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Reeder confirmed as PBGC director

W. Thomas Reeder Jr. was confirmed as director of the Pension Benefit Guaranty Corp. by the Senate on Thursday.

Mr. Reeder, who was nominated by President Barack Obama in May, has served as health-care counsel at the IRS and senior benefits counsel on the Senate Finance Committee staff, as well as private law practice.

Attorney Michael Kreps, a principal with Groom Law Group in Washington who until June was a top aide on the Senate Committee on Health, Education, Labor and Pensions, said in an e-mail: “I can say from experience that he is an outstanding choice to lead the agency through a really difficult time.”

Those challenges include dealing with underfunded multiemployer pension plans that are severely straining the agency's resources, and continuing struggles over premiums paid by single-employer plan sponsors.

In a statement, Mr. Reeder said: "It's an honor for me to become PBGC's next director. I've spent most of my professional life helping employers start and maintain retirement plans. I appreciate the faith the administration and the Senate have shown in nominating and confirming me, and I'm looking forward to getting started."

Annette Guarisco Fildes, president and CEO of the ERISA Industry Committee, said in a statement that Mr. Reeder “is highly respected by the plan sponsor community.”