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Virtual Meeting of the Board of Directors of the PBGC Tuesday, January 11, 2022 4:30 – 5:30 pm (ET)

U.S. Department of Labor
Martin J. Walsh, Secretary of Labor, and Chair, PBGC Board of Directors
Ali Khawar, Acting Assistant Secretary, Employee Benefits Security Administration (EBSA)
Mary Beech, Chief of Staff, EBSA
Nicole Swift, Division Chief, EBSA
Ashley Piatt, Employee Benefits Law Specialist, EBSA

U.S. Department of the Treasury
Janet L. Yellen, Secretary of the Treasury Benjamin Harris, Counselor to the Secretary
David Lebryk, Fiscal Assistant Secretary
Felton Booker, Deputy Assistant Secretary, Financial Institutions Policy W. Moses Kim, Director, Office of Financial Institutions Policy Philip Quinn, Senior Financial Analyst, Office of Financial Institutions Policy Carol Weiser, Benefits Tax Counsel

U.S. Department of Commerce
Don Graves, Deputy Secretary of Commerce
Ronnie Chatterji, Chief Economist
Sam Marullo, Policy Advisor to the Secretary

Pension Benefit Guaranty Corporation
Gordon Hartogensis, Director, Pension Benefit Guaranty Corporation
Russ Dempsey, General Counsel and Secretary to the Board
Kristin Chapman, Chief of Staff
Ann Orr, Chief Policy Officer
Patricia Kelly, Chief Financial Officer
David Foley, Chief of Benefits Administration
Alice Maroni, Chief Management Officer
Karen Morris, Chief of Negotiations and Restructuring
Robert Scherer, Chief Information Officer
Michael Rae, Deputy Chief Policy Officer
John Greenberg, Chief Investment Officer
Rossi Marcelin, Plan Compliance Department Director
Ted Goldman, Policy, Research and Analysis Department Director
Jim Donofrio, Negotiations and Restructuring Actuarial Department Director
Diane Braunstein, Quality Management Department Director
Juliet Felent, Procurement Department Director

PBGC Office of Inspector General
Nick Novak, Inspector General
John Seger, Assistant Inspector General for Audit PBGC Office of the Participant and Plan Sponsor Advocate
Camille Castro, Senior Associate Participant and Plan Sponsor Advocate
Dale Davis, Law Clerk

The Chair called the virtual meeting to order and welcomed the attendees. The Chair noted that Connie Donovan, PBGC Participant and Plan Sponsor Advocate, was unable to attend the meeting. The Chair thanked Director Hartogensis and the PBGC team for their work, and he asked for approval of the minutes from the September 22, 2021 meeting. The Board approved the meeting minutes by voice vote. The Chair previewed the meeting agenda then proceeded accordingly.

The Chair recognized PBGC Director Gordon Hartogensis. Director Hartogensis discussed PBGC’s Annual Report, including the financial status of the single-employer and multiemployer programs. After a report on PBGC’s investment performance, the Director discussed PBGC’s project with the Advisory Committee regarding a volatility reserve. Next, the Director provided an update on the American Rescue Plan (ARP) and the status of PBGC’s Special Financial Assistance (SFA) Program for qualifying multiemployer plans. The Director concluded his remarks by noting that PBGC will continue to coordinate with the Board agencies on issuing a final SFA rule.

The Chair thanked Director Hartogensis for his report. The Chair recognized Michael Rae, Deputy Chief Policy Officer, who reported on the SFA Program. Mr. Rae’s report included the plans that have applied for SFA, review status, and approval of qualified applications. The Chair thanked Mr. Rae and PBGC for their work on the SFA Program, then recognized John Greenberg, Chief Investment Officer.

Mr. Greenberg reported on PBGC’s Smaller Asset Managers Pilot Program, and a discussion followed. The Chair thanked Mr. Greenberg for his report and requested that the Board Representatives work with PBGC on a recommendation and a potential resolution to make the Smaller Asset Managers Pilot Program permanent. The Chair also asked that the Board Representatives work with PBGC to explore whether and how PBGC might expand the Program.

The Chair then recognized Inspector General Nick Novak. The Inspector General stated that the independent auditors, Ernst and Young, found that PBGC’s financial statements were presented fairly, in all material respects, in conformity with generally accepted accounting principles, as of September 30, 2021. This was the 29th consecutive unmodified financial statement audit opinion. Mr. Novak noted one deficiency relating to reevaluation of policies, procedures, and controls when significant changes to programs occur. Next, the Inspector General noted that PBGC is compliant with the Data Act, including its requirements for completeness, timeliness, quality, and accuracy of the data, and implementation and use of the government-wide financial data standards established by OMB and Treasury. The Inspector General concluded his report with an update on the three projects his office has initiated regarding the ARP and SFA Program. The Board members noted their appreciation for the OIG’s careful review of all aspects of PBGC.

The Chair again thanked Director Hartogensis and commended him and PBGC staff for their efforts this year and adjourned the meeting.  



Tuesday, January 11, 2022
4:30 – 5:30 pm (ET)


I. Introduction by Secretary Walsh and Approval of the September 22 meeting minutes

II. Director’s Report

III. American Rescue Plan Implementation – Special Financial Assistance

IV. Briefing on the Smaller Asset Managers Pilot Program

V. OIG Update

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