Closing Remarks: PBGC's Acting Director, Vince Snowbarger, 12/16/2009 - Hourly Video Transcript

Hello.

My name is Vince Snowbarger, and I am acting director of the PBGC.

Thank you for taking the time to watch this video. We hope it has brought you useful information about your Delphi pension.

Our mission is to insure the pension benefits of American workers. Before the PBGC was created, employees of bankrupt companies often saw their entire pension disappear. We are proud that the PBGC safety net protects workers from losing everything.

More than one and a half million Americans now rely on the PBGC for their pension. These are men and women from all over the country; some worked in offices, some worked on factory floors; some for big companies like Delphi, and others for small mom-and-pop businesses. Whatever their background, they are our customers. And the PBGC is committed to delivering excellent customer service.

Pensions and insurance guarantees are complicated subjects. You may have many questions. Because federal law limits the benefits we can pay, I can’t promise that you will always get the answer you want to hear. However, I pledge that we will work hard to answer your questions as quickly and accurately as we can.

Finally, in these troubled economic times, you may wonder if the PBGC will be able to keep paying your benefit. It is true that the PBGC has a long-term financial shortfall. But let me assure you we have the resources to meet all our obligations—next month, next year, and far into the future.

Thank you.