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Meeting of the Board of Directors of the Pension Benefit Guaranty Corporation - June 21, 2017, 2:00 to 3:30 p.m.

Meeting of the Board of Directors of the Pension Benefit Guaranty Corporation - June 21, 2017, 2:00 to 3:30 p.m.

Attendees

Department of Labor
Alex Acosta, Secretary of Labor and Chair of the PBGC Board of Directors
Tim Hauser, Deputy Assistant Secretary for Program Operations, Employee Benefits Security Administration
Paul Ray, Counselor to the Secretary
Nick Geale, Acting Solicitor of Labor
Ali Khawar, Senior Policy Advisor, Employee Benefits Security Administration
Teresa Bloom, Acting Division Chief, Office of Policy and Research, Employee Benefits Security Administration
Nicole Swift, Employee Benefits Law Specialist, Employee Benefits Security Administration
Graham Boone, Detailee, Employee Benefits Security Administration

Department of the Treasury
Steven T. Mnuchin, Secretary of the Treasury
David Lebryk, Fiscal Assistant Secretary
Jared Sawyer, Deputy Assistant Secretary for Financial Institutions Policy and Acting Assistant Secretary for Financial Institutions
Sarah Hammer, Director of the Office of Financial Institutions Policy
Philip Quinn, Senior Policy Analyst, Office of Financial Institutions Policy

Department of Commerce
Wilbur Ross, Secretary of the Department of Commerce
Wendy Teramoto, Chief of Staff
Brad Burke, Deputy Under Secretary for Economic Affairs
Rick Lattimer, Policy Analyst, Economics and Statistics Administration
Ken White, Policy Analyst, Economics and Statistics Administration

PBGC
Tom Reeder, Director
Judith Starr, General Counsel and Secretary to the Board
Ann Orr, Chief of Staff
Michael Rae, Deputy Chief Policy Officer
Chris Bone, Director, Policy Research and Analysis Department
John Greenberg, Chief Investment Officer
Nicole Puri, Risk Management Officer

PBGC Office of Inspector General
Bob Westbrooks, Inspector General
Bill Owens, OIG Chief of Staff

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

The Chair called the meeting to order at 2:02 p.m.  He welcomed the attendees and then turned to the established agenda (Attachment 1).

Director Reeder focused on the issues facing multiemployer plans and the multiemployer pension insurance program.  He discussed with the Board the effect on participants of the failure of these plans and the multiemployer insurance program itself.  The discussion also addressed the types of proposals that have been made to strengthen the multiemployer system and the need for prompt action.  The Director suggested the Board agencies work with PBGC to develop workable proposals.

Director Reeder further observed that the bylaws need to be updated and the Chair asked that PBGC coordinate with Deputy Assistant Secretary Hauser on this issue.

The Board also discussed PBGC investment policy with Director Reeder, as the next biennial investment policy review is in 2018.

Inspector General Westbrooks then briefed the Board on the improvement in internal controls that his office has observed.  Open audit recommendations are down to a reasonable level and long-standing problems are being addressed.  The Inspector General described upcoming audit work as well as the success his office’s vulnerable-participant and benefit-theft program has had in obtaining prosecutions of those who defraud the aged and disabled of their PBGC benefits or cash pension checks of deceased participants. 

The Board then went into executive session with the Inspector General.

The meeting concluded at 2:45 p.m.

Agenda

Meeting of the Board of Directors of the Pension Benefit Guaranty Corporation (PBGC)

June 21, 2017 2:00 PM – 3:30 PM

I.Introduction by Secretary Acosta
II.Overview of PBGC
III.Discussion of Upcoming Strategic/Policy Issues

a.Multiemployer Program
b.Investment Policy
c.Governance

IV.OIG Report
V.OIG Executive Session
VI.Board Member Executive Session

Last updated September 7, 2017