The Pension Benefit Guaranty Corp. has added a new position: participant and plan sponsor advocate.
Constance Donovan will serve as a liaison for plan sponsors and participants and will help resolve disputes between the agency and its customers. She also will recommend legislative changes and file an annual report to Congress.
The position was created when the Moving Ahead for Progress in the 21st Century Act was signed into law on July 6, 2012.
“I am looking forward to working with PBGC to launch the Participant and Plan Sponsor Advocate Office,” Donovan said. “I’m certain we can build on positive changes already underway within PBGC that benefit participants and plan sponsors, and that the Advocate role can also help bring together interested stakeholders to secure and sustain pension plans for workers and the companies that sponsor them.”
Before joining PBGC, Donovan was an attorney in the Office of the General Counsel at the Department of the Treasury.
She worked with PBGC during her tenure at the Department of Labor’s Employee Benefits Security Administration, Policy and Research Division.
While there, she advised the Assistant Secretary and the Secretary of Labor on all matters concerning the agency’s trust fund and aspects of pension law. She also coordinated daily activities between PBGC's board agencies comprised of the Departments of Labor, Treasury, and Commerce, and PBGC staff to assist in oversight functions.
PBGC protects the pension benefits of more than 40 million Americans in private-sector pension plans. The agency is directly responsible for paying the benefits of more than 1.5 million people in failed pension plans.