The federal government’s private pension insurer has named Ann Y. Orr as its acting chief, following former director Gordon Hartogensis’ exit at the end of April at the conclusion of his five-year term.
The Pension Benefit Guaranty Corporation, which insures both single and multi-employer private sector pension plans, announced Orr’s appointment late Friday.
She was previously the chief policy officer at the PBGC overseeing the coordination of policy development, research, and legislative affairs, as well as managing stakeholder outreach. Earlier, she was the chief of staff for the agency from 2011-2019.
The PBGC, which covers plans for 31 million American workers, retirees, and beneficiaries, is in the midst of distributing funds from a major pension bailout enacted through the American Rescue Plan Act of 2021.
The funds helped improve the agency’s own financial standing significantly. It had faced a deep deficit due to series of pension plan bankruptcies following the Great Recession, but ended fiscal year 2023 with a surplus of $46 billion.
The PBGC announced Hartogensis’ departure on April 24. The former businessman was nominated to the post by then-President Donald Trump, and confirmed by the Senate in 2019.
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