President Names Chair, Three Members to PBGC Advisory Committee
FOR IMMEDIATE RELEASE
May 05, 2005
President Bush has designated James E. Nevels of Swarthmore, Pa., as chair of the Advisory Committee of the Pension Benefit Guaranty Corporation (PBGC). The president also has appointed A. Norman Crowder of Naples, Fla., Robert Gordan of San Ramon, Calif., and Leopoldo E. Guzman of Coral Gables, Fla., to serve as members of the committee.
"The distinguished leaders selected by the President bring a wealth of knowledge and experience to the Advisory Committee," said Executive Director Bradley Belt. "I am confident that the PBGC will benefit from their guidance, and I look forward to working with the new members and with Mr. Nevels in his role as chair."
Mr. Nevels is chairman of the board of The Swarthmore Group, an independent investment advisory firm. He is also chairman of the Philadelphia School Reform Commission, which administers the seventh-largest school district in the United States. Mr. Nevels earned a bachelor's degree in philosophy and political science from Bucknell University, a J.D. from the University of Pennsylvania Law School and a master's in business administration from the Wharton School of Finance. He was appointed to the PBGC Advisory Committee in 2004 to represent the interests of the general public and will serve as chair until 2007.
Mr. Crowder is an independent consulting actuary with more than 40 years' experience in pension and insurance practice. He has served as chairman and CEO of the Alexander Consulting Group, managing principal of the Tillinghast firm and director of corporate development of Towers Perrin. Mr. Crowder holds a bachelor's degree in economics and mathematics from Middlebury College and master's degree in mathematics from the University of Michigan. He is a fellow of the Society of Actuaries. He will represent the interests of employees on the PBGC Advisory Committee in a term to expire in 2008.
Mr. Gordan is assistant treasurer of ChevronTexaco Corp., where his responsibilities include the company's activities with financial institutions and credit rating agencies. He holds a bachelor's degree in finance from Fordham University and a master's in business administration from Rutgers University. On the PBGC Advisory Committee, Mr. Gordan will represent the interests of employees in a term that expires in 2008.
Mr. Guzman is president and CEO of Guzman & Company, an investment banking and institutional brokerage firm that he founded in 1987. He holds a bachelor's of science degree in operations research from Columbia University and a master's in business administration from Stanford University. Mr. Guzman will represent the interests of the general public on the PBGC Advisory Committee in a term that ends in 2008.
The PBGC is a federal corporation created under the Employee Retirement Income Security Act (ERISA) 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 agency 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.
The PBGC Advisory Committee carries out several specific responsibilities outlined by ERISA, including advising on PBGC investment policies and procedures, the trusteeship of terminated plans, and other matters as determined by the PBGC.
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PBGC No. 05-39