The federal agency that insures company pensions for more than 40 million Americans says its top official is resigning.
Joshua Gotbaum, a former investment banker, was appointed by President Barack Obama as director of the Pension Benefit Guaranty Corp. in July 2010. That makes him the longest-serving head of the agency in its history, the PBGC said in a news release Friday. During his tenure the agency's deficit — the gap between pension obligations and assets available to cover them — widened to about $34 billion as the weak economy triggered more corporate bankruptcies and failed pension plans.
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Gotbaum will step down in August, the agency said. No further information was given, and agency spokesmen didn't immediately return a message requesting it.