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Meeting of the Board of Directors of the Pension Benefit Guaranty Corporation - September 7, 2017, 11:15 to 11:45 a.m.


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
Nick Geale, Acting Solicitor of Labor
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

Christopher Campbell, Assistant Secretary for Financial Institutions
Jared Sawyer, Deputy Assistant Secretary for 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
Karen Dunn Kelley, Under Secretary for Economic Affairs
Brad Burke, Deputy Under Secretary for Economic Affairs
Rick Lattimer, Policy Analyst, Economics and Statistics Administration
Ken White, Policy Analyst, Economics and Statistics Administration


Tom Reeder, Director
Judith Starr, General Counsel and Secretary to the Board
Ann Orr, Chief of Staff
Patricia Kelly, Chief Financial Officer
Bob Scherer, Chief Information Officer
Michael Rae, Deputy Chief Policy Officer
John Greenberg, Director, Corporate Investments Department
Margaret Drake, Chief Privacy Officer

PBGC Office of Inspector General

Bob Westbrooks, 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 called the telephonic meeting to order, noting the existence of a quorum.  He welcomed Secretary Ross and the attendees.  The meeting then proceeded in accordance with the established agenda (Attachment 1). 

The Chair called for a motion to approve the minutes of the Board’s June 21, 2017 meeting.  The motion was made, seconded and approved, and the Chair instructed PBGC to post the minutes to its website. 

Director Tom Reeder then briefed the Board on PBGC data security measures.  Stressing the significance that he and the Board assign to data security and privacy protection, he noted the importance of keeping the Board updated on current issues.   He discussed PBGC’s work in the areas of people, processes and technology to identify, report and remediate security issues. Director Reeder also apprised the Board that there will be a budget issue paper addressing technology security needs he hopes they will support.

The Chair thanked Director Reeder for keeping the Board timely informed and understanding that data security is their priority.  

Turning to the proposed bylaw amendments, the Chair thanked the staff of the Board agencies and PBGC for their work.  He then turned to Deputy Assistant Secretary Tim Hauser for an overview of the amendments.

Deputy Assistant Secretary Hauser explained that the chief purpose of the amendments is to streamline, simplify and eliminate redundancies and unnecessary provisions, as well as to update provisions to comply with the Moving Ahead for Progress in the 21st Century Act (MAP-21) requirements.  The amendments also provide a more sensible way of determining when regulations need to be submitted to the Board, turning on whether they are significant.

The Chair welcomed a motion to approve the amended bylaws.  The motion was made, seconded, and passed.  He directed PBGC to submit the amended bylaws for publication in the Federal Register.

There being no further business, the meeting adjourned. 

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