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OPA News Release: [06/01/2006]
Contact Name: David James or Gloria Della
Phone Number: (202) 693-4676 or x8666
Release Number:
06-0962-NAT
U.S. Labor Secretary Elaine L. Chao Announces Former
U.S. Rep. Vincent K. Snowbarger as PBGC Acting Executive Director
WASHINGTON — U.S. Secretary of Labor Elaine L. Chao today announced that former U.S. Rep. Vincent K. Snowbarger will serve as acting executive director of the Pension Benefit Guaranty Corp. (PBGC) effective immediately.
Snowbarger has served as PBGC's deputy executive director since November 2004 and will act as an interim replacement for Bradley D. Belt, who announced his departure on March 23 and completed his term on May 31. Additionally, Snowbarger served as the PBGC's assistant executive director for legislative affairs from June 2002 until November 2004.
The PBGC currently guarantees payment of basic pension benefits for approximately 44 million American workers and retirees participating in more than 31,000 private-sector defined-benefit pension plans.
"Vince has been a significant part of the PBGC team," said Secretary Chao, who is chair of the PBGC board of directors. "His willingness to serve as acting executive director during this interim, but important, time is very much appreciated."
Snowbarger represented Kansas' 3rd Congressional District from 1997 until 1999, serving on the Banking and Financial Services, Small Business and Government Reform, and Oversight Committees. Before his election to Congress, Snowbarger served 12 years as a member of the Kansas House of Representatives, where he held the post of majority leader from 1993 until 1997. His legislative assignments there included the committees on Taxation, Pensions and Investments and Labor and Industry.
In addition to his service as an elected official, Snowbarger has enjoyed a successful career as an attorney in private practice. He also taught business law and insurance at MidAmerica Nazarene University in Olathe, Kan., and served as executive director of the Kansas Association of American Educators.
Snowbarger is a 1971 graduate of Southern Nazarene University and earned a master's degree from the University of Illinois and a J.D. from the University of Kansas.
PBGC is a federal corporation created under the Employee Retirement Income Security Act of 1974. The agency receives no funds from general tax revenues. Operations are financed largely by insurance premiums paid by companies that sponsor pension plans and by the PBGC's investment returns.
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