September 30, 2016 2:17 AM ET

Insurance

Company Overview of Pension Benefit Guaranty Corporation

Company Overview

Pension Benefit Guaranty Corporation (PBGC) is a government organization that provides private and retirement pension insurance services. The organization operates single and multi employer pension plans that offer disability, pension, retirement, and annuity benefits. It caters to the United States Congress, federal agencies, and state governments. PBGC was founded in 1974 and is headquartered in Washington, District Of Columbia.

1200 K Street NW

Washington, DC 20005-4026

United States

Founded in 1974

Phone:

202-326-4110

Fax:

202-326-4114

Key Executives for Pension Benefit Guaranty Corporation

Chief Financial Officer and Chairman of Internal Control Committee
Chief of Benefits Administration and Acting Director of Actuarial Services & Technology Department
Chief of Negotiations & Restructuring
Age: 58
Chief of Staff
Compensation as of Fiscal Year 2016.

Pension Benefit Guaranty Corporation Key Developments

Pension Benefit Guaranty Corporation Appoints Brenecia Watson as Director of Equal Employment Opportunity

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. Watson said she's excited about her new role and wants to expand the agency's inclusion efforts. Before joining PBGC, Watson spent 22 years in the Army as a non-commissioned officer, where she developed her passion for equal opportunity. Upon retiring from active duty she spent 12 years with the Department of Defense, where she acquired extensive experience in EEO matters. While deployed as a civilian to Kuwait and Afghanistan, she created a Sexual Harassment/Assault Response and Prevention program. She also provided EEO training, alternative dispute resolution, complaint processing, and advisory services.

Pension Benefit Guaranty Corporation Appoints Babette A. Ceccotti as Member of the Advisory Committee

Pension Benefit Guaranty Corporation announced that it has appointed Babette A. Ceccotti to serve as a member of the Advisory Committee of the company. She will serve as a member representing the interests of employee organizations. Ceccotti is a retired partner from Cohen, Weiss and Simon LLP in New York City, where she focused on employee benefits and bankruptcy. In the firm's employee benefits practice, she represented unions and employee benefit plans in matters under the Employee Retirement Income Security Act and the Federal Employees Health Benefits Program.

Sears Holdings Enters into Plan Protection Arrangement with Pension Benefit Guaranty Corporation

Sears Holdings Corporation announced that it has entered into a five-year pension plan protection and forbearance agreement with the Pension Benefit Guaranty Corporation implementing the terms of the previously announced term sheet, dated as of September 4, 2015, entered into by the Company and PBGC. Pursuant to the Definitive Agreement, the Company will continue to protect, or "ring-fence," pursuant to customary covenants, the assets of certain special purpose subsidiaries holding real estate and/or intellectual property assets. Also under the Definitive Agreement, the Relevant Subsidiaries have granted PBGC a springing lien on the ring-fenced assets, which lien will be triggered only by (a) failure to make required contributions to the Company's pension plan, (b) prohibited transfers of ownership interests in the Relevant Subsidiaries, (c) termination events with respect to the Plan, and (d) bankruptcy events with respect to the Company or certain of its material subsidiaries.

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