WASHINGTON – On Wednesday, May 15, 2019, Gordon Hartogensis was sworn in as the 16th director of the Pension Benefit Guaranty Corporation.
“I am honored to serve in this important role,” Hartogensis said. “I am looking forward to working with Congress, the Administration and stakeholders to protect and advance the retirement security of the nearly 37 million Americans we insure.”
Hartogensis succeeds Tom Reeder, who served as director from October 2015 – May 2019.
WASHINGTON – The Pension Benefit Guaranty Corporation is pleased to announce the appointment of Franklin Pace as the Director of the Corporate Controls and Reviews Department (CCRD) in the Office of the Chief Financial Officer.
WASHINGTON – The Pension Benefit Guaranty Corporation is pleased to announce an executive appointment in the Office of the General Counsel. Daniel Liebman has been appointed Deputy General Counsel for the Program Law & Policy Department.
Liebman, previously the Assistant General Counsel for Legal Policy, joined PBGC in 2010 as a regulatory attorney. He has also served as Acting Assistant General Counsel for Regulatory Affairs.
WASHINGTON –The Pension Benefit Guaranty Corporation has reached an agreement with Sears Holdings Corporation under which the agency will withdraw its objection to the proposed sale of Sears’ assets to ESL Investments.
This agreement also clears the way for PBGC to assume responsibility for Sears’ two pension plans, which are covered under PBGC’s Single-Employer Insurance Program.
WASHINGTON – Israel (“Izzy”) Goldowitz, the Pension Benefit Guaranty Corporation’s Deputy General Counsel for Program Law & Policy, has retired from public service following a 30-year career at the agency.
WASHINGTON — The Pension Benefit Guaranty Corporation is taking steps to assume responsibility for Sears Holdings Corporation’s two defined benefit pension plans, which cover about 90,000 people. The national retail chain headquartered in Hoffman Estates, Illinois, operates through its subsidiaries, which include Sears, Roebuck and Co. and Kmart Corporation.
WASHINGTON - The Pension Benefit Guaranty Corporation announced four key appointments to its leadership team:
- Ross Marcelin, Deputy Chief of Negotiations and Restructuring
- Ted Goldman, Director of the Policy, Research and Analysis Department
- Kimberly Mayo, Director of the Budget Department
- Jeffrey Donahue, Director of the Procurement Department
Deputy Chief of Negotiations and Restructuring – Rossi Marcelin
to Local 805 Multiemployer Pension Plan
WASHINGTON – The Pension Benefit Guaranty Corporation announced that it has approved a partition application and will provide early financial assistance to the Teamsters Local 805 Pension and Retirement Plan (Local 805 Plan), a trucking industry multiemployer pension plan based in New York that covers approximately 2,000 participants.
Single-Employer Program Emerges from Deficit; Multiemployer Program Narrows Deficit – Insolvency Still Looms
WASHINGTON, D.C. – The Pension Benefit Guaranty Corporation’s Fiscal Year 2018 Annual Report, released today, shows improvement in the financial condition of the agency’s Single-Employer Insurance and Multiemployer Insurance Programs.
WASHINGTON - The Pension Benefit Guaranty Corporation announced two key appointments to its leadership team. Janice Brown-Taylor has been named Deputy Chief of Benefits Administration and Michael Hutchins is the Director for the Plan Asset & Data Management Department.
WASHINGTON - The Pension Benefit Guaranty Corporation announced today the guarantee limits for single-employer plans that fail in 2019. The table below shows those limits for sample ages and forms of payment.
The Pension Benefit Guaranty Corporation’s mission is to protect the pension benefits of American workers and retirees in private sector pension plans. When pension plans terminate with insufficient funds, PBGC’s guarantee is critical to protecting the participants’ retirement security.
The Pension Benefit Guaranty Corporation’s mission is to protect the pension benefits of American workers and retirees in private sector pension plans. When pension plans terminate with insufficient funds, PBGC’s guarantee is critical to protecting the participants’ retirement security. See Questions and Answers for Participants in the Sears Holdings Corporation Pension Plans.
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.”
WASHINGTON - The Pension Benefit Guaranty Corporation is issuing rules to implement its authority to facilitate mergers of multiemployer pension plans. Mergers of multiemployer plans can help protect the benefits earned by workers and retirees and extend the solvency of troubled plans. This rulemaking also updates the general rules on plan mergers and transfers.
Single-Employer Program Continues to Show Improvement
WASHINGTON - The Pension Benefit Guaranty Corporation’s Multiemployer Insurance Program continues to face insolvency by the end of fiscal year 2025, according to findings in the FY 2017 Projections Report. The agency’s insurance program for multiemployer pension plans covers over 10 million people.
PBGC Issues Guidance to Assist Multiemployer Pension Plans Seeking Alternative Payment Rules for Employer Withdrawal Liability
WASHINGTON – The Pension Benefit Guaranty Corporation is issuing guidance to assist multiemployer pension plans that request PBGC review of alternative plan rules for satisfying employer withdrawal liability. The guidance explains PBGC’s review process, the information needed, and factors PBGC considers in reviewing plan proposals.
WASHINGTON – The Pension Benefit Guaranty Corporation is expanding its Missing Participants Program to terminated 401(k) and other plans in an effort to connect more people to their retirement savings. “PBGC’s expanded Missing Participants Program addresses an important problem and meets the needs of our stakeholders,” said PBGC Director Tom Reeder. “We look forward to working with employers, practitioners, and participants to help connect people to their retirement benefits.”
WASHINGTON — The Pension Benefit Guaranty Corporation will pay retirement benefits for nearly 8,000 current and future retirees who participated in the Avaya, Inc. Pension Plan for Salaries Employees.
PBGC Fiscal Year 2017 Annual Report: Multiemployer Program Deficit Widens to $65.1B; Single-Employer Program Continues to Improve, Deficit Narrows to $10.9B
WASHINGTON - The Pension Benefit Guaranty Corporation’s Fiscal Year 2017 Annual Report, released today, shows that the deficit in its insurance program for multiemployer plans rose to $65.1 billion at the end of FY 2017, up from $58.8 billion a year earlier. The increase was driven primarily by the ongoing financial decline of several large multiemployer plans that are expected to run out of money in the next decade.