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<GovernmentManual>
  <accessId>GOVMAN-2014-10-06-171</accessId>
  <Entity EntityId="171" ParentId="0" SortOrder="77">
    <EntityType>Parent</EntityType>
    <Category>Executive Branch: Independent Agencies and Government Corporations</Category>
    <IntroductoryHeader>Editorial Note</IntroductoryHeader>
    <IntroductoryParagraph>The Pension Benefit Guaranty Corporation did not meet the publication deadline for submitting updated information of its activities, functions, and sources of information as required by the automatic disclosure provisions of the Freedom of Information Act (5 U.S.C. 552(a)(1)(A)).</IntroductoryParagraph>
    <AgencyName>Pension Benefit Guaranty Corporation</AgencyName>
    <Addresses>
      <Address EntityAddressId="104" SortOrder="1">
        <FooterDetails>
          <Email/>
          <WebAddress>http://www.pbgc.gov</WebAddress>
        </FooterDetails>
        <Address>1200 K Street NW., Washington, DC 20005</Address>
        <Phone>202-326-4000</Phone>
        <Phone2>800-400-7242</Phone2>
        <Fax/>
      </Address>
    </Addresses>
    <LeaderShipTables>
      <LeaderShipTable EntityLeaderShipTableId="141" SortOrder="1">
        <FooterDetails>
          <Email/>
          <Footer/>
          <WebAddress/>
        </FooterDetails>
        <Header>Board of Directors</Header>
        <HeaderParagraph/>
        <NameColumnHeader/>
        <ShowFootNote>Yes</ShowFootNote>
        <ShowHeader>Yes</ShowHeader>
        <ShowHeaderParagraph>Yes</ShowHeaderParagraph>
        <ShowNameColumnHeader>Yes</ShowNameColumnHeader>
        <ShowTitleColumnHeader>Yes</ShowTitleColumnHeader>
        <TitleColumnHeader/>
        <LeaderShipTableValues>
          <Values EntityLeadershipTableValuesId="2207" SortOrder="1">
            <NameColumnValue>Thomas E. Perez</NameColumnValue>
            <TitleColumnValue>Chairman (Secretary of Labor)</TitleColumnValue>
          </Values>
          <Values EntityLeadershipTableValuesId="2208" SortOrder="2">
            <NameColumnValue>Jacob J. Lew</NameColumnValue>
            <TitleColumnValue>Member (Secretary of the Treasury)</TitleColumnValue>
          </Values>
          <Values EntityLeadershipTableValuesId="2209" SortOrder="3">
            <NameColumnValue>Penny S. Pritzker</NameColumnValue>
            <TitleColumnValue>Member (Secretary of Commerce)</TitleColumnValue>
          </Values>
        </LeaderShipTableValues>
      </LeaderShipTable>
      <LeaderShipTable EntityLeaderShipTableId="142" SortOrder="2">
        <FooterDetails>
          <Email/>
          <Footer/>
          <WebAddress/>
        </FooterDetails>
        <Header>Officials</Header>
        <HeaderParagraph/>
        <NameColumnHeader/>
        <ShowFootNote>Yes</ShowFootNote>
        <ShowHeader>Yes</ShowHeader>
        <ShowHeaderParagraph>Yes</ShowHeaderParagraph>
        <ShowNameColumnHeader>Yes</ShowNameColumnHeader>
        <ShowTitleColumnHeader>Yes</ShowTitleColumnHeader>
        <TitleColumnHeader/>
        <LeaderShipTableValues>
          <Values EntityLeadershipTableValuesId="2210" SortOrder="1">
            <NameColumnValue>Joshua Gotbaum</NameColumnValue>
            <TitleColumnValue>Director</TitleColumnValue>
          </Values>
          <Values EntityLeadershipTableValuesId="2211" SortOrder="2">
            <NameColumnValue>(vacancy)</NameColumnValue>
            <TitleColumnValue>Deputy Director, Operations</TitleColumnValue>
          </Values>
          <Values EntityLeadershipTableValuesId="3557" SortOrder="3">
            <NameColumnValue>Judith Starr</NameColumnValue>
            <TitleColumnValue>General Counsel</TitleColumnValue>
          </Values>
          <Values EntityLeadershipTableValuesId="2215" SortOrder="4">
            <NameColumnValue>Deborah Stover-Springer, Acting</NameColumnValue>
            <TitleColumnValue>Inspector General</TitleColumnValue>
          </Values>
          <Values EntityLeadershipTableValuesId="2216" SortOrder="5">
            <NameColumnValue>Ann Orr</NameColumnValue>
            <TitleColumnValue>Chief of Staff</TitleColumnValue>
          </Values>
          <Values EntityLeadershipTableValuesId="2227" SortOrder="6">
            <NameColumnValue>Israel Goldowitz</NameColumnValue>
            <TitleColumnValue>Chief Counsel</TitleColumnValue>
          </Values>
          <Values EntityLeadershipTableValuesId="3780" SortOrder="7">
            <NameColumnValue>Patricia Kelly</NameColumnValue>
            <TitleColumnValue>Chief Financial Officer</TitleColumnValue>
          </Values>
          <Values EntityLeadershipTableValuesId="2217" SortOrder="8">
            <NameColumnValue>Barry C. West</NameColumnValue>
            <TitleColumnValue>Chief Information Officer</TitleColumnValue>
          </Values>
          <Values EntityLeadershipTableValuesId="2225" SortOrder="9">
            <NameColumnValue>John Greenberg</NameColumnValue>
            <TitleColumnValue>Chief Investment Officer</TitleColumnValue>
          </Values>
          <Values EntityLeadershipTableValuesId="2218" SortOrder="10">
            <NameColumnValue>Alice C. Maroni</NameColumnValue>
            <TitleColumnValue>Chief Management Officer</TitleColumnValue>
          </Values>
          <Values EntityLeadershipTableValuesId="2226" SortOrder="11">
            <NameColumnValue>Sandy Rich</NameColumnValue>
            <TitleColumnValue>Chief, Negotiations and Restructuring</TitleColumnValue>
          </Values>
          <Values EntityLeadershipTableValuesId="2212" SortOrder="12">
            <NameColumnValue>J. Jioni Palmer, Acting</NameColumnValue>
            <TitleColumnValue>Chief Policy Officer</TitleColumnValue>
          </Values>
          <Values EntityLeadershipTableValuesId="2224" SortOrder="13">
            <NameColumnValue>Philip R. Langham</NameColumnValue>
            <TitleColumnValue>Director, Benefits Administration and Payment</TitleColumnValue>
          </Values>
          <Values EntityLeadershipTableValuesId="2219" SortOrder="14">
            <NameColumnValue>Edgar Bennett</NameColumnValue>
            <TitleColumnValue>Director, Budget and Organizational Performance Department</TitleColumnValue>
          </Values>
          <Values EntityLeadershipTableValuesId="2228" SortOrder="15">
            <NameColumnValue>Kristina Archeval</NameColumnValue>
            <TitleColumnValue>Director, Corporate Finance and Restructuring</TitleColumnValue>
          </Values>
          <Values EntityLeadershipTableValuesId="2220" SortOrder="16">
            <NameColumnValue>Cathleen Kronopolus</NameColumnValue>
            <TitleColumnValue>Director, Facilities and Services</TitleColumnValue>
          </Values>
          <Values EntityLeadershipTableValuesId="2221" SortOrder="17">
            <NameColumnValue>Arrie Etheridge</NameColumnValue>
            <TitleColumnValue>Director, Human Resources</TitleColumnValue>
          </Values>
          <Values EntityLeadershipTableValuesId="2213" SortOrder="18">
            <NameColumnValue>John Hanley</NameColumnValue>
            <TitleColumnValue>Director, Legislative and Regulatory</TitleColumnValue>
          </Values>
          <Values EntityLeadershipTableValuesId="2214" SortOrder="19">
            <NameColumnValue>Neela Ranade, Acting</NameColumnValue>
            <TitleColumnValue>Director, Policy, Research, and Analysis</TitleColumnValue>
          </Values>
          <Values EntityLeadershipTableValuesId="2222" SortOrder="20">
            <NameColumnValue>Steve Block</NameColumnValue>
            <TitleColumnValue>Director, Procurement</TitleColumnValue>
          </Values>
        </LeaderShipTableValues>
      </LeaderShipTable>
    </LeaderShipTables>
    <MissionStatement>
      <Heading/>
      <Record>
        <Paragraph MissionStatmentId="120" SortOrder="1">The Pension Benefit Guaranty Corporation protects the retirement incomes of American workers in private-sector defined benefit pension plans.</Paragraph>
        <FooterDetails>
          <Footer/>
        </FooterDetails>
      </Record>
    </MissionStatement>
    <OrganizationChart>graphics/GOVMAN-2014-10-06-171.jpg</OrganizationChart>
    <LegalAuthority>
      <Heading/>
    </LegalAuthority>
    <OrganizationStatement>
      <Heading/>
    </OrganizationStatement>
    <ProgramAndActivities>
      <ProgramAndActivity ProgramAndActivitiesId="294" SortOrder="1">
        <FooterDetails>
          <Email/>
          <Footer/>
          <WebAddress/>
        </FooterDetails>
        <MainParagraph/>
        <PointOfContact/>
        <ProgramName/>
        <Activity ProgramAndActivitiesId="650" SortOrder="1">
          <Heading/>
          <Details>
            <Detail SortOrder="1" TypeOfProgramAndActivitiesDetailsId="1017">
              <FooterDetails>
                <Email/>
                <Footer/>
                <WebAddress/>
              </FooterDetails>
              <Heading/>
              <Paragraph>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), operates in accordance with policies established by its Board of Directors, which consists 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 investment issues.</Paragraph>
            </Detail>
          </Details>
        </Activity>
      </ProgramAndActivity>
      <ProgramAndActivity ProgramAndActivitiesId="305" SortOrder="2">
        <FooterDetails>
          <Email/>
          <Footer/>
          <WebAddress/>
        </FooterDetails>
        <MainParagraph/>
        <PointOfContact/>
        <ProgramName>Activities</ProgramName>
        <Activity ProgramAndActivitiesId="706" SortOrder="1">
          <Heading>Coverage</Heading>
          <Details>
            <Detail SortOrder="1" TypeOfProgramAndActivitiesDetailsId="1088">
              <FooterDetails>
                <Email/>
                <Footer/>
                <WebAddress/>
              </FooterDetails>
              <Heading/>
              <Paragraph>The Corporation insures most private sector defined-benefit pension plans, which provide a pension benefit based on factors such as age, years of service, and salary.</Paragraph>
            </Detail>
            <Detail SortOrder="2" TypeOfProgramAndActivitiesDetailsId="1089">
              <FooterDetails>
                <Email/>
                <Footer/>
                <WebAddress/>
              </FooterDetails>
              <Heading/>
              <Paragraph>The Corporation administers two insurance programs, separately covering single-employer and multiemployer plans. More than 40 million workers and retirees participate in nearly 26, 000 covered plans</Paragraph>
            </Detail>
          </Details>
        </Activity>
        <Activity ProgramAndActivitiesId="707" SortOrder="2">
          <Heading>Single-Employer Insurance</Heading>
          <Details>
            <Detail SortOrder="1" TypeOfProgramAndActivitiesDetailsId="1090">
              <FooterDetails>
                <Email/>
                <Footer/>
                <WebAddress/>
              </FooterDetails>
              <Heading/>
              <Paragraph>Under the single-employer program, the Corporation guarantees payment of basic 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 $4,789.77 per month for a 65-year-old individual in a pension plan that terminates in 2013. The law also sets other restrictions on PBGC's guarantee, including limits on the insured amount of recent benefit increases. In certain cases, the Corporation may also pay some benefits above the guaranteed amount depending on the funding level of the plan and amounts recovered from employers.</Paragraph>
            </Detail>
            <Detail SortOrder="2" TypeOfProgramAndActivitiesDetailsId="1091">
              <FooterDetails>
                <Email/>
                <Footer/>
                <WebAddress/>
              </FooterDetails>
              <Heading/>
              <Paragraph>A plan sponsor may terminate a single-employer plan in a standard termination if the plan has sufficient assets to purchase private annuities to cover all benefit liabilities. If a plan does not have sufficient assets, the sponsor may seek to transfer the pension liabilities to the PBGC by demonstrating that it meets the legal criteria for a distress termination. 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 of underfunded plans in certain specified circumstances.</Paragraph>
            </Detail>
          </Details>
        </Activity>
        <Activity ProgramAndActivitiesId="708" SortOrder="3">
          <Heading>Multiemployer Insurance</Heading>
          <Details>
            <Detail SortOrder="1" TypeOfProgramAndActivitiesDetailsId="1092">
              <FooterDetails>
                <Email/>
                <Footer/>
                <WebAddress/>
              </FooterDetails>
              <Heading/>
              <Paragraph>Under title IV, as 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 provides financial assistance to multiemployer 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.</Paragraph>
            </Detail>
          </Details>
        </Activity>
        <Activity ProgramAndActivitiesId="709" SortOrder="4">
          <Heading>Premium Collections</Heading>
          <Details>
            <Detail SortOrder="1" TypeOfProgramAndActivitiesDetailsId="1093">
              <FooterDetails>
                <Email/>
                <Footer/>
                <WebAddress/>
              </FooterDetails>
              <Heading/>
              <Paragraph>All defined-benefit pension plans insured by PBGC are required to pay premiums to the Corporation according to rates set by Congress. The per-participant flat-rate premium for plan years beginning in 2013 is $42.00 for single-employer plans and $12.00 for multiemployer plans. Underfunded single-employer plans must also pay an additional premium equal to $9 per $1,000 of unfunded vested benefits. A termination premium of $1,250 per participant per year applies to certain distress and involuntary plan terminations, payable for 3 years after the termination.</Paragraph>
            </Detail>
          </Details>
        </Activity>
      </ProgramAndActivity>
    </ProgramAndActivities>
    <SourceOfInformationDetails>
      <EntitySourceOfInformation EntitySourceOfInformationId="419" SortOrder="1">
        <FooterDetails>
          <Email/>
          <Footer/>
          <WebAddress/>
        </FooterDetails>
        <Header/>
        <Paragraph>Access to the Pension Benefit Guaranty Corporation is available online. TTY/TDD users may call the Federal Relay Service toll free at 1-800-877-8339 and ask to be connected to 1-800-400-7242.</Paragraph>
      </EntitySourceOfInformation>
    </SourceOfInformationDetails>
    <FooterDetails>
      <Footer>For further information, contact the Pension Benefit Guaranty Corporation, 1200 K Street NW., Washington, DC 20005-4026. Phone, 202-326-4000  or  1-800-400-7242 .</Footer>
      <Email/>
      <WebAddress>http://www.pbgc.gov</WebAddress>
    </FooterDetails>
  </Entity>
</GovernmentManual>
