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Meeting of the Board of Directors of the Pension Benefit Guaranty Corporation - July 24, 2018 3:00 PM – 3:30 PM

Department of Labor
Alex Acosta, Secretary of Labor and Chair of the PBGC Board of Directors
Preston Rutledge, Assistant Secretary, Employee Benefits Security Administration
Jeanne Klinefelter Wilson, Deputy Assistant Secretary for Policy, Employee Benefits Security Administration
Tim Hauser, Deputy Assistant Secretary for Program Operations, Employee Benefits Security Administration
Nick Geale, Chief of Staff

Department of the Treasury
Steven Mnuchin, Secretary of the Treasury
Christopher Campbell, Assistant Secretary for Financial Institutions
Philip Quinn, Senior Policy Analyst, Office of Financial Institutions Policy

Department of Commerce
Wilbur Ross, Secretary of the Department of Commerce
Karen Dunn Kelley, Under Secretary for Economic Affairs
Ken White, Policy Analyst, Economics and Statistics Administration

Tom Reeder, Director
Ann Orr, Chief of Staff
Judith Starr, General Counsel and Secretary to the Board
Bob Scherer, Chief Information Officer
Karen Morris, Chief of Negotiations and Restructuring
Alice Maroni, Chief Management Officer
Michael Rae, Deputy Chief Policy Officer
John Greenberg, Director, Corporate Investments Department
Nicole Puri, Chief Risk Officer

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

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 opened the meeting and welcomed all the attendees. The Board approved the minutes of the May 24, 2018 meeting, and the Chair directed they be posted to PBGC’s web site. The meeting then proceeded in accordance with the established agenda (Attachment 1).

Director Reeder discussed the work of the Joint Select Committee on the Solvency of Multiemployer Plans. He advised the Board that PBGC will continue to support the Committee through provision of technical assistance and the ongoing details of three PBGC multiemployer experts.

Board members agreed that there should be a sense of urgency in devising solutions to the multiemployer solvency problem, given that the longer it takes, the more difficult and costly any solution will be.

The Chair then recognized Chief Risk Officer Nicole Puri. Ms. Puri described the process by which PBGC leadership formulated the agency’s risk profile, which resulted in the identification of PBGC’s top 8 risks. After explaining these risks, Ms. Puri explained that the risk identification was used to develop mitigating strategies, which will be reviewed annually.

Inspector General Bob Westbrooks gave his report, observing that, although it is not the role of the Office of the Inspector General to concur in management risk identification, the agency’s risk profile is generally consistent with what he has seen. He summarized the required auditor communications in connection with this year’s financial audit, and discussed the process for sending the letter to the Board Representatives, as well as the current state of the audit. The Inspector General reviewed ongoing fraud detection and prevention efforts by his office working with agency management. He provided his assessment of where PBGC’s security practices rank in comparison with its small agency peers as well as with CFO Act agencies. The Chair and the Inspector General also discussed further action that needs to be taken to close outstanding recommendations in the information technology area.

The Chair thanked OIG and PBGC management for their diligence in communicating with the Board. There being no need expressed for an executive session, a motion to adjourn was made, seconded and passed and the meeting adjourned.




Attachment 1







July 24, 2018

3:00 PM – 3:30 PM

Conference Call



  1. I. Introduction by Secretary Acosta
  2. Director’s Report
  3. III. Risk Management Officer’s Update
  4. OIG Update
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