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
Mary Beech, Chief of Staff, EBSA
Nicole Swift, Senior Employee Benefits Law Specialist, EBSA
Ashley Piatt, Employee Benefits Law Specialist, EBSA
U.S. Department of the Treasury
David A. Lebryk, Fiscal Assistant Secretary Benjamin Harris, Counselor to the Secretary
Steven Seitz, Director, Federal Insurance Office, Performing the Delegable Duties of the Assistant Secretary for Financial Institutions
W. Moses Kim, Director, Office of Financial Institutions Policy
Philip Quinn, Senior Financial Analyst
Carol Weiser, Benefits Tax Counsel
U.S. Department of Commerce
Gina M. Raimondo, Secretary of Commerce
Ronnie Chatterji, Chief Economist
William Hawk, Economist, Office of the Under Secretary for Economic Affairs
Hazel Rosenblum-Sellers, Special Assistant to the Deputy Secretary
Pension Benefit Guaranty Corporation
Gordon Hartogensis, Director, Pension Benefit Guaranty Corporation
Russ Dempsey, 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
Karen Morris, Chief of Negotiations and Restructuring
Robert Scherer, Chief Information Officer
Michael Rae, Deputy Chief Policy Officer
Ted Goldman, Director, Policy, Research and Analysis Department
PBGC Advisory Committee
Henry Eickelberg, Chair
PBGC Office of Inspector General
Nick Novak, Inspector General
Conrad Quarles, Assistant Inspector General for Investigations
PBGC Office of the Participant and Plan Sponsor Advocate
Camille Castro, Senior Associate Participant and Plan Sponsor Advocate
The Chair called the virtual meeting to order and welcomed the attendees. The Chair asked for approval of the minutes from the July 23, 2021 meeting, which the Board approved by voice vote. The meeting then proceeded in accordance with the established agenda (attached).
The Chair recognized PBGC Director Gordon Hartogensis. Director Hartogensis reported on the American Rescue Plan (ARP) and the status of PBGC’s Special Financial Assistance (SFA) Program for qualifying multiemployer plans, including development and review of internal controls to mitigate risks to the program and focus on reviewing comments to the interim final rule for SFA. Director Hartogensis provided a presentation on PBGC’s projections report and quinquennial report, which reflect the positive impact of ARP to PBGC’s multiemployer program. The Director concluded his report with an investments update.
The Chair thanked Director Hartogensis for his report. The Chair acknowledged Director Hartogensis, who provided an overview of the PBGC and Advisory Committee project regarding a volatility reserve for the single-employer program. After introductions by each committee member, Henry Eickelberg, Chair of the Advisory Committee, discussed the focus of the volatility reserve project. The Chair thanked PBGC and the Advisory Committee for their presentation and work on the project and looks forward to using the research and analysis in future policy deliberations.
The Chair then recognized Inspector General Nick Novak. The Inspector General noted his full written report had been provided. He reported on the OIG’s review of the effectiveness of PBGC’s missing participant program, an audit into the Data Act’s requirements regarding financial and award data on USASpending.gov, and engagement of a contractor to review and assess risks related to implementation of ARP. The Inspector General concluded by providing an update on the fiscal year 2021 financial statement audit. The Chair asked about the oldest open audit recommendations. The Inspector General noted that the OIG no longer have ten year open audit recommendations and would provide a follow-up to the Board Reps.
The Chair thanked Director Hartogensis and commended him and PBGC staff for their efforts this year and adjourned the meeting.
JOINT MEETING OF THE BOARD OF DIRECTORS AND ADVISORY COMMITTEE
OF THE PENSION BENEFIT GUARANTY CORPORATION (PBGC)
Wednesday, September 22, 2021
1:30 p.m. – 2:30 p.m.
I. Introduction by Secretary Walsh and Approval of the July 23 meeting minutes
II. Director’s Report and Briefing on the Projections and Quinquennial Reports
III. PBGC Advisory Committee Introduction and Project Presentation
IV. OIG Update