Head of US pension agency resigning

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Associated Press

Posted on July 12, 2014 at 6:02 AM

WASHINGTON (AP) — The federal agency that insures company pensions for more than 40 million Americans says its top official is resigning.

Joshua Gotbaum, a former investment banker, was appointed by President Barack Obama as director of the Pension Benefit Guaranty Corp. in July 2010. That makes him the longest-serving head of the agency in its history, the PBGC said in a news release Friday. During his tenure the agency's deficit — the gap between pension obligations and assets available to cover them — widened to about $34 billion as the weak economy triggered more corporate bankruptcies and failed pension plans.

Gotbaum will step down in August, the agency said. No further information was given, and agency spokesmen didn't immediately return a message requesting it.

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