Press Release

President Names Davey Grubbs as New Member to PBGC Advisory Committee

Issued by PBGC [Pension Benefit Guaranty Corporation]

Jan. 16, 2025

WASHINGTON — President Joseph R. Biden Jr. recently appointed Davey Grubbs of North Carolina as a new member to serve on the Advisory Committee of the Pension Benefit Guaranty Corporation (PBGC). Grubbs will serve as a member representing the interests of the general public.

“Davey will contribute his expertise, perspective, and experience to our Advisory Committee,” said PBGC Acting Director Ann Y. Orr. “We look forward to working with him.”

As a member of the Advisory Committee, whose seven members represent the interests of employee organizations, employers, and the general public, Grubbs will offer his counsel on investment policy and other matters related to the agency’s mission.

Grubbs serves as vice president of the National United Committee to Protect Pensions (NUCPP) and as director for the North Carolina Committee to Protect Pensions. A retired truck driver with over 30 years of experience, Grubbs became a leader among Teamster retirees active in grassroots advocacy for solutions to the multiemployer pension crisis before enactment of the Special Financial Assistance (SFA) Program as part of the American Rescue Plan Act of 2021.

As of January 16, 2025, PBGC has announced approval of about $70.9 billion in SFA to 109 plans that cover about 1,336,000 workers, retirees, and beneficiaries.

About PBGC

PBGC protects the retirement security of about 31 million American workers, retirees, and beneficiaries in both single-employer and multiemployer private sector pension plans. The agency’s two insurance programs are legally separate and operationally and financially independent. PBGC is directly responsible for the benefits of nearly 1.4 million participants and beneficiaries in failed single-employer pension plans. The Single-Employer Program is financed by insurance premiums, investment income, and assets and recoveries from failed single-employer plans. The Multiemployer Program is financed by insurance premiums and investment income. Special financial assistance for financially troubled multiemployer plans is financed by general taxpayer monies.

Editor's note: This press release has been issued by the company named above, not BenefitsLink. Reliance on information in this press release might be prudent only after an independent review of its accuracy, completeness, efficacy, and timeliness. Reference to any specific commercial product, process, or service by trade name, trademark, service mark, manufacturer, or otherwise does not constitute or imply endorsement, recommendation, or favoring by BenefitsLink.