    [United States Government Manual]
    [June 01, 2005]
    [Pages 503-505]
    [From the U.S. Government Publishing Office, www.gpo.gov]

    PENSION BENEFIT GUARANTY CORPORATION

    1200 K Street NW., Washington, DC 20005

    Phone, 202-326-4000; 800-400-4272. Internet, www.pbgc.gov.
    Board of Directors:

    Chairman (Secretary of Labor)                     Elaine L. Chao
    Members:
        (Secretary of the Treasury)                   John W. Snow
        (Secretary of Commerce)                       Carlos M. Gutierrez

    Officials:

    Executive Director                                Bradley D. Belt
    Office of Risk Assessment                         (vacancy)
    Chief Technology Officer                          Rick Hartt
    Chief Management Officer and Human Capital        John Seal
            Officer
        Director, Budget Department                   Henry R. Thompson
        Director, Facilities and Services             Patricia Davis
                Department
        Director, Human Resources Department          Michele Pilipovich
        Director, Procurement Department              Robert W. Herting
        Director, Process Change Consulting           Wilmer Graham
                Group
    Chief Operating Officer                           Joseph H. Grant
        Director, Benefits Administration             Bennie L. Hagans
                and Payment Department
        Director, Insurance Program                   Terry Deneen, Acting
                Department
    Chief Financial Officer                           Theodore J. Winter,
                                                              Jr., Acting
        Director, Contracts and Controls              Martin Boehm
                Review Department
        Director, Financial Operations                Theodore J. Winter,
                Department                                    Jr.
    General Counsel                                   Phil Hertz, Acting
    Deputy Executive Director, Office of Policy and   Vincent Snowbarger
            External Affairs
        Director, Communications and Public           Randy Clerihue
                Affairs Department
        Director, Legislative and Regulatory          Jim Armbruster, Acting
                Department
        Director, Policy, Research, and               Dave Gustafson, Acting
                Analysis Department
    Inspector General                                 Robert L. Emmons

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    The Pension Benefit Guaranty Corporation guarantees payment of
    nonforfeitable pension benefits in covered private-sector-defined
    benefit pension plans.

    [[Page 504]]

    The Pension Benefit Guaranty Corporation (PBGC) is a self-financing,
    wholly owned Government corporation subject to the Government
    Corporation Control Act (31 U.S.C. 9101-9109). The Corporation,
    established by Title IV of the Employee Retirement Income Security Act
    of 1974 (29 U.S.C. 1301-1461), is governed by a Board of Directors
    consisting of the Secretaries of Labor, Commerce, and the Treasury. The
    Secretary of Labor is Chairman of the Board. A seven-member Advisory
    Committee, composed of two labor, two business, and three public members
    appointed by the President, advises the agency on various matters.

    Activities

    Coverage  The Corporation insures most private-sector-defined benefit
    pension plans that provide a pension benefit based on factors such as
    age,years of service, and salary.
        The Corporation administers two insuranceprograms separately
    covering single-employer and multiemployer plans. More than 44 million
    workers participate in more than 31,200 covered plans.
    Single-Employer Insurance  Under the single-employer program, the
    Corporation guarantees payment of certain pension benefits if an insured
    plan terminates without sufficient assets to pay those benefits.
    However, the law limits the total monthly benefit that the agency may
    guarantee for one individual to $3,801.14 per month, at age 65, for a
    plan terminating during 2005, and sets other restrictions on PBGC's
    guarantee. The Corporation may also pay some benefits above the
    guaranteed amount depending on the funding level of the plan and amounts
    recovered from employers.
        A plan administrator may terminate a single-employer plan in a
    ``standard'' or ``distress'' termination if certain procedural and legal
    requirements are met. In either termination, the plan administrator must
    inform participants in writing at least 60 days prior to the date the
    administrator proposes to terminate the plan. Only a plan that has
    sufficient assets to pay all benefit liabilities may terminate in a
    standard termination. The Corporation also may institute termination
    proceedings in certain specified circumstances.
    Multiemployer Insurance  Under title IV, as originally enacted, the
    Corporation guaranteed nonforfeitable benefits for multiemployer plans
    in a similar fashion as for single-employer plans. However, the
    multiemployer program was revised in 1980 by the Multiemployer Pension
    Plan Amendments Act (29 U.S.C. 1001 note) which changed the insurable
    event from plan termination to plan insolvency. The Corporation now
    provides financial assistance to plans that are unable to pay
    nonforfeitable benefits. The plans are obligated to repay such
    assistance. The act also made employers withdrawing from a plan liable
    to the plan for a portion of its unfunded vested benefits.
    Premium Collections  All defined benefit pension plans insured by PBGC
    are required to pay premiums to the Corporation according to rates set
    by Congress. The annual premium per plan participant for multiemployer
    pension plans is $2.60 for plan years beginning after September 26,
    1988. The basic premium for all single-employer plans is $19 per
    participant per year. Underfunded single-employer plans must also pay an
    additional premium equal to $9 per $1,000 of unfunded vested benefits.

    Sources of Information

    Access to the Pension Benefit Guaranty Corporation is available through
    the Internet at www.pbgc.gov.
        TTY/TDD users may call the Federal Relay Service toll free at 800-
    877-8339 and ask to be connected to 202-326-4000.

    For further information, contact the Pension Benefit Guaranty
    Corporation, 1200 K Street NW., Washington, DC 20005-4026. Phone, 202-
    326-4000 or 800-400-4272. Internet, www.pbgc.gov.

    [[Page 505]]

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