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OPA News Release: [02/13/2004]
Contact Name: Gloria
Della
Phone Number: (202) 693-8666
Snowbarger Named PBGC Acting Executive Director
WASHINGTON—U.S. Labor Secretary Elaine L. Chao today
announced that former U.S. Rep. Vincent K. Snowbarger will be serving as acting
executive director of the Pension Benefit Guaranty Corporation (PBGC).
Snowbarger, who has served as PBGC’s assistant executive director
since July 2002, will act as an interim replacement for Steven A. Kandarian,
who is departing this week. The PBGC currently guarantees payment of basic
pension benefits for approximately 44 million American workers and retirees
participating in over 31,000 private sector defined benefit pension plans.
"Vince has been a significant part of the team at PBGC. We appreciate
Vince’s willingness to serve as the Acting Executive Director until a new
Director has been appointed,” said Secretary Chao, who serves as chair of
the PBGC Board of Directors.
Snowbarger represented the Kansas Third 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 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 an M.A. 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 PBGC's investment returns.
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