Richard H. Macy Named PBGC Chief Operating Officer
FOR IMMEDIATE RELEASE
July 24, 2006
WASHINGTON - The Pension Benefit Guaranty Corporation (PBGC) today announced the appointment of Richard H. Macy as chief operating officer.
Macy comes to the PBGC after more than 20 years with ADP Inc., the worldwide provider of employee administration services based in Roseland, N.J. His most recent post was vice president, support services, with ADP COBRA/FSA Services in Alpharetta, Ga., where he oversaw major corporate initiatives in reengineering and automating core business processes, conducting business profitability studies and establishing overseas operations.
"As the PBGC's benefits administration workload continues to grow, we are pleased to welcome to our management team someone with a record of leadership in the field," said Vince Snowbarger, acting PBGC Executive Director. "Rich's background in operations management and planning will be of great help in maintaining an efficient and effective pension insurance program."
Macy began his career as a systems engineer and IT manager with Williams, Thacher & Rand, a New York City-based employee administration services firm. He became president of the firm's WTR Data Services unit before it was acquired by ADP.
Macy holds a bachelor of arts in mathematics and computer science from Wesleyan University and a master of business administration in production and operations management from Columbia 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 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.
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PBGC No. 06-60