will play a critical role in PBGC's examination of the proper investment strategy for its large portfolio of assets," said Executive Director Steven A. Kandarian.

The PBGC holds more than $25 billion in assets-roughly two-thirds in Treasury securities and one-third in equities-and is poised to assume billions of dollars in additional assets from terminating pension plans. The agency's investment policy has been unchanged since 1994.

Gross previously served as a Senior Advisor to the Treasury Department's Deputy Assistant Secretary for Federal Finance, with a focus on debt-management policy. Before his government service he was Senior Associate for emerging markets fixed-income trading at Credit Lyonnais Securities, New York City, and Associate for capital markets at The Weston Group, New York City. Gross earned his bachelor's degree in political economy from Williams College.

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 nearly 44 million American workers and retirees in more than 32,000 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. 03-34