Designated Representatives of the Board Members
Lisa Gomez, Assistant Secretary, Employee Benefits Security Administration
(Designated Representative of Secretary of Labor Martin J. Walsh)
Ben Harris, Assistant Secretary for Economic Policy
(Designated Representative of Secretary of the Treasury Janet L. Yellen)
Pension Benefit Guaranty Corporation (PBGC)
Gordon Hartogensis, Director
Kristin Chapman, Chief of Staff
Karen Morris, General Counsel and Secretary to the Board
Patricia Kelly, Chief Financial Officer
Ann Orr, Chief Policy Officer
Alice Maroni, Chief Management Officer
John Hanley, Acting Chief of Negotiations and Restructuring
Bob Scherer, Chief Information Officer
David Foley, Chief of Benefits Administration
Michael Rae, Deputy Chief Policy Officer
Ted Goldman, Director, Policy, Research and Analysis Department
Theodore Winter, Director, Financial Operations Department
John Greenberg, Chief Investment Officer, Corporate Investments Department
Luiza Walt, Deputy Director, Financial Operations Department
Bruce Johnson, Supervisory Accountant, Financial Operations Department
Mary Sasscer, Supervisory Accountant, Financial Operations Department
Brad Porter, Accountant, Financial Operations Department
Franklin Pace, Director, Corporate Controls and Reviews Department
Lisa Carter, Division Manager, Corporate Controls and Reviews Department
Kevin Muse, Actuary, Policy, Research and Analysis Department
JR Wycinsky, Director, Communications and Legislative Affairs Department
Scott Young, Director, Actuarial Services and Technology Department
Ross Marcelin, Director, Plan Compliance Department
James Donofrio, Chief Negotiating Actuary, Negotiations and Restructuring Actuarial Department
PBGC Office of Inspector General
Nick Novak, Inspector General
Brooke Holmes, Deputy Inspector General
Anna Oglesby, Auditor
Tyson Lee, IT Specialist Auditor
Other Board Agency Staff
Mary Beech, Chief of Staff, EBSA, Department of Labor
Nicole Swift, Division Chief, EBSA, Department of Labor
Ashley Piatt, Employee Benefits Law Specialist, EBSA, Department of Labor
W. Moses Kim, Director, Office of Financial Institutions Policy, Department of the Treasury
Neil Bennett, Economist, U.S. Census Bureau
Ernst & Young
Eveka Rodriguez, Partner, Government and Public Sector Practice
Angel Estrada, Managing Director
Ashton Harris, Assurance Senior Manager
The Board, through its representatives duly designated pursuant to section 4002.1(b) of the PBGC Bylaws (29 U.S.C. § 4002.1(b)), met on November 14, 2022. The Chair, Assistant Secretary of Labor Lisa M. Gomez, called the meeting to order. The Chair welcomed Ben Harris, Assistant Secretary for Economic Policy for the Treasury Department and noted that Don Graves, Deputy Secretary of Commerce, was unable to attend.
Assistant Secretary Harris thanked PBGC leadership and staff, the PBGC Inspector General, and its auditors for their high-quality work. The Chair echoed Assistant Secretary Harris’s comments and included particular thanks to Chief Financial Officer Patricia Kelly and Financial Operations Department Director Ted Winter.
The Chair also extended her thanks to the Office of Inspector General and the independent auditors. The Chair explained that the President’s Management Agenda requires agencies to close their financial books within 45 days of the end of the fiscal year (FY) and report their financial conditions to the President, Congress, and the Office of Management and Budget. Further, she noted the purpose of the meeting was to review and approve transmittal of the Corporation’s FY 2022 financial statements, annual performance report, independent auditors’ report, and other documentation in conformance with OMB Circulars A-11 and A-136, to the President, the Congress, and the Director of OMB by November 15, 2022. Additionally, the report is supplemented by the Chair’s message and the Director’s message. The minutes of this meeting will be circulated to the Board Members, whose approval of the minutes thereof will constitute ratification of the acts of the Board Representatives.
The Chair recognized Director Gordon Hartogensis who also thanked PBGC staff, the Office of Inspector General, and the independent auditors Ernst & Young. He stated that he is especially proud of the efforts to complete the audit given PBGC’s work on the Special Financial Assistance program this year.
The Chair then recognized Inspector General Nick Novak. The Inspector General reported that the audit is now complete and expressed his appreciation to Ernst & Young and to PBGC management and staff. He reported that Ernst & Young had issued PBGC’s 30th consecutive unmodified audit opinion on its financial statements. He thanked PBGC OIG staff and the auditors at Ernst & Young and gave special thanks to the PBGC’s Office of the CFO for tracking and responding to the high volume of auditor requests.
Ms. Rodriguez stated that the Ernst & Young auditors issued PBGC unmodified opinions on both PBGC’s financial statements and its internal controls. She further reported that: the auditors did not identify any events or conditions that raised substantial doubt of PBGC’s ability to continue as a going concern over the next year; PBGC management did not change any significant accounting policies during the current year; PBGC’s accounting policies were consistent with U.S. GAAP; and the auditors did not identify any significant unusual transactions and or any material misstatements in amounts or disclosures. She further reported that the auditors were not aware of any fraud or noncompliance with laws or regulations or any matter that would impair the independence of the audit. Finally, she noted that there were no disagreements with management or difficulties in dealing with management in performing the audit; rather, PBGC management and staff were fully engaged and very responsive to the auditors’ requests.
The Board Representatives commended PBGC on attaining the unmodified opinions. The Chair then requested a motion to approve, absent any material changes, transmittal of the Corporation’s FY 2022 financial statements, annual performance report, independent auditors’ report, and other documentation in conformance with OMB Circulars A-11 and A-136, supplemented by the Chair’s message and the Director’s message, to the President, the Congress, and OMB by November 15, 2022. The motion was made, and upon being seconded, passed. The meeting was then adjourned.
MEETING OF THE BOARD REPRESENTATIVES
OF THE PENSION BENEFIT GUARANTY CORPORATION (PBGC)
November 14, 2022
11:00 a.m. - 11:30 a.m.
- Introduction: Assistant Secretary Lisa M. Gomez
- Discussion of Annual Report: Director Hartogensis, Inspector General Nick Novak, EY Partner Eveka Rodriguez
- Motion to Approve Report: PBGC Board Representatives
- Conclusion: Assistant Secretary Lisa M. Gomez