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Department of Labor
R. Alexander Acosta, Secretary of Labor and Chair of the PBGC Board of Directors
Patrick Pizzella, Deputy Secretary
Preston Rutledge, Assistant Secretary, Employee Benefits Security Administration
Jeanne Klinefelter Wilson, Deputy Assistant Secretary, Employee Benefits Security Administration
Ali Khawar, Chief of Staff, Employee Benefits Security Administration
Rebecca Cole, Senior Policy Advisor, Employee Benefits Security Administration
Nicole Swift, Employee Benefits Law Specialist, Employee Benefits Security Administration

Department of the Treasury
Steven T. Mnuchin, Secretary of the Treasury
Kipp Kranbuhl, Acting Assistant Secretary for Financial Institutions
Philip Quinn, Senior Financial Analyst, Office of Financial Institutions Policy
W. Moses Kim, Director, Office of Financial Institutions Policy

Department of Commerce
Wilbur Ross, Secretary of the Department of Commerce
Regina Powers, Economist, Office of the Under Secretary for Economic Affairs
Ken White, Policy Analyst, Office of the Under Secretary for Economic Affairs

Tom Reeder, Director
Judith Starr, General Counsel and Secretary to the Board
Ann Orr, Chief of Staff
Patricia Kelly, Chief Financial Officer
Michael Rae, Deputy Chief Policy Officer
David Foley, Chief of Benefits Administration
John Greenberg, Chief Investment Officer
Robert Scherer, Chief Information Officer

PBGC Office of Inspector General 
Bob Westbrooks, Inspector General
Nick Novak, Deputy Inspector General

PBGC Office of the Participant and Plan Sponsor Advocate
Constance Donovan, Participant and Plan Sponsor Advocate
Camille Castro, Senior Associate Participant and Plan Sponsor Advocate

The Chair called the meeting to order and welcomed the attendees. The minutes of the previous meeting having been approved by prior written resolution, the Chair offered a motion to approve the agenda, which passed.  Recognizing this is likely Director Reeder’s last meeting, the Chair commended Director Reeder for his commitment to PBGC since his appointment in October 2015.   The Chair then presented the following resolution for approval by the Board Members:

RESOLVED, that this Board expresses its sincere gratitude to W. Thomas Reeder for his dedication and service as the PBGC Director. Throughout his service, Mr. Reeder demonstrated a clear commitment to the mission of PBGC and to preserving pensions for America’s workers.  Due to Mr. Reeder’s leadership and support, PBGC has been and will continue to be an important part of the effort to enhance retirement security by preserving defined benefit plans.  For his contributions and dedication to public service, the Board hereby expresses its profound appreciation.

Director Reeder thanked the Board and their staffs, noting that his legacy would be attributable to their efforts and those of PBGC’s executive management committee.  He expressed his commitment to a smooth transition to a new director, noting this will be the first time in PBGC history a director will be present at the swearing in of his successor.

The Chair then turned to the established agenda (Attachment 1) and recognized Deputy Assistant Secretary Jeanne Klinefelter Wilson.

Deputy Assistant Secretary Wilson presented changes to the Investment Policy Statement (IPS) requested by the Board at its December 2018 meeting that would implement recommendations made by the Advisory Committee to incorporate the Liability Driven Investment (LDI) glide path strategy into the IPS with specific target ranges for the asset allocation and interest rate hedge ratio.  The recommended changes also clarify that the glide path has a one-way ratchet – improvement in funded status leads to a removal of some portion of return-seeking assets, but a decline will not cause their return. Deputy Assistant Secretary Wilson further noted that PBGC and Board staff agree with these changes.

Following a discussion among the Board Members, the Board voted to approve the changes to the IPS.  The Chair then recognized Inspector General Bob Westbrooks.

Inspector General Westbrooks discussed the work of his office in the area of data protection.  He expressed confidence in the level of coordination between management and his office in responding to cases of data misuse and in addressing issues raised by IG Risk Advisories on the issue.  In terms of the overall control environment, open audit recommendations are about where he would expect them to be, given the constantly evolving nature of federal IT standards.

The Chair next recognized Participant and Plan Sponsor Advocate Constance Donovan.  Ms. Donovan discussed the work of her office and recognized the many areas in which PBGC management has worked with her to improve the customer experience.

There being no other business, the Board went into Executive Session with the Inspector General.

Attachment 1







April 23, 2019

11:00AM – 12:00PM




  1.  Introduction                                                                  Secretary Acosta
  2.  PBGC Investment Policy Statement                             EBSA Deputy Assistant Secretary Discussion and approval Of updates
  3. OIG  Update                                                                 Inspector General
  4. Participant and Plan Sponsor Annual Report              PBGC Advocate Connie Donovan
  5.  OIG Executive Session                                                Inspector General Bob Westbrooks
  6. Board Member Executive Session (if needed)            Board Members



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