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PBGC Board of Directors Virtual Meeting Wednesday, August 31, 2022 10:00 – 11:00 am (ET)

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 (EBSA)
Mary Beech, Chief of Staff, EBSA
Nicole Swift, Division Chief, EBSA
Ashley Piatt, Employee Benefits Law Specialist, EBSA

U.S. Department of the Treasury
Janet L. Yellen, Secretary of the Treasury
Ben Harris, Assistant Secretary for Economic Policy 
Felton Booker, Deputy Assistant Secretary, Financial Institutions Policy 
W. Moses Kim, Director, 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
Sam Marullo, Senior Policy Advisor to the Secretary
Neil Bennett, Economist, U.S. Census Bureau

Pension Benefit Guaranty Corporation
Gordon Hartogensis, Director, Pension Benefit Guaranty Corporation 
Karen Morris, General Counsel and Secretary to the Board
Kristin Chapman, Chief of Staff
Ann Orr, Chief Policy Officer
Patricia Kelly, Chief Financial Officer
David Foley, Chief of Benefits Administration
Alice Maroni, Chief Management Officer
Michael Rae, Deputy Chief Policy Officer
John Hanley, Acting Chief of Negotiations and Restructuring

PBGC Office of Inspector General
Nick Novak, Inspector General
Brooke Holmes, Deputy Inspector General

The Chair called the virtual meeting to order and welcomed the attendees.  The Chair acknowledged the work PBGC has done to make the Smaller Asset Manager Pilot Program permanent since the last Board meeting and expressed interest in hearing from the Board Representatives and PBGC at a future date on whether and how to expand the program.  The Chair then recognized Secretary Yellen, who thanked Director Hartogensis and the agency for their continued work on the Smaller Asset Manager Program.  The Chair recognized Deputy Secretary Graves, who thanked Director Hartogensis and the PBGC team for establishing the Special Financial Assistance (SFA) Program and congratulated Director Hartogensis and the agency for receiving a Best Places to Work Award.  The Chair asked for approval of the minutes from the January 11, 2022, meeting.  The Board approved the meeting minutes by voice vote.  

Director Hartogensis opened his remarks by acknowledging the work the agency has done to implement the SFA program and the honor of PBGC being ranked number one in the small agency category of the 2021 Best Places to Work in the Federal Government.  Director Hartogensis then reported on PBGC’s investment performance for the third quarter of Fiscal Year 2022. Next, the Director discussed PBGC’s Smaller Asset Managers Program (SAMP), which was made a permanent program by Board of Directors’ Resolution 2022-04. Deputy Secretary Graves reported hearing positive feedback about the SAMP and interest in expanding the program.  

The Director outlined the initial findings of PBGC’s benchmarking project with the Advisory Committee regarding a volatility reserve, expressing gratitude to the Advisory Committee for its work on the project. The Director concluded his remarks by noting the achievements of PBGC staff and thanked the Board for its insights and partnership.

The Chair thanked Director Hartogensis for his report. The Director reported on the latest developments of the SFA Program, including the issuance of an Interim Final Rule in July 2021, and publication of the Final Rule on July 8, 2022.  The Director recognized Karen Morris, General Counsel, who reported on the agency’s development of its Final Rule, noting major issues addressed therein.  The Director then discussed the agency’s efforts to keep stakeholders informed about the SFA program and its review and approval of SFA applications.  The Director provided a summary of the agency’s outreach efforts, including several webinars to different audiences about aspects of the SFA application process, noting the positive reactions received on the program.

The Chair recognized Secretary Yellen, who thanked the Director and PBGC for their work on this important initiative and the issuance of a Final Rule.  Deputy Secretary Graves agreed, noting the significant difference the SFA program will make in workers’ lives.  The Chair thanked the team of people at PBGC, DOL, and the Board agencies for their work in providing relief to multiemployer plans and ensuring that families have the resources they need.

The Chair recognized the Director, who reported on the PBGC’s FY 2021 Projections Report, including PBGC’s estimates of SFA program outlays, and the effects of changes made by the Final SFA Rule, noting the challenge of estimating these costs with certainty.  The Chair recognized Secretary Yellen, who thanked the Director for the detailed analysis in the Projections Report.

The Chair then recognized Inspector General Nick Novak.  The Inspector General (IG) stated that he had selected Brooke Holmes as Deputy Inspector General, summarized the results of a peer review of PBGC’s OIG performed by the Board of Governors Federal Reserve System Office of Inspector General, which gave OIG a rating of “pass.” The IG then reviewed audits his office completed since the last PBGC Board Meeting.  Next, the IG reported on his office’s collaboration with the Pandemic Response Accountability Committee on the development of an SFA Risk Model. The IG concluded his report with an update on the three projects his office has initiated regarding the American Rescue Plan and SFA Program.

The Chair and the Board Members again thanked Director Hartogensis and commended him and the PBGC staff for their efforts this year and adjourned the meeting.



Wednesday, August 31, 2022
10:00 a.m. – 11:00 a.m. 

  1. Introduction by Secretary Walsh and Approval of the January 11 meeting minutes                                                
  2. Director’s Report
  3. SFA Briefing
  4. Projections Report                                        
  5. OIG Update 
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