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
Jong Ho Hwang, Senior Policy Advisor, Office of Financial Institutions Policy
U.S. Department of Commerce
Gina M. Raimondo, Secretary of Commerce
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
John Hanley, Acting Chief of Negotiations and Restructuring
Robert Scherer, Chief Information Officer
David Foley, Chief of Benefits Administration
Alice Maroni, Chief Management Officer
Michael Rae, Deputy Chief Policy Officer
PBGC Advisory Committee
PBGC Office of Inspector General
Nick Novak, Inspector General
Brooke Holmes, Deputy 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
The Chair called the virtual meeting to order and welcomed the attendees. The Chair recognized PBGC Director Gordon Hartogensis.
Director Hartogensis provided an update on PBGC operations, noting that PBGC is prepared to submit its proposed rule under ERISA § 4213 to the Federal Register.
The Chair recognized Constance Donovan, the PBGC Participant and Plan Sponsor Advocate. Ms. Donovan provided a report on the activities of her office highlighting the risk transfer trend and her office’s studies of de-risking measures taken by single-employer plan sponsors, and her current focus on improving PBGC’s distress termination program. She noted enhancements in PBGC’s Customer Contact Center and in the agency’s interaction with pension participants. Ms. Donovan concluded her report with an update on her office’s Pension Plan Registry project. The Chair and the Board Members thanked Ms. Donovan for her work.
The Chair acknowledged Director Hartogensis, who summarized the contributions and support provided by the Advisory Committee’s. After introductions by Committee members Guy Pinkman and Lynn Franzoi, Mr. Pinkman described the Committee’s project to benchmark the reserving practices of private and governmental organizations with operations and risks similar to those of PBGC, summarizing the Committee’s findings. The Chair noted the anticipation of new Advisory Committee members. He further stated he looked forward to the continued work of the Advisory Committee along with PBGC and the Board Reps and staff in identifying any additional changes that need to be considered for the Smaller Asset Manager Program.
The Chair and the Board Members thanked the Advisory Committee members and Director Hartogensis for their efforts and accomplishments this year and adjourned the meeting.
JOINT MEETING of the BOARD of DIRECTORS and
of the PENSION BENEFIT GUARANTY CORPORATION (PBGC)
Wednesday, September 28, 2022
10:00 a.m. – 11:00 a.m.
- Director’s Report
- Presentation by the Participant and Plan Sponsor Advocate
- PBGC Advisory Committee Introductions and Presentation