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U.S. Department of Labor
Eugene Scalia, Secretary of Labor, and Chair, PBGC Board of Directors
Patrick Pizzella, Deputy Secretary of Labor
Jeanne Klinefelter Wilson, Acting Assistant Secretary, Employee Benefits Security Administration
Andrew Kilberg, Counselor to the Secretary
Brett Swearingen, Counselor to the Deputy Secretary
Tim Cummings, Chief of Staff, Employee Benefits Security Administration
Rebecca Cole, Senior Policy Advisor, Employee Benefits Security Administration
Monica McGuire, Senior Policy Advisor, Employee Benefits Security Administration 
Ashley Piatt, Employee Benefits Law Specialist, Employee Benefits Security Administration

U.S. Department of the Treasury
Steven Mnuchin, Secretary of the Treasury
Mike Faulkender, Assistant Secretary, Economic Policy
Jeff Dinwoodie, Principal Deputy Assistant Secretary, Financial Institutions 
Tanner Black, Special Advisor, Office of Economic Policy
Philip Quinn, Senior Financial Analyst, Office of Financial Institutions Policy
W. Moses Kim, Director, Office of Financial Institutions Policy
Aharon Friedman, Senior Advisor, Office of Tax Policy

U.S. Department of Commerce
Wilbur Ross, Secretary of Commerce
Tom Gilman, Chief Financial Officer and Assistant Secretary of Commerce for Administration (CFO/ASA)
Kevin Preskenis, Senior Advisor and Chief of Staff, CFO/ASA

Pension Benefit Guaranty Corporation
Gordon Hartogensis, Director, Pension Benefit Guaranty Corporation
Paul Chalmers, Acting General Counsel and Secretary to the Board
Kristin Chapman, Chief of Staff
Andy Banducci, Chief Policy Officer
Michael Rae, Deputy Chief Policy Officer
Ted Goldman, Director, Policy, Research, and Analysis Department
Patricia Kelly, Chief Financial Officer
John Greenberg, Chief Investment Officer
Robert Scherer, Chief Information Officer
Tyler Hernandez – Senior Advisor, Office of Policy and External Affairs
Karen Morris – Chief of Negotiations and Restructuring
Adi Berger – Director, Corporate Finance & Restructuring Department
David Foley – Chief of Benefits Administration
Alice Maroni - Chief Management Officer

PBGC Office of Inspector General
Nick Novak, Acting Inspector General

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

Advisory Committee Members
Jeanmarie Grisi
Henry Eickelberg, Chair
Regina Jefferson
Jack Miller

The Chair called the telephonic meeting to order and welcomed the attendees.  The Chair asked for approval of the minutes from the June 16, 2020, meeting, which the Board approved by voice vote.  The meeting then proceeded in accordance with the established agenda (Attachment 1).  

Director Hartogensis provided an update on PBGC’s efforts to operate during the COVID-19 pandemic while keeping employees safe.  He discussed PBGC’s recently posted Projections Report, noting that it projects a very high likelihood that the Multiemployer Program will become insolvent during FY 2026 while the Single-Employer Program position is expected to improve and remain out of deficit over the next decade.  Finally, he outlined steps taken to improve PBGC’s procurement process and provided an update on the criminal proceedings against PBGC’s former Procurement Director and co-conspirators. 

Director Hartogensis answered questions from the Board about the size and number of plan terminations seen in 2020. 

The Chair next recognized the members of PBGC’s Advisory Committee.  Henry Eickelberg, Chair of the Advisory Committee, stated that PBGC’s Single-Employer Program is in good shape but cautioned that the full impact of 2020’s financial dislocations may not be felt until 2021.  He noted that PBGC requires additional funding for the Multiemployer Program and that the two programs should be kept separate.  Committee members Jackson Miller, Jeanmarie Grisi, and Regina Jefferson expressed their agreement with these comments. 

The Chair next recognized the PBGC Participant and Plan Sponsor Advocate, Constance Donovan.  Ms. Donovan stated that PBGC had adopted a number of measures in 2020 that were popular with plan sponsors and helped to improve efficiency, particularly PBGC’s informal pre-filing consultation program and mediation.  She noted that PBGC had greatly reduced its inventory of older, unresolved cases.  Ms. Donovan also noted that contacts to her office by participants had declined, which she attributed to operational improvements at PBGC.  Ms. Donovan discussed contacts to her office regarding PBGC’s CARES Act guidance.  Finally, Ms. Donovan discussed a project her office is considering to create a Pension Plan Registry, a searchable database of pension plan histories, as a supplement to the missing participants program. 

The Chair recognized Acting Inspector General Nick Novak.  Mr. Novak provided a further update on the criminal actions against Mr. Donahue and his co-conspirators, noting that the criminal investigation is now complete.  Mr. Novak next provided an update of financial audit activities and several fraud investigations by his office.  Finally, he stated that OIG had recently made recommendations to PBGC management regarding costs incurred on an IT service contract, and PBGC agreed to implement those recommendations. 

The Board reconvened in executive session.  Following executive session, there being no further business, the Chair adjourned the meeting.

Attachment 1







September 14, 2020

4 PM – 5 PM

U.S. Department of Labor

Conference Call: TBD

Participants: TBD



  1.  Introduction and Approval of
       June 16, 2020 Board Meeting Minutes                        Secretary Scalia
  2. Director’s Report:                                                          Director Gordon Hartogensis             
  3. PBGC Advisory Committee Introduction:                   Chair Henry Eickelberg
  4. PBGC Participant and Plan Sponsor Advocate:        Connie Donovan
  5. OIG Update:                                                                  Acting IG Nick Novak
  6. Executive Session:                                                      Acting IG Nick Novak



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