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 of Benefits Administration and Acting Director of Actuarial Services & Technology Department
Compensation as of Fiscal Year 2016.
Pension Benefit Guaranty Corporation Key Developments
Pension Benefit Guaranty Corporation and Sears Holdings Corporation Reached a Final Agreement that Provides Additional Funding and Security for the Company's Two Pension Plans
Mar 13 17
Pension Benefit Guaranty Corporation (PBGC) and Sears Holdings Corporation have reached a final agreement that provides additional funding and security for the company's two pension plans. According to PBGC, the additional funding and security for the company's defined benefit pension plans is being provided in connection with the sale of Sears' Craftsman brand to Stanley Black & Decker. As the pension insurance organization explains, "the Sears pension plans will receive rights to a $250 million payment due to Sears in three years from Stanley Black & Decker and a 15-year income stream relating to future Stanley Black & Decker sales of Craftsman products. In addition, Sears will provide PBGC a lien on $100 million of real estate assets. This is the latest development after PBGC and Sears finalized a pension plan protection agreement in March 2016, under which Sears agreed to "protect the assets of certain special purpose subsidiaries holding real estate and intellectual property assets," including the Craftsman brand. PBGC explained at the time that the sale of Craftsman required its consent, and in exchange for granting its consent, PBGC and Sears negotiated the additional funding and security for the Sears pension plans, which cover nearly 200,000 participants.
The Pension Benefit Guaranty Corporation Announces Two Appointments
Feb 13 17
The Pension Benefit Guaranty Corporation announced two appointments to key positions. Nicole Puri has been named the agency's Risk Management Officer and Adi Berger is the Director for the Corporate Finance & Restructuring Department. On January 9, 2017, Nicole Puri, formerly with the Department of Housing and Urban Development, started with PBGC as the agency's Risk Management Officer. In this role, she will work collaboratively with the senior leadership team to create a risk management strategy to identify, assess, and mitigate potential threats across the agency. Adi Berger was named the Director of PBGC's Corporate Finance & Restructuring Department (CFRD) on December 26, 2016. She started with the agency in 2005 as a financial analyst. During her 12 years in the department, Berger represented PBGC in a number of high profile bankruptcies, including Visteon Corp., and Nortel Networks.
Judge Approves Nortel Networks Pension Benefit Settlement
Jan 13 17
Nortel Networks Inc. has finalized an agreement with the Pension Benefit Guaranty Corp. that settles all of the agency's claims against Nortel. Judge Kevin L. Gross of the U.S. Bankruptcy Court for the District of Delaware in Wilmington signed an order on Jan. 6 approving a settlement agreement between Nortel and PBGC that calls for the debtor to distribute a maximum of $565 million to the agency to settle PBGC's allowed general unsecured claims. PBGC was granted an allowed general unsecured claim of $624.6 million under the judge's order. The agency will not be entitled to any administrative expense or priority claim. Under the agreement, PBGC will support and vote in favor of Nortel's Chapter 11 plan.
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