US - Pension Benefits Guaranty Corporation (PBGC) executive director Bradley Belt [pictured] has announced his plans to leave the agency at the end of May, having spent just over two years in the post.
A PBGC spokesperson was not available for comment on where Belt was headed, and in his resignation letter Belt merely stated plans to “pursue other opportunities”.
He conceded the past two years had been “a particularly tumultuous period” for the agency, which had to confront “unprecedented operational, financial, and policy challenges.” The PBGC has an estimated deficit of around US$22.7bn.
A release by the agency stated: “During Belt's tenure, the PBGC experienced a record level of pension plan terminations, a dramatic increase in risk exposure, and a near doubling of its customer base. As a result, the number of participants for which PBGC is responsible increased to 1.3 million and the assets managed by the Corporation increased to more than $56bn.”
During that period, the agency was involved in numerous complex bankruptcies and corporate restructurings, including settlement of the $10.2bn claim in the United Airlines case.
The PBGC said Belt led a reorganisation of the agency to “better enable it to serve its customers and respond to marketplace developments.”
Belt was appointed executive director of the PBGC on 21 April, 2004.
Prior to being appointed as head of the PBGC, Belt had held executive positions in financial services and public affairs, and previously served in senior staff positions at the US Senate Committee on Banking, Housing, and Urban Affairs, and at the Securities and Exchange Commission.
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