PBGC Director Stepping Down

Josh Gotbaum has been director of the Pension Benefit Guaranty Corporation, the federal agency that is a backstop for private-sector pension plans, since 2010.

Josh Gotbaum, director of the Pension Benefit Guaranty Corporation, the federal agency that is a backstop for private-sector pension plans, announced he will resign in August 2014 after four years in that position.

The agency was created by the Employee Retirement Income Security Act of 1974, known as ERISA, to protect pension benefits in private-sector defined benefit plans. Participants in plans that terminate without sufficient money to pay all benefits are paid by PBGC's insurance program up to the limits set by law. The insurance premiums are paid by companies whose plans PBGC protects, from its investments, from the assets of pension plans it takes over as trustee, and from recoveries from the companies formerly responsible for the plans, but not from taxes.

Gotbaum has been candid about what he calls America's "retirement crisis," with millions of Americans lacking retirement savings. The existing retirement system is not covering most people and does not lead to sufficient saving, he has said.

The PBGC director is appointed by the president and confirmed by the U.S. Senate. Its Board of Directors consists of the secretaries of Labor, Commerce and Treasury, with the secretary of Labor serving as chair.

Download Center

HTML - No Current Item Deck
  • Free Safety Management Software Demo

    IndustrySafe Safety Management Software helps organizations to improve safety by providing a comprehensive toolset of software modules to help businesses identify trouble spots; reduce claims, lost days, OSHA fines; and more.

  • Comply with OSHA’s Electronic Recordkeeping Requirements

    Collect relevant incident data and generate accurate OSHA 300, 300A, and 301 regulatory reports, including 300A CSV files for easy electronic submission to OSHA.

  • Complete Online Safety Training Courses

    Deliver state-of-the art, online safety training courses to your organization with IndustrySafe Training Management Software. Generate reports to track training compliance and automatically notify learners of upcoming or overdue classes.

  • Easy to Use Safety Inspection App

    Conduct inspections on the go with IndustrySafe’s mobile app. Complete safety audits at job sites and remote locations—with or without web access.

  • Track Key Safety Performance Indicators

    IndustrySafe’s Dashboard Module allows organizations to easily track safety KPIs and metrics. Gain increased visibility into your business’ operations and safety data.

  • Industry Safe
comments powered by Disqus