Company Overview of Pension Benefit Guaranty Corporation
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
Founded in 1974
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
Compensation as of Fiscal Year 2015.
Pension Benefit Guaranty Corporation Key Developments
The Pension Benefit Guaranty Corp. Settles 18-Year Issue with Retired Pilots
May 1 15
The Pension Benefit Guaranty Corp. has settled a claim with retired US Airways pilots for $5.25 million. The settlement derives from lump-sum retirement benefit payments the airline made to a group of pilots 18 years ago, in 1997. Pilots who chose to take a lump-sum, or partial lump-sum payment, weren't paid until 45 days after the benefit commencement date, according to court documents. The total amount of affected lump sum payments exceeded $577 million. Captain James Stephens filed suit against his former employer, arguing the airline's retirement plan, and ERISA, entitled him to interest on the 45 days his payment was delayed. On appeal, the D.C. Circuit Court found the 45-day delay unreasonable, and ordered to case to be reheard in the lower court. Then, Stephens and another plaintiff filed to have the case certified as a class action, which the District Court denied, sending the case back to the D.C. Circuit on appeal. In 2014, the appellate court again reversed the lower court, sending the case back to be certified as a class action. The lower court granted a motion for settlement in December of 2014. The class included 679 retired pilots. The $5.25 million award is 70% of the damages the plaintiffs incurred from the 45-day delay after assessing a 6% interest rate to the lump sums.
PBGC Seeks To Acquire Reichhold
Feb 4 15
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
Oct 23 14
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.
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