WASHINGTON—Pension Benefit Guaranty Corporation Director Josh Gotbaum was honored by Institutional Investor magazine with its Outstanding Contribution Award.
"Gotbaum was selected for the important work he's doing to protect the future of defined benefit plans and their beneficiaries," said Michael Peltz, Institutional Investor editor. "He has also been one of the loudest voices calling for improvements in existing defined-contribution plans. His goal: to improve retirement security for everyone."
The awards recognize U.S-based institutional investors and money managers for their exceptional performance, risk management and service.
"It's gratifying that Institutional Investor recognizes the importance of both preserving the pension plans we have and of finding new forms of retirement security that employers and employees can use," Gotbaum said.
Gotbaum was appointed Director of PBGC in 2010 by President Obama and unanimously confirmed by the US Senate later that year. For more than a decade, Gotbaum was an investment banker with Lazard in New York and London. During the Clinton administration, he served as Executive Associate Director and Controller in the Office of Management and Budget; Assistant Secretary of Treasury for Economic Policy; and Assistant Secretary of Defense.
PBGC protects the pension benefits of 44 million Americans in 27,500 private-sector pension plans. The agency is directly responsible for paying the benefits of more than 1.5 million people in failed pension plans. PBGC receives no taxpayer dollars and never has. Its operations are financed by insurance premiums and with assets and recoveries from failed plans.