WASHINGTON, D.C. — The Pension Benefit Guaranty Corporation (PBGC) invites interested parties to submit nominations by October 28, 2024, for three seats on the agency’s Advisory Committee.
The terms of three of the Advisory Committee members will expire in February 2025, two representing employers who maintain pension plans and one representing the general public. A solicitation was recently published in the Federal Register to help ensure a wide pool of candidates could be considered to fill these positions. Advisory Committee members are appointed by the President of the United States for three-year terms.
Nominees must have experience with employee organizations, with employers who maintain pension plans, with the administration of pension plans, or in related fields. The Employee Retirement Income Security Act of 1974 (ERISA) outlines several responsibilities for PBGC’s Advisory Committee, including advising on investment policy and other matters related to PBGC’s mission.
The Advisory Committee comprises seven members: two representing employee organizations, two representing employers who maintain pension plans, and three representing the general public. It meets six times a year with at least one joint session with PBGC’s Board of Directors, which consists of the Secretaries of Labor, Treasury, and Commerce.
PBGC is committed to equal opportunity in the workplace and seeks a broad-based and diverse Advisory Committee.
About PBGC
PBGC protects the retirement security of over 31 million American workers, retirees, and beneficiaries in both single-employer and multiemployer private sector pension plans. The agency’s two insurance programs are legally separate and operationally and financially independent. PBGC is directly responsible for the benefits of nearly 1.4 million participants and beneficiaries in failed single-employer pension plans. The Single-Employer Program is financed by insurance premiums, investment income, and assets and recoveries from failed single-employer plans. The Multiemployer Program is financed by insurance premiums and investment income. Special financial assistance for financially troubled multiemployer plans is financed by general taxpayer monies.