Is Pension Benefit Guaranty Corporation a government agency?

PBGC is a federal agency created by the Employee Retirement Income Security Act of 1974 (ERISA) to protect pension benefits in private-sector defined benefit plans – the kind that typically pay a set monthly amount at retirement.

What does the Pension Benefit Guaranty Corporation do?

The Pension Benefit Guaranty Corporation (PBGC) protects the retirement benefits of over 34 million workers and retirees. PBGC operates two separate insurance programs — the Single-Employer and Multiemployer Insurance Programs. By law, the Multiemployer and Single-Employer Programs are operated and financed separately.

Who runs the Pension Benefit Guaranty Corporation?

The guarantee is increased for those who retire after age 65. PBGC is headed by a Director who is appointed by the President and confirmed by the Senate. The Board of Directors consists of the Secretaries of Labor,Commerce and Treasury, with the Secretary of Labor as Chair.

What does OGC do for pension benefit Guaranty Corporation?

Additionally, the office oversees legal services related to PBGC’s insurance programs and represents PBGC in bankruptcy or insolvency proceedings. OGC provides legal analysis and services to support plan terminations, negotiations and settlements, and provide recommendations concerning the initiation of litigation.

Who is the CEO of pension benefit Guaranty Corporation?

Prior to joining PBGC, Ms. Chapman was a Senior Legislative Officer at the U.S. Department of Labor, where she oversaw the Senate confirmation and transition of six presidential appointees to federal agency head positions. She was also responsible for preparing congressional testimony and responding to congressional inquiries. Ms.

Who is the chief of Staff for PBGC?

Kristin Chapman was appointed Chief of Staff in July 2019. In her role, she serves as chief strategic advisor to PBGC Director Hartogensis, while providing counsel on all pension and retirement-related matters. Ms.

Who is the director of human resources for PBGC?

The Director of BD is Kimberly Mayo. The Human Resources Department (HRD) provides PBGC managers with a team of leaders and professionals who can learn, contribute and grow to their fullest potential in support of the Corporation’s mission.