PBGC to Expand COVID-19 Relief, Support Economic Recovery
Will Allow Greater Flexibility Related to Premium Filings
WASHINGTON, D.C. – The Pension Benefit Guaranty Corporation (PBGC) today announced it intends to provide new flexibility for variable-rate premium filers, a continuation of the Administration’s efforts to help support economic recovery and mitigate the effects of the coronavirus pandemic (COVID-19).
PBGC to Pay Pension Benefits for The McClatchy Company Workers, Retirees
WASHINGTON — The Pension Benefit Guaranty Corporation (PBGC) has assumed responsibility for The McClatchy Company Retirement Plan, which covers over 24,000 current and future retirees. The California-based newspaper publisher operates 30 media companies in 14 states.
Director Hartogensis Statement on PBGC Procurement Department Oversight
PBGC Director Gordon Hartogensis today issued the following statement on news that former PBGC Director of Procurement Jeffrey Donahue pleaded guilty to one count of conspiracy to bribe a public official:
PBGC Provides Relief to Mitigate Effects of COVID-19 Pandemic
Allows Additional Time to Pay Premiums, Submit Filings
WASHINGTON, D.C. – The Pension Benefit Guaranty Corporation (PBGC) today announced extended deadlines for upcoming premium payments and other filings with the agency. Due dates for filings or actions that would otherwise have been due on or after April 1, 2020, and before July 15, 2020, have been extended to July 15, 2020. The action is part of the Administration’s broader efforts to respond to the coronavirus disease 2019 (COVID-19) outbreak, which President Donald J.
PBGC Approves Facilitated Merger of Two Multiemployer Pension Plans
WASHINGTON – The Pension Benefit Guaranty Corporation (PBGC) today announced its first approved facilitated merger under the Multiemployer Pension Reform Act of 2014 (MPRA). Under this authority, PBGC may provide financial assistance to help merge two multiemployer plans in order to extend the solvency of a financially distressed plan.
PBGC Releases FY 2019 Annual Report
Multiemployer Insurance Program Moves Closer to Insolvency; Single-Employer Insurance Program Improvement Continues
WASHINGTON – The Pension Benefit Guaranty Corporation’s (PBGC) Fiscal Year (FY) 2019 Annual Report, released today, shows a record deficit of $65.2 billion in its Multiemployer Insurance Program at the end of FY 2019.
PBGC to Pay Pension Benefits for Employees & Retirees at Verity Health System
WASHINGTON — The Pension Benefit Guaranty Corporation (PBGC) is taking steps to assume responsibility for two pension plans sponsored by Verity Health System, which cover nearly 8,000 people. The six-hospital system is based in El Segundo, California.
Verity, with 16 of its affiliates, filed for Chapter 11 protection in the U.S. Bankruptcy Court in Los Angeles on August 31, 2018, and is no longer able to continue its plans.
Key PBGC Leadership Appointments
WASHINGTON – The Pension Benefit Guaranty Corporation is pleased to announce the appointments of Kristin Chapman as Chief of Staff and Andy Banducci as Chief Policy Officer.
PBGC Projections: Multiemployer Program Remains in Dire Financial Condition
Single-Employer Program Shows Continued Improvement
WASHINGTON – The Pension Benefit Guaranty Corporation’s Multiemployer Insurance Program continues on the path to running out of money by the end of fiscal year 2025, according to findings in the FY 2018 Projections Report. The agency’s insurance program for multiemployer pensions covers over 10 million people.
PBGC Director Gordon Hartogensis Issues Statement
Multiemployer pension plans are in crisis, posing a threat to the promised retirement income of millions of American workers and retirees and their families. Congress should enact a long-term, sustainable solution taking into account fairness to retirees, workers, taxpayers, and employers, to improve retirement security for hard-working Americans and their families.
President Names PBGC Advisory Committee Members
WASHINGTON – President Donald J. Trump has appointed the following members to serve on the Advisory Committee of the Pension Benefit Guaranty Corporation:
PBGC Announces Legal Appointment
WASHINGTON – The Pension Benefit Guaranty Corporation is pleased to announce an appointment in the Office of the General Counsel. Paul Chalmers has been named Deputy General Counsel for the General Law & Operations Department.
Chalmers, previously an Associate General Counsel, joined PBGC’s legal team in 2012.
Gordon Hartogensis Sworn in as PBGC Director
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.
PBGC Announces Leadership Appointment
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.
PBGC Announces Legal Appointment
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.
PBGC and Sears Reach an Agreement
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.
Israel Goldowitz Retires from PBGC
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.
PBGC to Pay Pension Benefits for Employees and Retirees at Sears and Kmart
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.
PBGC Announces Leadership Appointments
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
PBGC to Provide Early Financial Assistance
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.
PBGC Press Contacts
Communications & Public Affairs
Phone: (202) 229-4343
Fax: (202) 229-4344
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