Nov 1 -- The Pension Benefit Guaranty Corporation (PBGC) is soliciting nominations by December 16, 2021 for appointment to the Advisory Committee of the PBGC.
The Pension Benefit Guaranty Corporation (PBGC or the Corporation) administers the pension plan termination insurance program under Title IV of the Employee Retirement Income Security Act of 1974 (ERISA). Section 4002(h) of ERISA provides for the establishment of an Advisory Committee to the Corporation. The Advisory Committee consists of seven members appointed by the President from among individuals recommended by the PBGC Board of Directors, which consists of the Secretaries of Labor, Treasury, and Commerce. The Advisory Committee members are as follows:
Two representatives of employee organizations;
two representatives of employers who maintain pension plans; and
three representatives of the general public.
Advisory Committee members must have experience with employee organizations, employers who maintain defined benefit pension plans, the administration or advising of pension plans, or in related fields. Appointments are for 3-year terms. Reappointments are possible but are subject to the appointment process.
The Advisory Committee's prescribed duties include advising the Corporation as to its policies and procedures relating to investment of moneys, and other issues as the Corporation may request or as the Advisory Committee determines appropriate. The Advisory Committee meets at least six times each year. At least one meeting is a joint meeting with the PBGC Board of Directors.
By February 19, 2022, the terms of three of the Advisory Committee members, one representing the general public and two representing employers, will have expired. Therefore, PBGC is seeking nominations for three seats.
FR notice inviting nominations: https://www.federalregister.gov/documents/2021/11/01/2021-23717/solicitation-of-nominations-for-appointment-to-the-advisory-committee-of-the-pension-benefit