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News & Policy

President Selects New Members of PBGC Advisory Committee

June 06, 2006

WASHINGTON-President Bush has selected R. Todd Gardenhire of Signal Mountain, Tenn., and Nelson W. Wolff of San Antonio, Tex., for appointment to the Advisory Committee of the Pension Benefit Guaranty Corporation (PBGC).

"The President has selected two distinguished professionals with backgrounds and expertise well-suited to the work of the Advisory Committee," said acting Executive Director Vince Snowbarger. "The PBGC is fortunate to gain their special knowledge and judgement, and I look forward to working with them."

As members of the Advisory Committee, Mr. Gardenhire will represent the interests of employers and Mr. Wolff will represent the interests of the general public. Mr. Gardenhire will serve for the remainder of a three-year term expiring in 2007. Mr. Wolff will serve for a three-year term expiring in 2009.

Mr. Gardenhire is a senior vice president with the Smith Barney division of Citigroup Global Markets Inc. in Chattanooga, Tenn. He has served as an investment management representative on the U.S. Department of Labor's ERISA Advisory Council. Mr. Gardenhire holds a bachelor of science degree in business management from the University of Tennesssee.

Mr. Wolff is judge and presiding officer of the Commissioners Court, the managing and governing body of Bexar County, Tex. His career in government also includes service as a member of the Texas House of Representatives and Senate and as mayor of San Antonio. Mr. Wolff is chairman of the board of directors of the International Bank of Commerce, San Antonio, and serves on numerous other local boards and commissions. He holds business administration and law degrees from St. Mary's University, San Antonio.

The PBGC is a federal corporation created under the Employee Retirement Income Security Act of 1974 (ERISA). It currently guarantees payment of basic pension benefits earned by 44 million American workers and retirees participating in over 30,000 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 outline 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. 06-50