Bradley Belt, the Executive Director of the Pension Benefit Guaranty Corporation, has tendered a letter of resignation. Belt plans to step down on May 31 and the resignation marks the end of his two year leadership of the organization.

The PBGC, which insures defined benefit plans, is a 31 year old insurance fund created by Congress. The PBCG has a reported deficit of $22.8 billion. According to the Congressional Budget Office, the deficit will grow to as much as $91 billion in 20 years.

The PBGC is financed by insurance premiums paid by companies that sponsor traditional pension plans. It also earns money from investments. However, with the current deficit, experts fear a risk of a future taxpayer financed bailout.

Ray