WASHINGTON - The Pension Benefit Guaranty Corporation announced the appointment of David Foley as Chief of Benefits Administration, where he will lead efforts to advance PBGC’s commitment to pay accurate and timely benefits to retirees and beneficiaries.
“David has served in senior leadership positions at PBGC and other federal agencies,” said PBGC Director Tom Reeder. “This makes him an excellent choice to lead our benefits office, which carries out a vital aspect of our mission.”
Before taking the lead at the Office of Benefits Administration, Foley had a well-established track record in managing large teams. He previously served as Deputy Chief of Benefits Administration, where he managed two divisions. In fiscal year 2017, the Office of Benefits Administration started paying benefits to nearly 14,000 retirees in single-employer plans. In the same year, the office paid $5.7 billion to a total of about 840,000 retirees from 4,845 failed single-employer plans.
In his new role, Foley will lead one of the agency’s largest departments, which encompasses federal employees and contractors in positions that include auditors, actuaries, employee benefit law specialists, valuation specialists, analysts, IT specialists and project managers.
Foley earned an MBA from Virginia Tech University, and his Bachelor of Science, Finance degree from Missouri State University.
Foley replaces Cathy Kronopolus, who left the agency at the end of August.
PBGC protects the pension benefits of nearly 40 million Americans in private-sector pension plans. The agency operates two separate insurance programs — one covering pension plans sponsored by a single employer and another covering multiemployer pension plans, which are sponsored by more than one employer and maintained under collective bargaining agreements. PBGC is currently responsible for 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, for the single-employer program, assets and recoveries from failed single-employer plans. For more information, visit PBGC.gov