Kelly Garfinkle Strategic Restructuring balances employees' need for a secure retirement income with the need of employers to have an affordable and predictable pension cost. We achieve this by crafting creative and practical solutions for our clients. 


core-valueCore Values

Results Oriented – We deliver the best possible solutions for our clients.
Pragmatic – We identify strategies that are practicable and achievable.
Candid Assessments – We tell the truth, even if it's difficult to hear.
Innovative – We seek creative solutions that provide the best result.
– We work with all sides of the table.


Our expertise includes defined benefit pension liability workout for both private and public defined benefit plan sponsors of single, multiple and multi-employer plans.

KGSR advises companies, unions, plans, investors (and their advisors) facing current or future pension challenges or opportunities for change. KGSR provides comprehensive support for pension plan termination, both inside and outside of bankruptcy. We have in-depth knowledge of the Pension Benefit Guaranty Corporation (PBGC), including its Early Warning and 4062(e) programs, Reportable Events and Minimum Funding Waivers.


Suzanne Kelly mo

Suzanne Kelly and Mo Garfinkle formed KGSR to respond to the need of employers and employees to resolve the uncertainties surrounding defined benefit pension plans. Interest in these plans began to change during the 1980s and 1990s as business operations became more global and workers became more mobile. In 2006, the Pension Protection Act (PPA) brought increased funding requirements for qualified defined benefit pension plans, unexpectedly shortening the time frame companies had to fully fund their plans. Two years later, in 2008, just as the new rules under PPA were being implemented, the economy crashed, putting all the pieces in place for a perfect storm for defined benefit plans. The Great Recession has kept many plans and their sponsors from recovering. As for the future, multiple uncertainties lie ahead as we slowly crawl out of this Great Recession.

Suzanne Kelly and Mo Garfinkle recognized that these volatile times call for an experienced team who can focus on finding solutions that create certainty for everyone. In 2013, they launched KGSR.


Why are defined benefit pension plans an issue today? Or what’s different?

Defined benefit pension plans have been around for a number of decades, and there have always been times in economic cycles when some defined benefit pension plan sponsors have been unable to fulfill their commitments.  Sometimes it was because the sponsor faced a problem that was unique to them, and at other times it was because of wholesale structural changes in the industry that many sponsors could not adapt to.

What’s different today?  In the past number of years, “off shoring” has increased significantly, along with the mechanization of work.  These changes have helped move the U.S. economy from a manufacturing-based economy to a service-based economy.  At the same time we have seen enormous social changes. Workers are much more mobile than in any time in history, and many fewer baby boomers are spending twenty to thirty years at the same company.  All of these factors have resulted in employees having less interest in defined benefit pension plans.



Our Website

by Suzanne Kelly, Co-Founder & Principal KGSR

Welcome to our website, Kelly Garfinkle Strategic Restructuring LLC, or KGSR. We are a new boutique firm dedicated to helping all parties find solutions to pension issues that support a secured retirement for employees at a predictable and sustainable cost for employers.

The increasing mobility of workers and rising and variable costs associated with the current defined benefit pension plan model demands new solutions for a guaranteed retirement income. The best outcomes are developed when all parties come to the table armed with an understanding of all the options and a willingness to try new solutions.