WASHINGTON — The Pension Benefit Guaranty Corporation announced the arrival of Sanford (Sandy) Rich who will lead efforts to preserve traditional pensions. As the new Chief of Negotiations and Restructuring he will supervise staffers involved with keeping troubled plans going.
"PBGC protects retirement security by working to preserve pensions, not just waiting until they fail," said PBGC Director Josh Gotbaum. "Sandy will lead those efforts, and with his long and varied experience we are in very capable hands."
Rich has extensive experience in business, which includes expertise in finance and restructuring. In his new role, he will lead the Corporate Finance & Restructuring Department, the Office of the Chief Counsel, and the agency's multiemployer and standard termination programs.
"I came to PBGC because pensions offer the best chance at having a good retirement," Rich said. "This is the place where I can use my years of business experience to help people keep the benefits they worked hard for all their lives."
Before joining PBGC, Rich was Managing Director of Whitemarsh Capital LLC in New York. The firm provides restructuring and financial advisory services to businesses in the healthcare, real estate, housing, manufacturing, media, energy, retailing and technology industries.
Prior to that, he served for decades in senior leadership roles at Merrill Lynch, GEM Capital, and Citicorp.
Rich replaces Terrence M. Deneen, PBGC's veteran Chief Insurance Program Officer, who retired in January 2011.
PBGC protects the pension benefits of more than 40 million Americans in 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. For more information, visit PBGC.gov.