< The 2015 Pension 40: The Long Climb

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Joshua Gotbaum
Guest Scholar, Economic Studies Program / Brookings Institution
Last year: Not ranked

Joshua Gotbaum was absent from the 2014 Pension 40 ranking after stepping down after four years running the Pension Benefit Guaranty Corp. Now settled in a new role as a guest scholar at the Brookings Institution, the 64-year-old Gotbaum — son of Victor Gotbaum, a legendary New York labor leader, and stepson of Betsy Gotbaum, a two-term New York City public advocate — is back with gusto. Under his tenure the PBGC championed the cause of defined benefit plans and retirement security, and pragmatic reform remains his calling card. Since leaving, Gotbaum, who suffered minor injuries on the Amtrak train that derailed outside Philadelphia in May, has continued both his public pronouncements and his behind-the-scenes work. He has had a hand in three major policy initiatives to come out of the administration in the past 12 months: The Kline-Miller Multiemployer Pension Reform Act of 2014; Department of Labor guidance opening the door to state-run retirement programs; and DoL guidance clarifying how ERISA fiduciaries should handle environmental, social responsibility and corporate governance factors. He says he “pushed” for state retirement accounts, the guidance on ESG and steps to try to save struggling union pension plans. “I helped a variety of groups make their case,” he says. “I’m very happy that all three happened.” The former investment banker, who has served in every Democratic administration going back to Jimmy Carter’s, recognizes that more work remains. In September he and Kathleen Kennedy Townsend (No. 28), among others, were appointed to the Commission on Maryland Retirement Security and Savings to design a retirement savings plan for workers at Maryland companies that don’t offer pension or savings benefits.

 

 
The 2015 Pension 40

1. Bruce Rauner Illinois 2. John & Laura Arnold Laura and John Arnold Foundation Sponsored A Candid Conversation on Real Estate’s Challenges, Cycles, Opportunities and Its Role in Institutional Portfolios Sponsored by Invesco October 16, 2025 3. Chris Christie New Jersey 4. Randi Weingarten AmericanFederation of Teachers 5. Phyllis Borzi U.S. Department of Labor

6. Kevin de León California 7. Alejandro García Padilla Commonwealth ofPuerto Rico 8. Laurence Fink BlackRock 9. Rahm Emanuel Chicago 10. Sean McGarvey North AmericanBuilding Trades Unions

11. John Kline Minnesota 12. J. Mark Iwry U.S. TreasuryDepartment 13. Damon Silvers AFL-CIO 14. Jeffrey Immelt General Electric Co. 15. Joshua Gotbaum Brookings Institution

16. Robin Diamonte United Technologies Corp. 17. Mark Mullet Washington 18. Terry O'Sullivan Laborers' International Union of North America 19. Raymond Dalio Bridgewater Associates 20. Ted Wheeler Oregon

21. Thomas Nyhan Central States Southeast and Southwest Areas Pension Fund 22. Karen Ferguson & Karen Friedman Pensions Rights Center 23. Randy DeFrehn National Coordinating Committee forMultiemployer Plans 24. Robert O'Keef Motorola Solutions 25. Caitlin Long Morgan Stanley

26. Kenneth Feinberg The Law Offices of Kenneth R. Feinberg 27. Orrin Hatch Utah 28. Kathleen Kennedy Townsend Center for Retirement Initiatives, Georgetown University 29. Ian Lanoff Groom Law Group 30. Joshua Rauh Stanford Graduate School of Business

31. Ted Eliopoulos California Public Employees' Retirement System 32. Edward (Ted) Siedle Benchmark Financial Services 33. Teresa Ghilarducci New School for Social Research 34. Denise Nappier Connecticut 35. W. Thomas Reeder Jr. Pension BenefitGuaranty Corp.

36. Hank Kim National Conference on Public Employee Retirement Systems 37. Paul Singer Elliott Management Corp. 38. Bailey Childers National PublicPension Coalition 39. Amy Kessler Prudential Financial 40. Judy Mares U.S. Labor Department