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Meeting of the Board of Directors of the Pension Benefit Guaranty Corporation September 25, 2015

Designated Representatives of the Board Members

Phyllis C. Borzi, Assistant Secretary of Labor, Employee Benefits Security Administration (Designated Representative of Secretary of Labor Thomas E. Perez)
Amias Gerety, Acting Assistant Secretary for Financial Institutions, Department of the Treasury (Designated Representative of Secretary of the Treasury Jacob J. Lew)

Designated Representatives of the Board Members

Judith R. Starr, General Counsel and Secretary to the Board
Chris Bone, Director, Policy Research and Analysis Department

The Board, through its representatives duly designated pursuant to section 4002.3(b)(1) of the Corporation's Bylaws, met telephonically on September 25, 2015.  The Acting Chair, Assistant Secretary of Labor Phyllis C. Borzi, called the meeting to order at 6:00 p.m.

Other Agency Board Staff

 Hilary Duke, Division Chief, Office of Policy and Research, Employee Benefits Security Administration, Department of Labor
Rick Lattimer, Policy Analyst, Economics and Statistics Administration, Department of Commerce
Kim Egert, Senior Policy Advisor, Office of Financial Institutions Policy, Department of the Treasury
Phil Quinn, Senior Policy Analyst, Office of Financial Institutions Policy, Department of the Treasury

The Acting Chair explained that the purpose of the meeting was to review and approve transmittal of the Corporation's 2014 Projections Report to the President, the Congress, and the Director of the Office of Management and Budget.   The Report provides an actuarial evaluation of PBGC's future expected operations and financial status as required under section 4008 of ERISA. The FY 2014 Projections Report includes estimates and projections for both the single-employer and the multiemployer programs over the next decade and beyond. 

Consistent with last year's report, the FY 2014 report shows that while the single-employer program is still likely to remain in net deficit over the 10-year projection period, some improvement is likely due to improved economic conditions and other factors.  In contrast, while recent legislation is expected to postpone the date that PBGC's multiemployer trust fund is likely to run out of money and to significantly reduce the magnitude of future program deficits, it does not fully resolve the issues facing the program and the participants whose benefits it guarantees. The multiemployer trust fund is more likely than not to run out of money in 2025.  The FY 2014 report also reflects some significant changes made to improve the Pension Insurance Modeling System (PIMS).

The Acting Chair explained that, upon approval, the Report will be transmitted and released to the public following correction of any technical errors agreed to by all the Board Representatives.  The minutes of this meeting will be circulated to the Board Members with their approval thereof constituting ratification of the acts of the Board Representatives.

 The Acting Chair thanked PBGC management and staff for all their hard work on the Report.  She then requested a motion to approve, absent any material changes, transmittal of the Corporation's fiscal year 2014 Projections Report to the President, the Congress, and the Director of Management and Budget.  The motion was made, and upon being seconded, passed.

 The meeting adjourned at 6:10 p.m.