Documents/PBGC2011

Strategic Plan FY 2011 - 2016

Strategic_Plan

Start: 2011-10-01, End: 2016-09-30, Publication: 2011-07-03

This strategic plan provides a framework for safeguarding the pension insurance system, providing exceptional service to customers and stakeholders, and managing resources effectively to maximize efficiency. It identifies the priorities management has established to address the challenges PBGC will face.

PBGC and its stakeholders maintain an interest in a strong and effective pension insurance system, which is vital to the encouragement of voluntary private pension plans. While the program remains exposed to significant risks and higher deficits, PBGC is committed to using the appropriate means to close the deficit, control its exposure to future losses, and educate the American public and stakeholders on the issues it faces.

Submitter:

Name:Owen Ambur

Email:Owen.Ambur@verizon.net

Organization:

Name:Pension Benefit Guaranty Corporation

Acronym:PBGC

Description:
The Pension Benefit Guaranty Corporation (PBGC) is a federal corporation established under the Employee Retirement Income Security Act of 1974, as amended (ERISA). ERISA established PBGC to insure, subject to statutory limits, benefits for participants in covered private-sector defined benefit pension plans in the United States. It currently guarantees payment of basic pension benefits earned by more than 44 million American workers and retirees in more than 29,000 plans. PBGC receives no funds from general tax revenues. Operations are financed by insurance premiums set by Congress and paid by companies that sponsor defined benefit pension plans, investment income, assets from plans trusteed by PBGC, and recoveries from companies formerly responsible for the plans.

Stakeholder(s):

  • Board of DirectorsPBGC is governed by a board of directors, which consists of the secretaries of labor (chair), treasury, and commerce. The director of PBGC is appointed by the president and subject to confirmation by the United States Senate.

  • Hilda L. SolisSecretary of Labor
    • Chair (Performer)

  • Timothy F. GeithnerSecretary of Treasury
    • Board Member (Performer)

  • Gary LockeSecretary of Commerce
    • Board Member (Performer)