Dear PBGC Colleagues,

After four years at PBGC — the longest tenure of any PBGC ED or Director — it is time for me to move on, and next month I will do so.  We now have three children in college, and I promised my wife that this year I would return to the private sector. 

Of course I have mixed emotions about leaving.  I love working at and with PBGC.  This is a great agency with dedicated and talented public servants, working on one of the major social challenges of our time.  We have accomplished much.  American Airlines was a reminder that PBGC is more than a safety net.  That it can preserve pensions as well as replace them; 130,000 workers and their families are better off as a result.  There are many other examples.  Working with Treasury, we were able to undo at least one unjust abuse of the church plan exemption and to help preserve a very large troubled multiemployer plan.  Internally, BAPD is well on the road to updating its programs, meeting ever higher standards of financial integrity while maintaining exemplary customer service.  And PBGC is recognized as a reliable source — often the reliable source — for information and analysis of retirement issues. 

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