President Joe Biden last week appointed four people to serve on the Pension Benefit Guaranty Corporation Advisory Committee.
The PBGC Advisory Committee is a seven-member committee appointed by the president. The appointees do not require Senate confirmation. Each member is to represent either labor (two), employers (two) or the public (three). Members serve three-year terms and advise the PBGC on its investment decisions and the discharge of its duties.
The four appointees are: Jeanmarie Grisi of New Jersey, Mike Jacobson of Maryland, Joe LoCicero of New York and Kweku Obed of Illinois. They will be joining the other three members: Preston Crabill, Lynn Franzoi and Guy Pinkman.
Grisi is a re-appointment; she will now serve as chair, representing employers. She is currently head of global pensions at Nokia and oversees more than $35 billion in benefit investments.
Jacobson, representing the general public, recently retired as administrator of the National Automatic Sprinkler Industry Trust Funds, a position he held for 36 years. The NASI Trust Funds include three multiemployer pension funds that provide benefits to more than 10,000 retired participants.
LoCicero, representing the general public, is currently the chair of the Segal Group. He is also a fellow of the Conference of Consulting Actuaries and a member of the American Academy of Actuaries.
Obed, representing employers, is the managing director for Marquette Associates and serves on their board of directors.
Tags: American Rescue Plan, PBGC, Special Financial Assistance