Press room

WASHINGTON, D.C. – The Pension Benefit Guaranty Corporation is pleased to announce two appointments to key positions. Nicole Puri has been named the agency’s Risk Management Officer and Adi Berger is the Director for the Corporate Finance & Restructuring Department.

Risk Management Officer - Nicole Puri

WASHINGTON - The Pension Benefit Guaranty Corporation today released its Fiscal Year 2016 Annual Report showing the deficit in its multiemployer insurance program rose to $58.8 billion. The increase was driven by additional multiemployer plans that are expected to run out of money within the next 10 years, and by decreases in interest factors used to value PBGC's liabilities.

Contact: Marc Hopkins 202.326.4149

WASHINGTON - The Pension Benefit Guaranty Corporation announced the appointment of Deputy Chief Counsel Karen Morris as Chief of Negotiations and Restructuring, where she will play a key role in  the agency's efforts to preserve traditional pension plans.

WASHINGTON - The Pension Benefit Guaranty Corporation announced today that the guarantee limit for single-employer plans that fail in 2017 will be higher than the limit that applied for 2015 and 2016.

WASHINGTON -  The Pension Benefit Guaranty Corporation is proposing to expand its existing Missing Participants Program to cover terminated 401(k) and most other defined contribution plans and certain defined benefit plans that aren't currently covered by the program.

WASHINGTON - The Pension Benefit Guaranty Corporation announced the arrival of Brenecia Watson, who will expand PBGC's efforts to build a diverse workforce and maintain a discrimination-free, inclusive work environment. As the new Director of Equal Employment Opportunity, she oversees a range of initiatives that include integrating EEO principles into PBGC practices, training, and conflict resolution.

WASHINGTON - President Obama has appointed Babette A. Ceccotti to serve as a member of the Advisory Committee of the Pension Benefit Guaranty Corporation. She will serve as a member representing the interests of employee organizations.

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."

WASHINGTON - The Pension Benefit Guaranty Corporation today issued two reports on the prospects of PBGC's insurance programs, the Projections Report and the MPRA Report.

WASHINGTON - The Pension Benefit Guaranty Corporation selected five investment management firms to participate in its pilot program for Smaller Asset Managers.

WASHINGTON - The Pension Benefit Guaranty Corporation (PBGC) is proposing a rule to facilitate mergers of multiemployer pension plans. Mergers are a way some plans can preserve and protect the benefits earned by workers and retirees.

WASHINGTON - President Obama has appointed Henry C. Eickelberg to serve as a member of the Advisory Committee of the Pension Benefit Guaranty Corporation. He is charged with representing the interests of employers.

"Henry's expertise and background in employee benefits and human resources make him a good fit for the Advisory Committee," said PBGC Director Tom Reeder. "We look forward to working with him on ways to better serve our customers, including the employer community."

WASHINGTON - The Pension Benefit Guaranty Corporation is proposing to cut penalties for late payment of premiums in an effort to reduce costs and make it easier for plan sponsors to maintain traditional pension plans.

As PBGC premiums have risen, so have the penalties.

 "We think penalties should be no more than necessary to encourage timely payments," said PBGC Director Tom Reeder. "I'm committed to doing everything I can to help companies keep their pension plans."

WASHINGTON - The Pension Benefit Guaranty Corporation today issued its study of revenues needed for PBGC to continue to protect participants in multiemployer plans that are likely to run out of money. (Insurance of Multiemployer Pension Plans: A Five Year Report)

WASHINGTON - The Pension Benefit Guaranty Corporation and Sears Holdings Corp. have reached a final agreement that provides substantial protections for the Sears pension plan, which covers nearly 200,000 people.  A tentative arrangement was first announced in September 2015. After extensive talks, the agreement is now final.

WASHINGTON — The Pension Benefit Guaranty Corporation will pay retirement benefits for more than 21,000 current and future retirees of the Great Atlantic & Pacific Tea Co., a supermarket chain based in Montvale, N.J., that is commonly known as A&P.

PBGC is stepping in because A&P has sold the majority of its assets in bankruptcy proceedings and most of the buyers declined to keep the plans going. The three plans that PBGC will assume ended on Nov. 30, 2015.

WASHINGTON - The Pension Benefit Guaranty Corporation today announced an agreement that restores two pension plans to The Renco Group Inc., a privately held investment holding company based in New York City.