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March 29, 2015 10:30 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

Acting Director
Chief Financial Officer, Acting Chief of Technology Operations and Chairman of Internal Control Committee
Director of Human Resources Department (HRD) and Acting Director of Workplace Solutions Department
Chief of Negotiations and Restructuring
Age: 56
Chief of Staff
Compensation as of Fiscal Year 2014.

Pension Benefit Guaranty Corporation Key Developments

PBGC Seeks To Acquire Reichhold

Pension Benefit Guaranty Corporation (PBGC)is officially taking over soon-to-be bankrupt Reichhold Inc.'s retirement plan. PBGC had announced its intention to take over the plan, which covers nearly 4,500 employees (current and former), says PBGC spokesperson Marc Hopkins. And, as bankruptcy proceedings continue, PBGC, a federal agency, is closer to the takeover. The process is still underway and, right now, Reichhold is still making payments to retirees.

Pension Benefit Guaranty Corporation Appoints Donald J. Butt to Serve as Member of the Advisory Committee

President Obama has appointed Donald J. Butt to serve as a member of the Advisory Committee of the Pension Benefit Guaranty Corporation. He is charged with representing the interests of the general public. Butt serves on the Board of the Defined Contribution Institutional Investment Association, and is active with the Committee for the Investment of Employee Benefit Assets (CIEBA). Prior to his current engagements, he worked for 40 years at Qwest Communications, retiring as the vice president for operations and defined contribution plans for Qwest Asset Management Co. in 2010. While at Qwest he was responsible for the design, investment management, and selection of investment options in the company's $3 billion 401(k) plan. He was also part of the senior leadership team responsible for the investment and management of $10 billion in additional employee retirement assets.

Delphi Retirees See Win in Fight for Pensions Against Pension Benefit Guaranty Corp

A new court ruling is making Delphi retirees hopeful they will see their pensions restored after years of fighting. U.S. District Court Judge Arthur Tarnow in Detroit ruled the Pension Benefit Guaranty Corp. must release documents requested by the group of about 20,000 Delphi retirees who are suing to have their pensions restored. This five years after Delphi went into bankruptcy protection in 2009, giving responsibility of employee pensions to PBGC. Delphi's salaried retirees took a steep cut in benefits when their pensions were subsequently turned over to the PBGC, a decision that impacted about 20,300 Delphi retirees across the country, including thousands from Dayton. Union employees have received full benefits though the legal process has been protracted for the salaried retirees. In a conference with several Delphi employees, U.S. Rep. Mike Turner, R-Dayton, applauded the court decision.

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