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The 2017 Pension Political Power 25: Wilbur Ross

No. 6 Wilbur Ross, Secretary of Commerce

ByPeter Vasiliev

February 14, 2017

<25 Top Pension Power Players

6. Wilbur Ross

年代ecretary of Commerce

If Congress approves his nomination to what some have called Donald Trump’s cabinet of deplorables, Secretary of CommerceWilbur Ross, 79, will take center stage in the president’s plan to kick-start the U.S. manufacturing sector. But the so-called king of bankruptcy doesn’t seem to have room for pension funds in his vision of a successful turnaround. Ross made his billions by using a slash-and-burn cost-cutting strategy to drag companies back from the brink of collapse, then selling them for a profit. He punted billions of dollars in defined benefit pension liabilities to a government-owned bailout fund, thePension Benefit Guaranty Corp.As Commerce secretary, Ross would inherit one of three seats on the PBGC’s board, where he would oversee the takeover of retirement funds when companies phased out their defined benefit plans. Ironically, Ross’s boss has his own union pension: According to his financial disclosure filings, Trump has collected more than $168,000 from his Screen Actors Guild union pension — a benefit from his work onThe Apprentice.— Jess Delaney

The 2017 Pension Political Power 25