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News & Policy

Pension Agency Honors Four Individual and Eight Groups of Employees

March 24, 1999

The Pension Benefit Guaranty Corporation (PBGC) today honored four individual and eight groups of employees during ceremonies in Washington, D.C. The ceremony also kicked off a year-long commemoration of PBGC's 25th anniversary as a federal agency.

"The employees honored today exemplify the finest in government service. But all PBGC employees deserve praise for helping make the dream of a secure retirement a reality for millions of workers in traditional defined benefit pension plans," said Executive Director David M. Strauss.

Recipient of the Distinguished Career Service Award, PBGC's highest award, is Raymond J. Smith, a senior management and program analyst. The award recognizes Smith's cumulative achievements and distinguished service throughout his PBGC career. Smith, who joined PBGC at the time of its inception as a federal agency in 1974, plays a lead role in PBGC's strategic planning initiatives. In this capacity, he helped PBGC fulfill the Clinton Administration's directive "Putting Customers First," heading a team that established a systematic process for surveying the agency's customers.

Other employees received awards for their achievement in support services, equal employment opportunity and community voluntarism. Groups of employees received awards for successful teamwork in customer service, information technology, benefit processing, simplifying rules, and financial analysis.

PBGC is a federal corporation created under the Employee Retirement Income Security Act of 1974 to guarantee payment of basic pension benefits earned by about 42 million American workers and retirees participating in 45,000 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 investment returns.

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PBGC No. 99-16