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FOR IMMEDIATE RELEASE
September 21, 2001
E. William FitzGerald, Director or
Jeffrey Speicher, Public Affairs Specialist
(202) 326-4040
President Selects New Members of PBGC Advisory Committee, Names Chairman
President Bush has selected Matthew K. Fong of Hacienda Heights, Calif., Barry D. Wynn of Spartanburg, S.C. and Betsy S. Atkins of Coral Gables, Fla. for appointment to the Advisory Committee of the Pension Benefit Guaranty Corporation (PBGC). The President designated Mr. Fong as Chairman of the panel.
As members of the Advisory Committee, Mr. Fong will represent the interests of the general public and Ms. Atkins and Mr. Wynn will represent the interests of employers. Messrs. Fong and Wynn will serve for terms that expire in 2004. Ms. Atkins's term will expire in 2003.
Mr. Fong is president of Strategic Advisory Group, an institutional investment advisory firm, a director of the Rand Corporation Asia Advisory Board, a regent of Pepperdine University and a former California state treasurer. He also has served as vice chairman of the California State Board of Equalization and as a trustee of the California Public Employees Retirement System (CalPers) and the California State Teachers Retirement System (CalStrs). Mr. Fong holds a bachelor of science from the U.S. Air Force Academy, an M.B.A. from Pepperdine University, and a J.D. from Southwestern University.
Ms. Atkins is president and chief executive officer of Baja LLC, an independent venture capital firm. She is a co-founder of Ascend Communications Corp., which was acquired by Lucent Technologies, and serves on the boards of directors of Lucent and Polycom, Inc. Ms. Atkins is a trustee of Florida International University and a graduate of the University of Massachusetts with a bachelor of arts degree.
Mr. Wynn is president of Colonial Trust Co., a private trust firm in Spartanburg. His career as an investment banker also includes long service with Robinson-Humphrey Co., Atlanta. Mr. Wynn holds a bachelor of science degree from The Citadel and serves on the Board of Directors of the Spartanburg Technical College Foundation.
The PBGC is a federal corporation created under the Employee Retirement Income Security Act of 1974 to guarantee payment of basic pension benefits earned by more than 43 million American workers and retirees participating in almost 38,000 private-sector defined benefit pension plans. The agency receives no funds from general tax revenues. Operations are financed largely by insurance premiums paid by companies that sponsor pension plans and investment returns. For more information, consult the agency website at www.pbgc.gov.
The PBGC Advisory Committee carries out several specific responsibilities outlined by ERISA, including advising on PBGC investment policies and procedures, the trusteeship of terminated plans, and other matters as determined by the PBGC.
