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PBGC Announces New Inspector General Appointment

For Immediate Release
Date

WASHINGTON, D.C. – The Pension Benefit Guaranty Corporation (PBGC) announced the appointment of Nicholas J. Novak as the agency’s Inspector General. In his 35-year career, Novak spent nearly 20 years holding various positions within PBGC’s Office of Negotiations and Restructuring (ONR) and the agency’s Office of the Inspector General. Novak’s ONR portfolio included supervising aspects of the Multiemployer Pension Insurance Program. He most recently served as PBGC’s Acting Inspector General since April 2020.

“I know that Nick shares my commitment to ensuring PBGC and everyone at the agency operate ethically and effectively,” PBGC Director Gordon Hartogensis said. “I look forward to continuing our work together as he takes on the role of Inspector General.”

As Inspector General, Novak will continue to oversee independent audits and investigations, provide guidance to improve the agency’s business practices, and execute procedures to prevent and detect fraud. Novak reports directly to PBGC’s Board of Directors and Congress to help improve and maintain the integrity of PBGC’s programs and operations.

A proven public servant, he previously worked at the U.S. Department of Justice, the Department of Health and Human Services, the Internal Revenue Service, the Government Publishing Office, and in the private sector.

He is a certified public accountant and holds a Bachelor of Business Administration in Accounting from the University of Maryland.

About PBGC

PBGC protects the retirement security of over 34 million American workers, retirees, and beneficiaries in both single-employer and multiemployer private sector pension plans. The agency’s two insurance programs are legally separate and operationally and financially independent. PBGC is directly responsible for the benefits of more than 1.5 million participants and beneficiaries in failed pension plans and receives no taxpayer dollars. The Single-Employer Program is financed by insurance premiums, investment income, and assets and recoveries from failed single-employer plans. The Multiemployer Program is financed by insurance premiums and investment income but is expected to become insolvent within six years due to the failure of severely underfunded multiemployer pension plans. For more information, visit PBGC.gov.

Press Release Number:
21-02