PBGC Announces Internal Restructuring

April 13, 2005 (PLANSPONSOR.com) - The Pension Benefit Guaranty Corporation (PBGC) has announced a restructuring within its ranks.

>The agency that insures private pension plans has announced that it has realigned its structure to better fit its two main areas of work: providing insurance and paying benefits to PBGC-administered plans.

>The changes include many new contact points within the agency, including:

  • the head of the new Insurance Program Department (IPD) will be   Terrence Deneen, who has previously served as the agency’s principal deputy   general counsel.
  • on matters concerning ERISA and bankruptcy litigation, the principal point of contact is now Chief Counsel Jeffrey Cohen, who heads the Office of Chief Counsel in IPD. This point of contact used to be with the Office of the General Counsel. 
  • for matters related to the agency’s Early Warning Program or   pre-termination activities, the new point of contact is IPDs   Division of Insurance Supervision and Compliance (DISC), which is led byActing Director John Spencer. 
  • plan administrators who are filing for standard terminations will   continue to contact the Standard Termination and ComplianceDivision, now a part of IPD. Also within the division is the new Multi-employerProgram Division, headed by Acting Manager John Foster. This unit will monitor multi-employer pension plans and handle their requests for financial assistance.
  • regarding regulatory affairs, pension practitioners and others who   previously contacted the office of the Assistant General Counselfor Regulations will now contact the new Legislative and RegulatoryDepartment, which is headed by Acting Director James Armbruster.  

All contacts will remain the same for external customers whose businessrelates to PBGCs Office of the Chief Financial Officer,   including financial operations and premium payments. The agency makes clear the restructuring does not alter current customer contacts in the Office ofInformation Technology or in the  Procurement Department.