Profiles of Existing Government Corporations - US Government ...

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NANB: Pension Benefit Guaranty Corporation (PBGC)
CORPORATION PROFILE
PBGC
PQRPOSB: PBGC was eatablished to protect the retirement incomes
of plan participants and their bmnmficiariea covered under
private-sector, defined benefit pension plans. PBCC'a m~sa~on
includes:
--encouraging the continuation and maintenance of voluntary
pension plans for the benefit of the participants,
--providing for the timely and uninterrupted payment of
pension benefits under applicable plans, and
--maintaining insurance premiums eatablishad by the PBGC
under 29 U.S.C. 1306 at the lowest level consistent wrth
carrying out the Corporation's obligation."
LEGAL MJTBoRrlY: 29 U.S.C. 1301-1461
DATE CRRATBD: September 2, 1974
LBCISLATRD TBRRINATION DATB: Not l pacifimd in enabling
l*gialation.
LEGAL STAmS: Wholly owned government corporation.
AGMCY STATDS: The enabling lagialation atataa that PRGC is
l stablishmd vithin the Department of Labor.
BOARD 01 DIRXCl'0R.S: There are three board members: each member
is a praaidantial appointment. PBGC’8 Board conaiata of the
Sacretarima of Labor, Commerce, and the Treasury. The Secretary
of Labor is the Chairman and the Chairman shall cause a copy of
the corporato bylaws to be publiahmd in the Federal Ragiatar at
least annually. The Board has the authority to adopt, altar,
supplement, or rapaal corporate bylaws.
ADVISORY BOARD -: Therm are seven advisory board members:
each member is a prmsidantial appointee. PEGC has an Advisory
Committee which consists of the folloving umbera:
-- Two rapraamnt the interests of the l mploya*
organizations (labor).
-- Two rapruant the intaraat8 of uployars maintaining
pension plans (businmsa).
-- Three rmprmaent the intaraata of the general public.
The President doaignatu the chairman. No more than
four umbmra arm to bs from the l amo political party.
Terms are for three years. Mamtinga arm held at least six tines
annually. The Federal Advisory Committee Act does not apply.
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