WASHINGTON - President Obama has appointed Joyce M. St. Clair to serve as a member of the Advisory Committee of the Pension Benefit Guaranty Corporation.
"Joyce has a deep background in the financial services sector, serving in senior leadership positions both here and abroad," said PBGC Director Tom Reeder. "She will be a welcome addition to the Advisory Committee, and we look forward to working with her."
During her appointment, St. Clair will represent the interests of the public. She replaces Dallas Salisbury, whose appointment ended in February.
At Northern Trust Corp. in Chicago, St. Clair serves as an executive vice president, chief capital management officer, and a member of the company’s executive management group. In her role as chief capital management officer, Joyce creates the governance structure that oversees capital management initiatives. Previously, she was Northern Trust’s president of operations where she managed global asset servicing and banking operations.
St. Clair is honored to serve on the Advisory Committee because she recognizes that pensions provide Americans with secure, lifetime retirement income. "Given my background in finance and interest in public service, serving on PBGC's Advisory Committee seemed like a natural fit," St. Clair said.
Additionally, she is the vice chairman of the Board of Trustees of the Peggy Notebaert Nature Museum in Chicago. St. Clair also chairs the financial membership committee for the Chicago Network, and serves on the Dean’s Council at Indiana University.
St. Clair received a Bachelor of Science from Indiana University and an MBA from the University of Chicago.
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 about 1.5 million people in failed pension plans. PBGC receives no taxpayer dollars. Its operations are financed by insurance premiums, investment income, and with assets and recoveries from failed single-employer plans. For more information, visit PBGC.gov.