President Names Chair, Two Members to PBGC Advisory Committee
FOR IMMEDIATE RELEASE
July 02, 2007
WASHINGTON- President Bush has appointed R. Todd Gardenhire of Chattanooga, Tenn., as chair of the Advisory Committee of the Pension Benefit Guaranty Corporation (PBGC). The president also appointed Paul Clinton Harris, Sr. of Manassas, Va., and Richard A. Manka of Kansas City and Hutchinson, Kan., to serve as members of the committee.
"The PBGC is fortunate that the president has selected three such outstanding leaders to provide counsel to the agency," said PBGC Interim Director Charles E.F. Millard. "Todd Gardenhire brings significant relevant experience to his role as chair of the PBGC Advisory Committee, and I look forward to working with him and new committee members Paul Harris and Richard Manka."
Mr. Gardenhire is a senior vice president with the Smith Barney division of Citigroup Global Markets Inc. in Chattanooga. He has served as an investment management representative on the U.S. Department of Labor's ERISA Advisory Council, which he chaired in 2005. Mr. Gardenhire holds a bachelor's degree in business management from the University of Tennessee. He was appointed to the PBGC Advisory Committee in 2006 to represent the interests of employers and will serve as chair until 2010.
Mr. Harris is a partner with the Shook, Hardy & Bacon law firm in Washington. He is former senior counsel and director of enterprise compliance at Raytheon Company and was a deputy associate attorney general with the U.S. Department of Justice. Mr. Harris earned a bachelor's degree in political science from Hampton University and a J.D. from George Washington University School of Law. He will represent the interests of the general public on the PBGC Advisory Committee until 2010.
Mr. Manka is the chief investment officer for the pension plans of The Kroger Co., and chairman of the investment committee of the grocery industry's largest multiemployer pension plan. He is also chairman of the Hutchinson Community Foundation in Kansas. Mr. Manka earned a bachelor's degree in accounting and business administration and a master's degree in accounting from the University of Kansas. On the PBGC Advisory Committee, he will represent employer interests until 2010.
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. 07-29