Magazine article Workforce Management

Replacing Belt at Pbgc Might Be No Easy Task

Magazine article Workforce Management

Replacing Belt at Pbgc Might Be No Easy Task

Article excerpt

PENSIONS

When business is booming, it's usually a good time to attract candidates to lead a company. But that may not be the case when the job in question is top spot at the federal pension insurer.

Pension Benefit Guaranty Corp. executive director Bradley Belt has announced that he will step down at the end of May, after more than two years on the job. His successor will be chosen by Labor Secretary Elaine Chao, with input from the White House.

Chao may not find a long line of applicants at her door. Following huge airline and steel company bankruptcies over the past several years, the PBGC has a $22.8 billion deficit. It also has experienced substantial increases in the value of its claims-from $2.9 billion in 2000 to $9 billion in 2004-and in assets under its management, which have grown from $39 billion to $58 billion during the past year. The federal insurer backs the pension benefits of 44 million American workers and retirees participating in more than 30,000 private-sector defined-benefit plans.

"The difficulty of filling that slot stems from the fact that it's hard to find someone smart enough to do the job and foolish enough to take it," says J. Mark Iwry, a nonresident fellow at the Brookings Institution, a Washington think tank. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.