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News & Policy

PBGC's Deneen Announces Retirement

November 01, 2010

WASHINGTON-Terrence M. Deneen, the Pension Benefit Guaranty Corporation's veteran Chief Insurance Program Officer, has announced plans to retire from public service in mid-January.

"Terry Deneen has provided outstanding leadership," said PBGC Director Josh Gotbaum. "We will miss his wise counsel and his extraordinary breadth of experience with both bankruptcy and pensions. Filling his shoes will be challenging, but we're starting a national search to do so."

In his current post since 2005, Mr. Deneen oversees a wide range of risk management and loss mitigation functions. He leads teams of financial analysts, lawyers and actuaries who have achieved great success in negotiating recoveries in bankruptcies and corporate restructurings. He administers a multiemployer insurance division that is currently focused on remediating the complex problems of troubled multiemployer plans. Mr. Deneen also supervises the PBGC professionals who monitor and analyze risks to corporate plan sponsors and work with companies to secure financial protection for their plans.

Mr. Deneen joined the PBGC in 1978 as a staff attorney and soon achieved distinction when he helped draft the Multiemployer Pension Plan Amendments Act of 1980, a major reform of PBGC insurance for multiemployer pensions, as originally provided under the Employee Retirement Income Security Act of 1974 (ERISA).

In 1981 he accepted the position of assistant general counsel for one of the nation's largest multiemployer pension plans, the UMWA Health and Retirement Funds, where he implemented and supervised the withdrawal liability program. Also in private practice, he was a partner at the law firm of Groom & Nordberg in Washington, specializing in termination liability and fiduciary matters affecting pension plans. He returned to the PBGC in 1992 as associate general counsel.

A well-known authority on ERISA, Mr. Deneen is a Charter Fellow of the American College of Employee Benefits Counsel, and has lectured on employee benefits law at the University of Virginia and Georgetown University law schools. He graduated cum laude from the College of Law at the University of Illinois, where he also earned a B.A. in history with high honors and an M.A. in medieval history.

The PBGC is a federal agency that guarantees payment of private pension benefits when companies and pension plans fail. It protects some 44 million Americans in over 29,000 private defined benefit pension plans. The PBGC pays benefits using insurance premiums and assets and other recoveries from plans and their sponsors; it receives no taxpayer funds.

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PBGC No. 11-10