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News & Policy

John F. Greenberg Named Chief Investment Officer at the PBGC

September 16, 2008

WASHINGTON - Pension Benefit Guaranty Corporation Director Charles E. F. Millard today announced the appointment of John F. Greenberg as Chief Investment Officer (CIO).

Greenberg comes to the PBGC after 12 years at the State Retirement Agency of Maryland, where he was involved in various aspects of portfolio oversight. He most recently served as managing director for public markets. In that role, he was responsible for all public market investments by Maryland's retirement and pension system, including all exchange-traded investments such as fixed income, equity and publicly-traded real estate.

The chief investment officer, a new addition to the PBGC's senior staff, will oversee the agency's investment portfolio with assets of $55 billion and will be responsible for the PBGC's new investment strategy. Additionally, the CIO will take the lead in forecasting changes in volume, fund mixes and scheduled maturities of investments and supervise the agency's investment managers.

"John Greenberg brings an impressive depth of experience to the PBGC as we shift into our new investment strategy program," said PBGC Director Charles E. F. Millard. "His expertise will be a great asset as we work together to ensure the Corporation's ability to meet its obligations to America's retirees."

In February, the agency announced a new investment policy that will allocate 45 percent of its assets to a diversified set of fixed-income investments, 45 percent to diversified equity investments and 5 percent to real estate and 5 percent to private equity. The agency's previous policy set an equity investment target of 15-25 percent, although the actual level of equity investments was 28 percent at the end of FY 2007.

Greenberg earned an MBA from Syracuse University and a BA from Connecticut College. He is a chartered financial analyst.

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 more than 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. 08-46