By: Russ Kamp, CEO, Ryan ALM, Inc.

As a follow-up to Tuesday’s PBGC blog post, Janet Dhillon was sworn in as the 17th director of the Pension Benefit Guaranty Corporation on November 3, 2025. “I am privileged to serve as the PBGC’s director and committed to ensuring PBGC achieves operational excellence and transparency,” Dhillon said. “I look forward to leading the agency in its mission to protect the retirement security of millions of American workers, retirees, and beneficiaries whose pensions are insured by PBGC.”

Let’s hope that her commitment includes looking at ways to reduce the cost to insure these plans which is often cited as a reason that many have sought to offload pension liabilities through a pension risk transfer. As I stated in the original post, premium increases didn’t seem warranted for private plans given the massive surplus. Also, there are still more than 100 multiemployer plans going through the ARPA/SFA process. Let’s hope that she is committed to this legislation, too.