PBGC's Josh Gotbaum Explains How the Agency Encourages Employers to Sponsor and Retain Plans
Josh Gotbaum talked about the Pension Benefit Guaranty Corporation, what it does, how it operates, and the importance of pensions. During his remarks he said that Americans are not saving enough and suggested that people should save 10 percent of their annual salary in order to maintain their lifestyle in retirement. He stressed retirement security and the need for flexibility to design 21st-century pension options that better fit modern employers and workers. He also talked about American Airlines, which filed for for bankruptcy in late 2011 and considered termination of all employee pension plans .