Pension Benefit Guaranty Corporation (PBGC)
Janet Dhillon, Director
LaTasha T. Thomas, Special Advisor to the Director
Nick Novak, Inspector General
Jack Lund, General Counsel and Secretary to the Board
Creigh Greensmith, Senior Counselor
Michael Sinacore, Chief Policy Officer
Michael Rae, Deputy Chief Policy Officer
Chris Bone, Director, Policy, Research and Analysis Department
Evan Inglis, Senior Investment Actuary, Policy, Research and Analysis Department
Lisa Carter, Acting Chief Financial Officer
David Mudd, Chief Investment Officer
Jennifer Pettyjohn, Deputy Chief Investment Officer
John Hanley, Chief of Negotiations and Restructuring
Jim O’Neill, Director Negotiations and Restructuring Actuarial Department
Rossi Marcelin, Director, Plan Compliance Department
David Foley, Chief Operating Officer
U.S. Department of the Treasury
Scott Bessent, Secretary of the Treasury
Luke Pettit, Assistant Secretary for Financial Institutions
Matthew Rosenthal, Senior Advisor to the Assistant Secretary for Financial Institutions
Jong Ho Hwang, Senior Policy Advisor, Office of Financial Institutions Policy
U.S. Department of Commerce
Howard Lutnick, Secretary of Commerce
Joyce Meyer, Under Secretary of Commerce for Economic Affairs
Julia Beckhusen, Chief, Industry and Occupation Statistics Branch (Census)
U.S. Department of Labor
Keith Sonderling, Acting Secretary of Labor
Courtney Walter, Chief of Staff to the Acting Secretary
Daniel Aronowitz, Assistant Secretary for the Employee Benefits Security Administration (EBSA)
James Killmond, Principal Deputy Assistant Secretary for EBSA
Ashley Piatt, Employee Benefits Law Specialist, EBSA
The Chair called the meeting to order. He stressed the importance of PBGC’s mission and thanked the attendees for assisting with that mission.
The Chair recognized PBGC Director Janet Dhillon. Director Dhillon reported on the status of significant single-employer plan terminations. The Chair thanked Director Dhillon for her report.
The Chair asked for approval of the minutes from the February 2, 2026, Board meeting. The Board approved the meeting minutes by voice vote.
The Chair then recognized PBGC General Counsel Jack Lund. General Counsel Lund provided an update on significant litigation and other legal matters.
The Chair recognized Chris Bone, the Director of PBGC’s Policy, Research and Analysis Department, and Evan Inglis, PBGC’s Senior Investment Actuary. Messrs. Bone and Inglis reported on the status of PBGC’s single-employer investment portfolio, investment strategy, and premiums. They reported that PBGC is in a net positive position with respect to its investment portfolio and described possible implications. A discussion ensued.
The Chair brought forward a motion to approve Resolution 2026-03, which 1) winds down PBGC’s Smaller Asset Manager Program and 2) increases the manager concentration limit to twenty percent. The Board approved the resolution on a voice vote.
The Chair recognized Rossi Marcelin, Director of PBGC’s Plan Compliance Department, for a report on PBGC’s Special Financial Assistance (“SFA”) program. Mr. Marcelin described the status of the SFA program, noting that the program is approaching its statutory conclusion. Mr. Marcelin highlighted that SFA amounts paid out were less than expected when Congress passed the American Rescue Plan (“ARP”) in 2021, which created the program, and that multiemployer plans that received SFA are projected to remain solvent through 2051 as called for by ARP. A discussion of the SFA program ensued.
The Board reconvened in executive session. Following executive session, there being no further business, the Chair adjourned the meeting.
AGENDA
MEETING OF THE BOARD OF DIRECTORS OF
THE PENSION BENEFIT GUARANTY CORPORATION (PBGC)
Monday, April 27, 2026
10:00 a.m.
- Introduction
- Director's Report
- General Counsel Legal Report
- Investment Policy Statement Review
- Smaller Asset Managers Program
- Special Financial Assistance Program Review
- Executive Session