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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 Directors: PBGC 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. Solis: Secretary of Labor
- Timothy F. Geithner: Secretary of Treasury
- Gary Locke: Secretary of Commerce
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