Joshua Gotbaum, the director of the Pension Benefit Guaranty Corporation, announced his resignation Friday, signaling the end to a sometimes-tumultuous tenure that included the imposition of higher premiums designed to preserve the pensions of millions of Americans.
"Of course I have mixed emotions about leaving," Gotbaum said in a letter to his coworkers. "I love working at and with PBGC."
"PBGC's analysis and creativity will be essential if multiemployer plans are to be saved," he wrote. "Public policy continues to encourage companies to shun lifetime income in favor of lump sum payments. And PBGC itself remains financially unsound and our multiemployer program is in danger of insolvency."
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
