Designated Representatives of the Board Members
Lisa Gomez, Assistant Secretary, Employee Benefits Security Administration (Designated Representative of Secretary of Labor Martin J. Walsh)
Eric Van Nostrand, Acting Assistant Secretary for Economic Policy (Designated Representative of Secretary of the Treasury Janet L. Yellen)
Jed Kolko, Under Secretary of Commerce for Economic Affairs (Designated Representative of Secretary of Commerce Gina M. Raimondo)
Pension Benefit Guaranty Corporation
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
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
John Greenberg, Chief Investment Officer, Corporate Investments Department
Luiza Walt, Director, Financial Operations Department
Bruce Johnson, Supervisory Accountant, Financial Operations Department
Brad Porter, Accountant, Financial Operations Department
Anthony Castoro, Staff Accountant, Financial Operations Department
Lisa Carter, Division Manager, Corporate Controls and Reviews Department
JR Wycinsky, Director, Communications and Legislative Affairs Department
Scott Young, Director, Actuarial Services and Technology Department
Ross Marcelin, Director, Plan Compliance Department
Cynthia Travia, Actuary, Negotiations and Restructuring Actuarial Department
Nidia Yanez, Program Analyst, Communications Outreach & Legislative Affairs Department
Bridget Wilson, Director, Quality Management Department
PBGC Office of Inspector General
Nick Novak, Inspector General
Brooke Holmes, Deputy Inspector General
John Seger, Assistant Inspector General for Audits, Evaluations, and Inspections
Anna Oglesby, Federal Auditor
Tyson Lee, IT Specialist Auditor
Other Board Agency Staff
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
Jong Ho Hwang, Senior Policy Advisor, Office of Financial Institutions Policy
Annelise Britten, Senior Policy Advisor, Office of Economic Policy, Department of the Treasury
Julia Beckhusen, Senior Economist, U.S. Census Bureau
Ernst & Young
Angel Estrada, Managing Director, Assurance, Ernst & Young LLP
Kimberly Hancy, Coordinating Partner, Ernst & Young LLP
Derek Yost, Managing Director, Ernst & Young LLP
Ashton Harris, Senior Manager, Assurance, Ernst & Young LLP
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, 2023. The Chair, Assistant Secretary of Labor Lisa M. Gomez, called the meeting to order. The Chair welcomed Eric Van Nostrand, Assistant Secretary for Economic Policy for the Treasury Department and Jed Kolko, Under Secretary of Commerce for Economic Affairs.
Assistant Secretary Van Nostrand and Under Secretary Kolko thanked PBGC leadership and staff, the PBGC Inspector General, and its auditors for their high-quality work. The Chair echoed their comments.
The Chair 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 2023 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, 2023. 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 audit results given PBGC’s work on the Special Financial Assistance program.
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 31st 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. Hancy 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 Chair then requested a motion to approve, absent any material changes, transmittal of the Corporation’s FY 2023 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, 2023. The motion was made, and upon being seconded, passed. The meeting was then adjourned.
AGENDA
MEETING OF THE BOARD REPRESENTATIVES
OF THE PENSION BENEFIT GUARANTY CORPORATION (PBGC)
Tuesday, November 14, 2023
11:00 - 11:30 a.m.
- Introduction (Assistant Secretary Lisa M. Gomez)
- Discussion of Annual Report (Director Gordon Hartogensis; Inspector General Nick Novak; EY Managing Director Angel Estrada)
- Motion to Approve Report (PBGC Board Representatives)
- Conclusion (Assistant Secretary Lisa M. Gomez)