BNET Industries
- Private
- US
Dow Jones Description
PBGC is a federal corporation created by the Employee Retirement Income Security Act of 1974. It currently protects the pensions of 44.1 million American workers and retirees in 30,330 private single-employer and multiemployer defined benefit pension plans. PBGC receives no funds from general tax revenues. Operations are financed by insurance premiums set by Congress and paid by sponsors of defined benefit plans, investment income, assets from pension plans trusteed by PBGC, and recoveries from the companies formerly responsible for the plans.
Contact Information
Office of the General Counsel
1200 K Street, N.W.
Washington, District of Columbia 20005-4026
(202) 326-4400
Peer Companies
NAICS Code Pension Funds: 525110
Recent Events
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Blue Wolf Exec to Head U.S. Pension Agency
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Hayes Lemmerz strikes deal with PBGC, retirees
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Delphi retirees head to D.C.: Group will have hearing on lost benefits before Senate committee
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The PBGC strikes again
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NC's Hanesbrands boosts pension plan guarantees
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BRIEF-U.S. pension agency reaches $13.8 mln agreement with Hanesbrands
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Suit filed by ex-Delphi salaried group
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Pilots Sue to Drop PBGC as US Airways Pension Plan Trustee
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Time for true pension reform Politico
News & Analysis
Filter by
pension benefit guaranty corp. and us airways group inc. - All News and Analysis
At deadline.(briefs)
- 2007-02-19
Pension giant in works? General Motors' possible purchase of the Chrysler Group would create the fifth-largest U.S. pension fund, with assets of almost $148 billion. Currently, GM is ranked sixth with $119 billion in pension assets as of Sept. 30; Pension giant in...
Airline, labor groups urge US Congress to ease pension rules
- 2005-06-07
WASHINGTON AFP — US airlines and labor unions urged Congress to ease rules for pension contributions, saying the current system may end up forcing more carriers into bankruptcy. Delta Air Lines chief executive Gerald Grinstein told a Senate Finance Committee hearing that pension liabilities are pushing some carriers to...
Late News; ACE plans to fight Connecticut suit.(ACE Ltd.)(US Airways Group Inc)(Pension Benefit Guaranty Corp.)(Towers Perrin Reinsurance)
- 2005-02-07
ACE Ltd. plans to file a motion to dismiss a lawsuit filed last month by Connecticut Attorney General Richard Blumenthal against an ACE unit and broker Marsh & McLennan Cos. Inc. The suit charges that ACE paid Marsh a secret commission to steer $ ACE Ltd....
Late News; US Airways gets OK to dump pension plans.(US Airways Group Inc.)
- 2005-01-10
Financially ailing US Airways Group Inc. can terminate three massively underfunded pension plans covering union-represented employees, a federal bankruptcy judge ruled last week. The three plans are underfunded by about $2.4 billion, nearly all of wh Financially ailing US Airways Group Inc. can terminate three ...
Federal pension agency deficit growing.
- 2004-11-16
By Len Boselovic, Pittsburgh Post-Gazette Knight Ridder/Tribune Business News Nov. 16--The federal agency that insures pension plans covering more than 44 million Americans yesterday reported a record deficit of $23.5 billion -- more than doubling the previous record of $11.5 billion,...
Broader impact from airline pension woes feared
- 2004-11-01
With three major airlines now in a fiscal tailspin, concern is growing not only that this industry may be facing a large-scale pension funding crisis, but also that all defined benefit plan sponsors could wind up paying for these companies' failures. United Airlines and US Airways are already in...
US Airways: Workers should not count on pension
- 2004-10-08
ALEXANDRIA, Va. -- US Airways lawyers told a federal bankruptcy judge here Thursday that the carrier can't afford to maintain its current pension plans. The lawyers said US Airways has no choice but to cut back if the company is to become solvent. Workers "shouldn't be counting on their...
Airlines may ground employee pension plans.
- 2004-09-28
By Kimberly Blanton, The Boston Globe Knight Ridder/Tribune Business News Sep. 28--First it was the steel industry, now it's the airlines. United Airlines and US Airways Group Inc., both in bankruptcy protection, have warned they might terminate employee pension plans...
Fed up with pension defaults
- 2004-09-15
Citing failure of two big airlines to make payments to their pension plans, top government officials Tuesday called on Congress to make it harder for corporations to dump their obligations on taxpayers. Bradley Belt, executive director of the federal Pension Benefit Guaranty Corp., said his agency needs a stronger...
The Philadelphia Inquirer Andrew Cassel column.
- 2004-09-15
By Andrew Cassel, The Philadelphia Inquirer Knight Ridder/Tribune Business News Sep. 15--Should we care whether US Airways goes under? Yes, but not for the reason you might think. The embattled airline's return to bankruptcy this week is a wrenching...
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Decision Makers
| Name (plus bio) | Position |
|---|---|
| Glenn D. Gunnels | |
| Sherray Gibson | Senior Administrative Assistant |
Glenn D. Gunnels focuses his practice on all areas of employee benefits and executive compensation, including qualified and nonqualified retirement plans, welfare benefit plans, stock option plans, deferred compensation arrangements and executive employment agreements. Mr. Gunnels regularly advises corporate clients on compliance issues with respect to the U.S. Department of Labor, the U.S. Internal Revenue Service, and the Pension Benefits Guaranty Corporation. He has extensive experience with qualified retirement plans including 401(k), ESOP, and defined benefit plans; welfare benefit plans including COBRA and HIPAA issues; incentive compensation plans including stock options, supplemental retirement plans, and bonus arrangements; and employment agreements, including non-compete and confidentiality agreements. Mr. Gunnels also coauthored a chapter on retirement benefit considerations for LLCs for the book Limited Liability Companies in Kentucky.
| Organization | Position | Status |
|---|---|---|
| Schiff Hardin Llp | Partner | Current |
| U.S. Internal Revenue Service | Current | |
| Pension Benefit Guaranty Corporation | Current |
| Organization | Position | Status |
|---|---|---|
| Ncna | Administrative Assistant | Current |
| Pension Benefit Guaranty Corporation | Senior Administrative Assistant | Current |
Industry Transcripts by Seeking Alpha
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Navios Maritime Holdings Inc. Q3 2009 Earnings Call Transcript
on Nov 18, 2009about NM
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Progressive Corp. Q3 2009 Earnings Call Transcript
on Nov 11, 2009about PGR
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Nelnet Inc. Q3 2009 Earnings Call Transcript
on Nov 10, 2009about NNI
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American Apparel Q3 2009 Earnings Call Transcript
on Nov 10, 2009about APP
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MBIA Inc. Q3 2009 Earnings Call Transcript
on Nov 10, 2009about MBI
Glass Door
Financial Services Industry Companies
| Company | Employer Rating |
| Wells Fargo |  |
| U.S. Bank |  |
| Bank of America | |
| Wachovia | |
| JPMorgan Chase | |
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