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Wellesley, Mass., Investment Executive Heads for Federal Pension Insurer Post.
Byline: Beth Healy
Nov. 30--Three weeks after declining the top job at the state Department of Revenue, Steven A. Kandarian is quitting his Wellesley investment firm for a post in Washington, running the federal insurer that takes over pension plans of bankrupt companies.
Kandarian, 49, yesterday was named executive director of the Pension Benefit Guaranty Corp., the US Department of Labor announced. An active Republican supporter with contacts in the Bush administration, Kandarian turned down Governor Jane M. Swift's recent offer for a chance at the national stage.
"I would have been honored to have served Governor Swift as her commissioner of the Department of Revenue, had this opportunity not been presented to me," Kandarian said.
He takes over the pension agency at a challenging time, with the economy in a recession and some major companies having already declared bankruptcy, including Polaroid Corp. and Bradlees Stores Inc. The group insures 38,000 traditional pension plans, which are funded by employers.
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