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PBGC Board of Directors Meeting

December 12, 2012


Department of Labor

Hilda L. Solis, Secretary of Labor and Chair of the PBGC Board of Directors
Phyllis C. Borzi, Assistant Secretary of Labor, Employee Benefits Security Administration 
Hilary Duke, Division Chief, Office of Policy and Research, Employee Benefits Security Administration
Nicole Swift, Employee Benefits Law Specialist, Employee Benefits Security Administration 

Department of the Treasury

Mary J. Miller, Under Secretary for Domestic Finance
Philip Quinn, Senior Policy Analyst, Office of Financial Institutions Policy
Matthew Carey, Policy Advisor 

Department of Commerce

Rebecca M. Blank, Acting Secretary of Commerce and Deputy Secretary of Commerce
Mark Doms, Chief Economist
Rick Lattimer, Policy Analyst, Economics and Statistics Administration


Joshua Gotbaum, Director
Ann Orr, Chief of Staff
Laricke Blanchard, Deputy Director for Policy
Philip Hertz, Deputy General Counsel and Acting Secretary to the Board
Patricia Kelly, Chief Financial Officer
Leslie Kramerich, Deputy Chief Policy Officer
Alice Maroni, Chief Management Officer
Sanford Rich, Chief of Negotiations and Restructuring
Michael Rae, Deputy Chief or Negotiations and Restructuring
Diane Braunstein, Director, Quality Management
Vadim Glukhovsky, Special Assistant to the Director 

PBGC Office of Inspector General
Rebecca Anne Batts, Inspector General
Joseph Marchowsky, Assistant Inspector General for Audit
Curtis Flood, Acting Assistant Inspector General for Investigations 


 The Chair called the meeting to order at 10:34 am. 

 Director Joshua Gotbaum reported on some of the Corporation's recent accomplishments, notably its 20th consecutive clean opinion from its auditors. He introduced several new staff members. Director Gotbaum then discussed the trend of some companies to offer participants lump sum distributions from their defined benefit plans.  The Chair asked staff and board representatives to consider the issue further and report at a later meeting. 

 Chief Financial Officer Patricia Kelly reported on the highlights of PBGC's Fiscal Year 2012 Financial Statements.  She also addressed PBGC's investment results for the year. 

 Deputy Chief of Negotiations and Restructuring Michael Rae addressed the state of the multiemployer program.  He noted that the deficit on the multiemployer side has been growing. The Board discussed the need for legislative changes to address multiemployer plans and the PBGC program. 

 Board Representative Phyllis Borzi provided an update of the peer review of PIMS.  She advised that SSA would provide a report by October, 2013. 

 Director Gotbaum reported on issues related to the Benefit Administration and Payment Department (BAPD) and actions being taken by new BAPD Director Philip Langham. 

 The Board then went into executive session with Inspector General Rebecca Batts, followed by its own executive session. The meeting concluded at 12:18 pm.


Wednesday, December 12, 2012
10:30 AM - 12:00 PM


  1. Introduction by Secretary Solis
  2. Director's Report
  3. FY 2012 Investment and Financial Update
  4. Multiemployer Plan Program
  5. Update - Peer Review of PIMS
  6. Update - Benefits Administration and Payment Department - Plan asset revaluation work
  7. OIG Update
  8. Executive Session with OIG
  9. Board Member Executive Session