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Meeting of the Board of Directors of the Pension Benefit Guaranty Corporation June 14, 2016


Designated Representatives of the Board Members
Amias Gerety, Acting Assistant Secretary for Financial Institutions, Department of the Treasury (Designated Representative of Secretary of the Treasury Jacob J. Lew)
Justin Antonipillai, Counselor to the Secretary performing the duties of the Under Secretary of Economic Affairs (Designated Representative of Secretary of Commerce Penny Pritzker)   

Tom Reeder, Director
Ann Orr, Chief of Staff
Judith R. Starr, General Counsel and Secretary to the Board
Michael Rae, Deputy Chief Policy Officer
Chris Bone, Director, Policy Research and Analysis Department
Jensen Chan, Division Manager, Policy Research and Analysis Department
Gail Sevin, Legislative Affairs Manager, Office of Policy and External Affairs

Other Board Agency Staff
Judy Mares, Deputy Assistant Secretary, Employee Benefits Security Administration, Department of Labor
Hilary Duke, Division Chief, Office of Policy and Research, Employee Benefits Security Administration, Department of Labor
Nicole Swift, Employee Benefits Law Specialist, Employee Benefits Security Administration
Rick Lattimer, Policy Analyst, Economics and Statistics Administration, Department of Commerce
Kim Egert, Senior Policy Advisor, Office of Financial Institutions Policy, Department of the Treasury
Phil Quinn, Senior Policy Analyst, Office of Financial Institutions Policy, Department of the Treasury

The Board, through its representatives duly designated pursuant to section 4002.3(b)(1) of the Corporation's Bylaws, met telephonically on June 14, 2016.  The Acting Chair, Acting Assistant Secretary of the Treasury Amias Gerety, called the meeting to order at 1:34 p.m.  

The Acting Chair explained that the purpose of the meeting was to review and approve transmittal of the Corporation's 2015 Projections Report and the one-time report required under the Multiemployer Pension Reform Act. (MPRA Report).  The FY 2015 Projections Report provides an actuarial evaluation of PBGC's future expected operations and financial status. The MPRA Report analyzes whether current premium levels are sufficient for the PBGC to meet its multiemployer financial assistance obligations for ten- and twenty-year periods beginning with 2015.  

The FY 2015 Projections Report is required under ERISA to complete the PBGC FY 2015 Annual Report.  

The Acting Chair thanked PBGC management and staff for all their hard work on the two reports.  He explained that, upon approval, the reports will be transmitted to the President, the Congress, and the Director of the Office of Management and Budget, and released to the public following the correction of any technical errors.  Corrections must be agreed to among the Board Representatives.   

The Acting Chair explained that the PBGC's bylaws provide that actions taken by designated Board Representatives at a Board meeting involving approval of reports are effective, provided that they are ratified in writing by the Board Members within a reasonable period of time after the meeting.  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.

The Acting Chair then requested a motion to approve, absent any material changes, transmittal of the Corporation's fiscal year 2015 Projections Report and MPRA Report to the President, the Congress, and the Director of Management and Budget.  It was so moved, and the motion was passed.

The meeting adjourned at 1:47 p.m.

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