PBGC appoints 1st advocate for participants and plan sponsors

Constance Donovan was named participant and plan sponsor advocate at the Pension Benefit Guaranty Corp., the agency announced Tuesday.

Ms. Donovan, formerly an attorney in the Treasury Department general counsel's office, also worked on PBGC issues while at the Department of Labor's Employee Benefits Security Administration's policy and research division. Part of her duties there included coordinating activities between the PBGC's board agencies, which are the Labor, Treasury and Commerce departments.

The position was created by the 2012 highway reauthorization bill known as MAP-21, which added other governance procedures for the PBGC, including a risk management officer to monitor investments in the agency's $73.3 billion portfolio and peer-review of plan modeling. Calls to PBGC on the status of those were not returned at press time.

As liaison for plan sponsors and participants, Ms. Donovan will be responsible for resolving disputes with the agency, recommending legislative changes and filing an annual report to Congress.