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PBGC Board of Directors Virtual Meeting Monday, November 15, 2021 11:00 – 11:30 am (ET)

Designated Representatives of the Board Members
Ali Khawar, Acting Assistant Secretary, Employee Benefits Security Administration
     (Designated Representative of Secretary of Labor Martin J. Walsh)
David A. Lebryk, Fiscal Assistant Secretary
     (Designated Representative of Secretary of the Treasury Janet L. Yellen)
Don Graves, Deputy Secretary of Commerce
     (Designated Representative of Secretary of Commerce Gina M. Raimondo)

Pension Benefit Guaranty Corporation (PBGC)
Gordon Hartogensis, Director
Kristin Chapman, Chief of Staff
Russ Dempsey, General Counsel and Secretary to the Board
Ann Orr, Chief Policy Officer
Alice Maroni, Chief Management Officer
Karen Morris, Chief of Negotiations and Restructuring
Bob Scherer, Chief Information Officer
David Foley, Chief of Benefits Administration
Ted Goldman, Director, Policy, Research and Analysis Department 
Theodore Winter, Director, Financial Operations Department
Luiza Walt, Deputy Director, Financial Operations Department
Bruce Johnson, Supervisory Accountant, Financial Operations Department
Anthony Castoro, Staff Accountant, Financial Operations Department
Mary Sasscer, Staff Accountant, Financial Operations Department
Stephen Leslie, Staff Accountant, Financial Operations Department
Myron Clark, Supervisory Systems Accountant, Financial Operations Department
Franklin Pace, Director, Corporate Controls and Reviews Department
Lisa Carter, Division Manager, Corporate Controls and Reviews Department
John Greenberg, Chief Investment Officer, Corporate Investments Department
Michael Rae, Deputy Chief Policy Officer
Martha Threatt, Director, Communications Outreach and Legislative Affairs Department
Scott Young, Director, Actuarial Services and Technology Department
Dan Balroop, Supervisory Actuary, Actuarial Services and Technology Department

PBGC Office of Inspector General
Nick Novak, Inspector General
John Seger, Assistant Inspector General for Audit
Anna Oglesby, Auditor
Tyson Lee, Auditor

Other Board Agency Staff
Mary Beech, Chief of Staff, EBSA, Department of Labor
Nicole Swift, Senior Employee Benefits Law Specialist, 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
Philip Quinn, Senior Financial Analyst, Office of Financial Institution Policy,
       Department of the Treasury
Sam Marullo, Policy Advisor to the Secretary of Commerce
William Hawk, Economist, Office of the Under Secretary for Economic Affairs,
       Department of Commerce

Ernst & Young
Eveka Rodriguez, Partner
Angel Estrada, Senior Manager, Assurance Services
Derek Yost, Senior Manager
Erin Montgomery, Senior Manager
Morgan Hammer, Audit 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 15, 2021. The Chair, Acting Assistant Secretary of Labor Ali Khawar, called the meeting to order.

Don Graves, Deputy Secretary of Commerce, thanked PBGC management and staff for all their hard work throughout the financial audit. The Chair echoed Deputy Secretary Graves’ comments, and included particular thanks to Chief Financial Officer Patricia Kelly and Financial Operations Department Director Ted Winter. The Chair also extended his 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 (OMB). Further, he noted the purpose of the meeting was to review and approve transmittal of the Corporation’s FY 2021 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, 2021. 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, with their approval of the minutes thereof constituting 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 29th consecutive unmodified audit opinion on its financial statements. He noted that FY 2021 added additional challenges to PBGC’s financial reporting and auditing. PBGC began the implementation of the American Rescue Plan Act during FY 2021, pursuant to which PBGC will disburse nearly $100 billion dollars over the next several years to financially struggling multiemployer plans. This change in the Multiemployer Program added new accounting and auditing challenges. In FY 2021, PBGC had to remove about $63 billion of liabilities from the Multiemployer Program’s statement of financial position. This significant accounting adjustment resulted in critical work for the Ernst & Young team and PBGC. He especially thanked the PBGC’s Office of the CFO for their many late nights and weekend work with their effort to cooperate with the auditors. The Inspector General then introduced Eveka Rodriguez, Ernst & Young partner. 

Ms. Rodriguez stated that the auditors had issued PBGC unmodified opinions on both its financial statements and its internal controls. She further reported that there had been no changes in audit strategy or timing from what the auditors communicated during the entrance conference; that the auditors did not identify any events or conditions that raised substantial doubt to PBGC’s ability to continue as a going concern over the next year; that management did not change any significant accounting policies during the current year; that PBGC’s accounting policies were consistent with U.S. GAAP; and that the auditors did not identify any significant unusual transactions and no 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 of 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 congratulated PBGC on attaining the unmodified opinions. The Chair then requested a motion to approve, absent any material changes, transmittal of the Corporation’s FY 2021 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, 2021. The motion was made, and upon being seconded, passed. The meeting then adjourned.


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