You are here

Minutes Of The Board Of Directors' Meeting Of The Pension Benefit Guaranty Corporation Held November 14, 2018

Minutes Of The Board Of Directors' Meeting Of The Pension Benefit Guaranty Corporation Held November 14, 2018

Designated Representatives of the Board Members

Preston Rutledge, Assistant Secretary, Employee Benefits Security Administration, Department of Labor (Designated Representative of Secretary of Labor Alexander Acosta)
Kipp Kranbuhl, Acting Assistant Secretary for Financial Institutions, Department of the Treasury (Designated Representative of Secretary of the Treasury Steven Mnuchin)
Karen Dunn Kelley, Under Secretary for Economic Affairs, Department of Commerce (Designated Representative of Secretary of Commerce Wilbur Ross)

PBGC

Thomas Reeder, Director
Judith Starr, General Counsel and Secretary to the Board
Patricia Kelly, Chief Financial Officer
Ann Orr, Chief of Staff
Michael Rae, Deputy Chief Policy Officer
David Foley, Chief Benefits Officer
Alice Maroni, Chief Management Officer
Theodore Winter, Director, Financial Operations Department
Walter Luiza, Deputy Director, Financial Operations Department
Bruce Johnson, Financial Operations Department
Ted Goldman, Director, Policy Research and Analysis Department
Scott Young, Chief Actuary, Office of Benefits Administration
Martha Threatt, Director, Communications and Legislative Affairs Department

PBGC Office of Inspector General

Bob Westbrooks, Inspector General
Nick Novak, Deputy Inspector General
Brooke Holmes, Assistant Inspector General for Audit
Anna Oglesby, Auditor

Other Board Agency Staff

Ali Khawar, Chief of Staff, Employee Benefits Security Administration, Department of Labor
Mark Dundee, Senior Policy Advisor, Employee Benefits Security Administration, Department of Labor
Nicole Swift, Employee Benefits Law Specialist, Employee Benefits Security Administration, Department of Labor
Philip Quinn, Senior Financial Analyst, Office of Financial Institutions Policy, Department of the Treasury
Regina Powers, Economist, Office of the Under Secretary for Economic Affairs, Department of Commerce
Ken White, Policy Analyst, Office of the Under Secretary for Economic Affairs, Department of Commerce

CliftonLarsonAllen (outside audit firm)

Marlon Perry, Principal
David Harris, IT Manager
Jillian Manning, Director
Jacob Stroupe, IT Auditor

The Board, through its representatives duly designated pursuant to section 4002.1(b) of the PBGC Bylaws, met on November 14, 2018.  The Acting Chair, Assistant Secretary of Labor Preston Rutledge, called the meeting to order.

The Acting Chair thanked PBGC management and staff for all their hard work throughout the financial audit, especially Chief Financial Officer Patricia Kelly and Financial Operations Director Ted Winter.  He also extended his thanks to the Office of the Inspector General and the independent auditors. The Acting Chair explained that the purpose of the meeting was to review and approve transmittal of the Corporation’s fiscal year 2018 financial statements, annual performance report, independent auditors report, and other documentation in conformance with OMB Circulars A-11 and A-136, to the President, the Congress, and the Director of the Office of Management and Budget by November 15, 2018.  Additionally, the report is supplemented by the Chair’s message and the Director’s message.  He stated that the Board would approve the PBGC fiscal year 2018 Annual Report required by section 4008 of ERISA once the actuarial analysis required by that section is completed.  The Acting Chair noted that, on approval, the report comprising these documents will not be immediately released but will be subject to technical corrections agreed to among 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.

Director Tom Reeder echoed the Acting Chair’s thanks to PBGC staff and lauded the Office of Inspector General and the independent auditors CliftonLarsonAllen (CLA) for their constructive examinations of PBGC data and processes.  He expressed his appreciation for the Board Representatives’ attendance and recognized the contributions of their staff in carefully reviewing the Annual Report.

The Acting Chair then recognized Inspector General Robert Westbrooks. The Inspector General thanked his staff and CLA staff for all their hard work.  He commended Director Reeder for setting the tone at the top at PBGC on the importance of internal controls. The Inspector General then introduced Marlon Perry, CliftonLarsonAllen principal.

Mr. Perry observed that this is the 26th year in which PBGC has received an unmodified opinion on the financial statements and the third year in a row that it is receiving an unmodified opinion on internal controls.  The collaborative effort between the audit staff and PBGC staff, he noted, is responsible for bringing this audit to a successful conclusion.  

The Board Representatives congratulated PBGC on attaining the unmodified opinions. The Acting Chair then requested a motion to approve, absent any material changes, transmittal of the Corporation’s fiscal year 2018 financial statements, annual performance report, independent auditors report, and other documentation in conformance with OMB Circulars A-11 and A-136, supplemented by the Chair’s message and the Director’s message, to the President, the Congress, and the Office of Management and Budget by November 15. The motion was made, and upon being seconded, passed. The meeting then adjourned.

Last updated July 24, 2019