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Department of Labor
Patrick Pizzella, Acting Secretary of Labor and Chair of the PBGC Board of Directors
Timothy Taylor, Chief of Staff to the Secretary
Nathan Mehrens, Associate Deputy Secretary
Jeanne Klinefelter Wilson, Deputy Assistant Secretary, Employee Benefits Security Administration
Ali Khawar, Chief of Staff, Employee Benefits Security Administration
Rebecca Cole, Senior Policy Advisor, Employee Benefits Security Administration
Nicole Swift, Senior Employee Benefits Law Specialist, Employee Benefits Security Administration

Department of the Treasury
Steven T. Mnuchin, Secretary of the Treasury
Bimal Patel, Assistant Secretary for Financial Institutions
Philip Quinn, Senior Financial Analyst, Office of Financial Institutions Policy
W. Moses Kim, Director, Office of Financial Institutions Policy

Department of Commerce
Tom Gilman, Chief Financial Officer and Assistant Secretary of Commerce for Administration
Kevin Preskenis, Chief of Staff to the Assistant Secretary
Ken White, Senior Policy Analyst, Office of the Under Secretary for Economic Affairs

Gordon Hartogensis, Director
Judith Starr, General Counsel and Secretary to the Board
Kristin Chapman, Chief of Staff
Ann Orr, Senior Advisor
Michael Rae, Deputy Chief Policy Officer
Ted Goldman, Policy, Research, and Analysis Department Director
John Greenberg, Chief Investment Officer
Robert Scherer, Chief Information Officer

PBGC Office of Inspector General 
Nick Novak, Deputy Inspector General

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

The Chair called the meeting to order and welcomed the attendees. He requested a motion to approve the minutes of the April 23 meeting, which was made, seconded, and passed. The Chair directed that the minutes be posted to PBGC’s website. The meeting then proceeded in accordance with the established agenda (Attachment 1).

Director Gordon Hartogensis advised the Board that the looming insolvency of the multiemployer program has been his focus since he became PBGC Director just over two months ago. He discussed the meetings he has held with legislators and stakeholders, the status of pending legislative proposals, and the statement he recently issued on the need for a bipartisan solution. Director Hartogensis committed to keep the Board informed as the legislative process proceeds. He updated the Board on the status of open audit recommendations and PBGC information technology modernization projects. The Director also informed the Board of two new additions to his staff – Chief of Staff Kristin Chapman and Chief Policy Officer Andy Banducci.

The Chair then recognized Ted Goldman, Director of PBGC’s Policy and Research Department, for a discussion of the FY 2018 Projections Report. After explaining that the Report starts with the most recent annual report and then projects PBGC’s financial condition into the future after running hundreds of economic scenarios, Mr. Goldman walked the Board through the projections for both the multi- and single-employer programs. The results continue to show an extremely high likelihood of insolvency of the multiemployer program in 2025. While the single-employer program has moved out of deficit for the first time in 17 years, Mr. Goldman cautioned that there still exists $175 billion in unfunded pension plan liability with below-investment grade plan sponsors. He also advised the Board of improvements to PBGC’s model for the Report, including the addition of all 1400 multiemployer plans rather than a sample..

Members of the Board discussed the data and its implications for reform with Mr. Goldman and the Director. Following the discussion, a motion to approve the Projections Report for transmittal to the President and the Congress was made, seconded and passed, and the Chair directed that the required transmittal documentation be prepared.

The Chair then recognized Deputy Inspector General Nick Novak, who reported on the activities of the Office of Inspector General (OIG). In connection with the annual financial audit, he highlighted the required communication from the independent public accountants on their responsibilities under the auditing standards and the expectations regarding communications from the Board. The Deputy Inspector General commended PBGC management’s recent efforts to address data loss prevention and insider threats, while noting much work remains. He briefed the Board on fraud involving pension account takeovers and receipt of benefits on behalf of deceased participants, and actions being taken by management in response to them. The Deputy Inspector General also described OIG reports that have been issued and those that are underway. In response to questions from the Chair about aging audit recommendations, he agreed to provide the Board with the percentage that are over 5 years old.

There being no further business, the Chair called the meeting to a close.

Attachment 1







August 2, 2019

11:00AM – 12:00PM



  1.  Introduction                                                                  Acting Secretary Pizella
  2.  Directors Report                                                         Director Gordon Hartogensis
  3. Discussion and Approval of PBGC
    FY 2018 Projections Report                                            PRAD Director Ted Goldman
  4. OIG Update                                                                Deputy IG Nick Novak
  5.  OIG Update                                                                Inspector General Deputy IG Nick Novak
  6. Executive Session (if required)



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