Tapped for three-year terms expiring February 19, 2005 were:
- George M Kraw of California, to be an Employee Representative
- Judith F Mazo of the District of Columbia, to be an Employee Representative, and
- Mary Ann Melody Larson McDonald of California, to be a Public Representative
The committee is a seven-member body, made up of presidential appointees, representing labor, employers, and members of the general public.
The committee advises the PBGC about its trusteeship of terminated defined benefit pension plans.
Funded by insurance premiums paid by covered companies and its investments, the PBGC takes over defunct or failing pension plans and continues payments to employees and beneficiaries according to federal guidelines.