U.S. Department of Labor
Martin J. Walsh, Secretary of Labor, and Chair, PBGC Board of Directors
Ali Khawar, Acting Assistant Secretary, Employee Benefits Security Administration
Josh Orton, Senior Policy Advisor to the Secretary
Mary Beech, Chief of Staff, Employee Benefits Security Administration
Nicole Swift, Senior Employee Benefits Law Specialist, EBSA
Ashley Piatt, Employee Benefits Law Specialist, EBSA
U.S. Department of the Treasury
Janet L. Yellen, Secretary of the Treasury
Benjamin Harris, Counselor to the Secretary
David Lebryk, Fiscal Assistant Secretary, Performing the Delegable Duties of the Under
Secretary for Domestic Finance
Steven Seitz, Director, Federal Insurance Office, Performing the Delegable Duties of the
Assistant Secretary for Financial Institutions
W. Moses Kim, Director, Office of Financial Institutions Policy
Philip Quinn, Senior Financial Analyst, Office of Financial Institutions Policy
Carol Weiser, Benefits Tax Counsel
U.S. Department of Commerce
Don Graves, Deputy Secretary of Commerce
Ronnie Chatterji, Chief Economist
William Hawk, Economist, Office of the Under Secretary for Economic Affairs
Hazel Rosenblum-Sellers, Special Assistant to the Deputy Secretary
Pension Benefit Guaranty Corporation
Gordon Hartogensis, Director, Pension Benefit Guaranty Corporation
Russ Dempsey, General Counsel and Secretary to the Board
Kristin Chapman, Chief of Staff
Ann Orr, Chief Policy Officer
Michael Rae, Deputy Chief Policy Officer
Patricia Kelly, Chief Financial Officer
David Foley, Chief of Benefits Administration
Alice Maroni, Chief Management Officer
Karen Morris, Chief of negotiations and Restructuring
Robert Scherer, Chief Information Officer
Brenecia Watson, Director of Equal Employment Opportunity
Latreece Wade, Risk Management Officer
Rossi Marcelin, Deputy Chief of Negotiations and Restructuring
Tyler Hernandez, Senior Advisor, Office of Policy and External Affairs
PBGC Office of Inspector General
Nick Novak, Acting Inspector General
John Seger, Assistant Inspector General for Audits
PBGC Office of the Participant and Plan Sponsor Advocate
Constance Donovan, Participant and Plan Sponsor Advocate
The Chair called the telephonic meeting to order and welcomed the attendees. The Chair asked
for approval of the minutes from the May 20, 2021 meeting, which the Board approved by voice
vote. The meeting then proceeded in accordance with the established agenda.
The Chair recognized PBGC Director Gordon Hartogensis. Director Hartogensis reported on the
American Rescue Plan (ARP) and the status of PBGC’s Special Financial Assistance (SFA)
Program for qualifying multiemployer plans. Director Hartogensis noted that PBGC published
an interim final regulation, in coordination with the Board agencies. Next, the Director provided
an update on the MyPBA (pension benefits access) online system where participants can perform
a number of transactions. He noted that MyPBA has been enhanced to be more user-friendly and
have increased security. The Director concluded his report with an investments update.
The Chair thanked Director Hartogensis for his report and commended him and the PBGC staff
for all of their efforts related to ARP and the SFA program. The Chair commented on the
importance of the SFA program and the relief it will provide for workers and retirees.
The Chair asked about PBGC’s plan for issuing a final rule after evaluating the comments. The
Director responded by noting that after evaluating comments, PBGC will work with the Board
agencies as expeditiously as possible to develop the final rule and submit it for OMB
review. The final rule must be published no later than January 31, 2022.
The Director introduced PBGC staff before their presentation about the SFA program. Ann Orr
discussed briefings and webinars provided by PBGC, media coverage, and web metrics, and she
summarized public comments that have been received. Ross Marcelin’s presentation covered
program operations including the six priority groups, application resources, and the review
process for SFA applications. Russ Dempsey discussed reporting, controls, and audits applicable
to the SFA program.
The Chair then recognized Inspector General Nick Novak. The Inspector General noted his full
written report had been provided and commented on a few items, including findings on
acquisition planning and the debarment of the former procurement director and contractors. The
Inspector General concluded by commenting on the fiscal year 2021 financial statement audit
and review of SFA.
The Chair thanked Director Hartogensis and commended him and PBGC staff for their efforts
this year and adjourned the meeting.
AGENDA
MEETING OF THE BOARD OF DIRECTORS OF
THE PENSION BENEFIT GUARANTY CORPORATION (PBGC)
Friday, July 23, 2021
9:00 a.m. – 10:00 a.m.
Zoom
- Introduction by Secretary Walsh and approval of the May 20 meeting minutes
- Director’s Report
- American Rescue Plan Implementation – Special Financial Assistance
- OIG Update
- Board Member Executive Session