As of December 2005, Bradley Belt is the director of the PBGC, the Pension Benefit Guaranty Corporation. The Pension Benefit Guaranty Corporation (or PBGC) is an independent agency of the United States government created by the Employee Retirement Income Security Act of 1974 to encourage the continuation and maintenance of voluntary private pension plans, provide timely and uninterrupted payment of pension benefits, and keep pension insurance premiums...

PBGC was set up by ERISA, The Employee Retirement Income Security Act of 1974, to guarantee defined benefit pension plan benefits for plan sponsors that become insolvent when there are too few pension plan assets to fully pay all insured pension benefits. The following, taken from http://www. ...