[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]]

[GRAPHIC] [TIFF OMITTED] T201944.056




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