Designated Representatives of the Board Members
Daniel Aronowitz, Assistant Secretary, Employee Benefits Security Administration (EBSA) (Designated Representative of Secretary of Labor Lori Chavez-DeRemer)
Luke Pettit, Assistant Secretary for Financial Institutions (Designated Representative of Secretary of the Treasury Scott Bessent)
Pension Benefit Guaranty Corporation
Janet Dhillon, Director
LaTasha Thomas, Special Advisor to the Director
Charles Bolton, Senior Policy Advisor
Karen Morris, General Counsel and Secretary to the Board
Lisa Carter, Acting Chief Financial Officer
Michael Rae, Acting Chief Policy Officer
Christopher Bone, Director, Policy, Research and Analysis Department
Steven Young, Director, Financial Operations Department (FOD)
Bruce Johnson, Supervisory Accountant, FOD
Anthony Castoro, Lead Staff Accountant, FOD
Valerie Young, Division Manager, Audit Coordination & Compliance Evaluation Division, Corporate Controls & Reviews Department
PBGC Office of Inspector General
Nick Novak, Inspector General
Brooke Holmes, Deputy Inspector General
Anna Oglesby, Federal Auditor
Tyson Lee, IT Specialist Auditor
PBGC Office of the Participant and Plan Sponsor Advocate
Anne Henderson, PBGC Participant and Plan Sponsor Advocate
Board Agency Staff
Margie Almanza, Chief of Staff, EBSA, U.S. Department of Labor (DOL)
Jack Lund, Senior Policy Advisor, EBSA, DOL
David Androphy, Policy Advisor, EBSA, DOL
Ashley Piatt, Employee Benefits Law Specialist, EBSA, DOL
Janelle Leung-Tat, Employee Benefits Law Specialist, EBSA, DOL
Matthew Rosenthal, Senior Advisor, U.S. Department of Treasury (Treasury)
Moses Kim, Director, Office of Financial Institutions Policy, Treasury
Jong Ho Hwang, Senior Policy Advisor, Office of Financial Institutions Policy, Treasury
James Christy, Associate Director for Demographic Programs, U.S. Census Bureau
Julia Beckhusen, Senior Economist, U.S. Census Bureau
KPMG
Sherif Ettefa, Engagement Partner, KPMG
Ronald Bozant, Audit Managing Director, KPMG
Mollie Thaler, Lead Senior Audit Manager, KPMG
The Board, through its representatives designated pursuant to section 4002.1(b) of the PBGC Bylaws (29 C.F.R. § 4002.1(b)), met on January 13, 2026. The Chair, Assistant Secretary of Labor Daniel Aronowitz, called the meeting to order. The Chair welcomed Luke Pettit, Assistant Secretary for Financial Institutions for the Treasury Department and James Christy, Associate Director for Demographic Programs, U.S. Census Bureau.1
The Chair thanked PBGC management and staff, highlighting the efforts of PBGC Acting CFO Lisa Carter and Financial Operations Director Steven Young, and thanked Director Dhillon for her leadership. The Chair extended his appreciation to the PBGC Inspector General and KPMG, the independent auditors (Independent Auditors or KPMG) for their review of the Annual Report.
The Chair explained that the President’s Management Agenda requires agencies to close their financial books within 45 days of the end of the fiscal year (FY) and report their financial condition to the President, Congress, and the Office of Management and Budget. Further, he noted the purpose of the meeting was to review and approve transmittal of the Corporation’s FY 2025 financial statements and other relevant documents in accordance with OMB Circulars A-11 and A-136, to the President, Congress, and OMB. Additionally, the report is supplemented by the Chair’s message and the Director’s message.
The Chair noted that the PBGC Board will approve the PBGC FY 2025 Annual Report upon completion of the actuarial analysis required by ERISA Section 4008. In addition, the meeting will be treated as a meeting of the Board and minutes will be kept. The Chair explained that the Annual Report will not be released immediately but is subject to technical corrections agreed to by the Board Representatives, and upon receipt of the Independent Auditors’ final report. Finally, the Chair noted that under PBGC’s bylaws, actions taken by designated Board Representatives at a Board meeting are effective, provided they are ratified in writing by the Board Members.
The Chair recognized PBGC Director Janet Dhillon. The Director highlighted the team effort required to produce the Annual Report amidst challenges including the government shutdown, the arrival of a new Director and new Independent Auditors. The Director expressed appreciation for the team’s knowledge and professionalism, highlighting the work done by Lisa Carter, Steven Young, Michael Rae and their teams as well as the PBGC Executive Management Committee.
The Chair recognized Inspector General (IG) Nick Novak to discuss the audit along with KPMG partner Sherif Ettefa. The IG reported that the FY 2025 financial statement audit is complete and expressed appreciation to the KPMG team for their outstanding work in their first year performing this audit. The IG thanked Mr. Ettefa, Mr. Bozant, and Ms. Thaler for their leadership and hard work.
The IG thanked PBGC for working cooperatively with KPMG in response to several hundred requests for information. He conveyed special thanks to the CFO’s office for ensuring the agency provided timely responses to KPMG’s requests, while protecting retirement security for millions of Americans. The IG reported that KPMG issued an unmodified audit opinion on the PBGC FY2025 financial statements and internal controls. KPMG identified one significant deficiency related to PBGC’s monitoring of internal controls at service organizations. The IG acknowledged that PBGC management has begun developing a corrective action plan and recognized Mr. Ettefa.
Mr. Ettefa thanked OIG and PBGC for their professionalism and support throughout the audit and congratulated PBGC on receiving an unmodified opinion on both PBGC’s financial statements and its internal controls over financial reporting. Mr. Ettefa noted the audit report will identify one significant deficiency concerning internal controls. KPMG’s audit was performed in accordance with AICPA professional standards and the Government Auditing Standards of OMB Bulletin No. 24-02, Audit Requirements for Federal Financial Statements. KPMG will address its findings in a letter to PBGC with further details.
The Chair and the other Board representatives thanked the Independent Auditors. The Chair requested a motion to approve, absent any material changes, transmittal of the Corporation’s FY 2024 financial statements, annual performance 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 OMB. The motion was made, and upon being seconded, passed. The meeting was then adjourned.
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1James Christy attended for the Department of Commerce. He participated in discussions but did not have voting rights.
AGENDA
MEETING OF THE BOARD REPRESENTATIVES
OF THE PENSION BENEFIT GUARANTY CORPORATION (PBGC)
Tuesday, January 13, 2026
11:00 a.m.
- Introduction
- Discussion of Annual Report
- Motion to Approve Report
- Conclusion