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James C. Gerber Named PBGC's Chief Financial Officer

April 27, 2005

WASHINGTON-The Pension Benefit Guaranty Corporation (PBGC) today announced the appointment of James C. Gerber as chief financial officer.

Gerber comes to the PBGC from Trinity Industries in Chicago, where as chief financial officer of the rail products group his responsibilities included strategic planning and acquisitions, controls and forecasting, international treasury and tax management functions, and information systems development. He successfully managed corporate finances through a volatile period of severe market downturn and partial rebound, oversaw the financial integration of Trinity's Thrall Car Manufacturing Co. acquisition, and implemented internal management controls in compliance with section 404 of the Sarbanes-Oxley Act of 2002.

"Given the increasing complexity of financial challenges facing the PBGC, it is imperative that we have a world-class chief financial officer to help meet those challenges," said PBGC Executive Director Bradley Belt. "Jamie Gerber is just such as individual. He brings to the pension insurance program an impressive record of accomplishment as a CFO, superior analytical skills, and a solid background in corporate finance. His proven ability to strengthen internal controls, improve forecasting, and implement more robust accounting procedures will be vitally important to enabling the Corporation to meet its important public mission."

Before joining Trinity, Gerber was executive vice president of Thrall Car Manufacturing Co., chief financial officer of the American Passenger Rail Car Co., and vice president of Morrison Knudsen Corp. He began his career as an electronics and systems engineer with General Electric Co.

Gerber earned a bachelor of science in engineering from Princeton University and a master of business administration in finance from the Harvard University Graduate School of Business.

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 over 31,000 private-sector defined benefit pension plans. The Corporation also has more than $40 billion in assets under management. The Corporation receives no funds from general tax revenues. Operations are financed largely by insurance premiums paid by companies that sponsor pension plans and by investment returns.

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PBGC No. 05-38