Strauss to Chair PBGC Advisory Committee
August 11, 2009 (PLANSPONSOR.com) - President Obama
has appointed David M. Strauss as chairman of the Advisory
Committee of the Pension Benefit Guaranty Corporation
(PBGC).
According to the announcement, Strauss served as
executive director of the nation's private pension insurer
from 1997 to 2001.
"During this crucial time for the agency, we are pleased
that once again the PBGC will have the benefit of David's
experience," said Vince Snowbarger, acting director of the
PBGC. "We look forward to working with him in his new role
as chairman of the Advisory Committee."
The PBGC Advisory Committee carries out several specific
responsibilities outlined by ERISA, including advising on
PBGC investment policies and procedures, the trusteeship of
terminated plans, and other matters as determined by the
PBGC.
Strauss will represent the interests of the general
public on the Advisory Committee in a term that ends
February 19, 2012.
He replaces outgoing chairman R. Todd Gardenhire, who will
remain a committee member until February 19, 2010.
Prior Experience
From 1994 to 1997, Strauss was deputy chief of staff to
then-Vice President Al Gore. In that position, he held a
management role, developed policy options and advised the
vice president on economic and domestic policy issues
including wage and workplace protection, retirement
security, health care, welfare, and trade. He also served
as principal liaison for the vice president to governors,
U.S. senators, members of congress, mayors, and trade union
officials.
Before that he served on Capitol Hill as chief of staff
to Senator John Breaux (D-Louisiana) and Senator Quentin N.
Burdick (D-North Dakota).
Most recently, Strauss was chairman of the North Dakota
Democratic Non-Partisan League Party, a post he left July
31 in order to take up his Advisory Committee duties.
The PBGC is a federal corporation created under the
Employee Retirement Income Security Act of 1974 (ERISA). It
currently guarantees payment of basic pension benefits
earned by 44 million American workers and retirees
participating in over 29,000 private-sector defined benefit
pension plans.
Its operations are financed largely by insurance premiums
paid by companies that sponsor pension plans and by
investment returns.
Nevin E. Adams
editors@plansponsor.com