As the chief executive officer of PBGC, Belt oversaw the U.S. government corporation that insures the pension benefits of private sector workers and retirees. He also played a leading role in the historic overhaul of U.S. pension rules, giving millions of Americans a better chance of getting the retirement benefits they earned. The bill also created added incentives for greater worker participation in 401(K)s.
He previously served as senior vice president of CSIS, responsible for policy development, corporate strategy, and oversight of the Center's international finance, information technology, and domestic policy initiatives.
The PBGC was set up by the Employee Retirement Income Security Act (ERISA) of 1974, to guarantee defined benefit pension plan benefits for plan sponsors that become insolvent when there are too few pension plan assets to fully pay all insured pension benefits. During Belt's tenure as director, the PBGC took on extensive liabilities from terminated pension plans, including United Air Lines, and became massively underfunded. On March 23, 2006 he announced his intention to resign effective May 2006.
Belt has been at the center of policy on pensions and international finance. He has served in senior roles at the Securities Exchange Commission, the United States Senate Committee on Banking, Housing and Urban Affairs, and as a senior vice president of the Center for Strategic and International Studies. He was named by SmartMoney as one of its Power 30 in finance and by Workforce magazine as one of its "10 Most Forward-Thinking Leaders in Workforce Management."
Belt earned his J.D. at Georgetown University Law Center.
Interview: Bradley Belt discusses the ruling that will allow United Airlines to hand its pension obligations over to the Pension Benefit Guaranty Corporation
May 11, 2005; FRANK STASIO Talk of the Nation (NPR) 05-11-2005 Interview: Bradley Belt discusses the ruling that will allow United Airlines to...
Analysis: Parent Company Of United Airlines Will Ask Bankruptcy Court To Let It Terminate Its Employee Pensions
May 10, 2005; Cheryl Corley Morning Edition 05-10-2005 Host: United plans to shift control of its severely underfunded pensions to the Pension...
Analysis: Parent company of United Airlines will ask bankruptcy court to let it terminate its employee pensions
May 10, 2005; STEVE INSKEEP Morning Edition (NPR) 05-10-2005 Analysis: Parent company of United Airlines will ask bankruptcy court to let it...