Podcasts about Pension Benefit Guaranty Corporation

Jon Hartley and Randal Quarles discuss Randy's career as a lawyer and in policy (including his time as Federal Reserve Vice Chair for Regulation) and topics such as the global financial crisis, Glass-Steagall, banking regulation, lender of last resort, Basel III, the Dodd-Frank Act, capital requirements, the potential relaxation of Treasuries in the Supplementary Leverage Ratio (SLR), deposit insurance after the Silicon Valley Bank regional banking crisis, and stablecoin regulation. Recorded on May 29, 2025. ABOUT THE SPEAKERS: Randal Quarles is the Chairman and co-founder of The Cynosure Group.  Before founding Cynosure, Mr. Quarles was a long-time partner of the Carlyle Group, where he began the firm's program of investments in the financial services industry during the 2008 financial crisis. From October 2017 through October 2021, Mr. Quarles was Vice Chairman of the Federal Reserve System, serving as the system's first Vice Chairman for Supervision, charged specifically with ensuring stability of the financial sector.  He also served as the Chairman of the Financial Stability Board (“FSB”) from December 2018 until December 2021; a global body established after the Great Financial Crisis to coordinate international efforts to enhance financial stability. In both positions, he played a key role in crafting the US and international response to the economic and financial dislocations of COVID-19, successfully preventing widespread global disruption of the financial system.  As FSB Chairman, he was a regular delegate to the finance ministers' meetings of the G-7 and G20 Groups of nations and to the Summit meetings of the G20.  As Fed Vice Chair, he was a permanent member of the Federal Open Market Committee, the body that sets monetary policy for the United States. Earlier in his career, Mr. Quarles was Under Secretary of the U.S. Treasury, where he led the Department's activities in financial sector and capital markets policy, including coordination of the President's Working Group on Financial Markets. Before serving as Under Secretary, Mr. Quarles was Assistant Secretary of the Treasury for International Affairs, where he had a key role in responding to several international crises.  Mr. Quarles was also the U.S. Executive Director of the International Monetary Fund, a member of the Air Transportation Stabilization Board, and a board representative for the Pension Benefit Guaranty Corporation. In earlier public service, he was an integral member of the Treasury team in the George H. W. Bush Administration that developed the governmental response to the savings and loan crisis. Jon Hartley is currently a Policy Fellow at the Hoover Institution, an economics PhD Candidate at Stanford University, a Research Fellow at the UT-Austin Civitas Institute, a Senior Fellow at the Foundation for Research on Equal Opportunity (FREOPP), a Senior Fellow at the Macdonald-Laurier Institute, and an Affiliated Scholar at the Mercatus Center. Jon is also the host of the Capitalism and Freedom in the 21st Century Podcast, an official podcast of the Hoover Institution, a member of the Canadian Group of Economists, and the chair of the Economic Club of Miami. Jon has previously worked at Goldman Sachs Asset Management as a Fixed Income Portfolio Construction and Risk Management Associate and as a Quantitative Investment Strategies Client Portfolio Management Senior Analyst and in various policy/governmental roles at the World Bank, IMF, Committee on Capital Markets Regulation, U.S. Congress Joint Economic Committee, the Federal Reserve Bank of New York, the Federal Reserve Bank of Chicago, and the Bank of Canada.  Jon has also been a regular economics contributor for National Review Online, Forbes, and The Huffington Post and has contributed to The Wall Street Journal, The New York Times, USA Today, Globe and Mail, National Post, and Toronto Star, among other outlets. Jon has also appeared on CNBC, Fox Business, Fox News, Bloomberg, and NBC and was named to the 2017 Forbes 30 Under 30 Law & Policy list, the 2017 Wharton 40 Under 40 list, and was previously a World Economic Forum Global Shaper.  ABOUT THE SERIES: Each episode of Capitalism and Freedom in the 21st Century, a video podcast series and the official podcast of the Hoover Economic Policy Working Group, focuses on getting into the weeds of economics, finance, and public policy on important current topics through one-on-one interviews. Host Jon Hartley asks guests about their main ideas and contributions to academic research and policy. The podcast is titled after Milton Friedman‘s famous 1962 bestselling book Capitalism and Freedom, which after 60 years, remains prescient from its focus on various topics which are now at the forefront of economic debates, such as monetary policy and inflation, fiscal policy, occupational licensing, education vouchers, income share agreements, the distribution of income, and negative income taxes, among many other topics.

Today on the Federal Drive with Tom Temin How the Pension Benefit Guaranty Corporation plugged a hole in a relief program Stock market returns got an F lately. Maybe the F Fund is the answer Meet the woman behind the latest customer experience drive Learn more about your ad choices. Visit podcastchoices.com/adchoicesSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

About one percent of recipients of a pandemic-era pension rescue plan were deceased. That is, their applications were filed fraudulently. The improper payments amounted to 127 million dollars. For how they fixed the problem, we turn to the executive director of the Pandemic Response Accountability Committee, Ken Dieffenbach. Learn more about your ad choices. Visit podcastchoices.com/adchoicesSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Today on the Federal Drive with Tom Temin How the Pension Benefit Guaranty Corporation plugged a hole in a relief program Stock market returns got an F lately. Maybe the F Fund is the answer Meet the woman behind the latest customer experience drive Learn more about your ad choices. Visit megaphone.fm/adchoices

About one percent of recipients of a pandemic-era pension rescue plan were deceased. That is, their applications were filed fraudulently. The improper payments amounted to 127 million dollars. For how they fixed the problem, we turn to the executive director of the Pandemic Response Accountability Committee, Ken Dieffenbach. Learn more about your ad choices. Visit megaphone.fm/adchoices

Ralph welcomes Dr. Feroze Sidhwa, an American trauma surgeon who worked at the European Hospital in Khan Younis. They'll discuss Dr. Sidhwa's experience on the ground in Gaza, as well as his letter (co-signed by 45 other American medical practitioners) to President Biden, VP Harris, and First Lady Dr. Jill Biden. Then, Ralph is joined by University of Chicago Booth School of Business Professor Luigi Zingales to look at why business schools are setting capitalism up to fail.Dr. Feroze Sidhwa is a trauma and critical care surgeon as well as a Northern California Veterans Affairs general surgeon, and he is Associate Professor of Surgery at the California Northstate University College of Medicine. Dr. Sidhwa served at the European Hospital in Khan Younis in March and April of this year, and he has done prior humanitarian work in Haiti, the West Bank, Ukraine, and Zimbabwe. Dr. Sidhwa and 45 other American doctors and nurses who have served in Gaza recently sent a letter exhorting President Biden, VP Harris, and First Lady Dr. Jill Biden to effect an immediate ceasefire. Gaza is definitely unique compared to anywhere else that I've been—the level of violence, the level of displacement, the level of deprivation of normal things that society provides.Dr. Feroze SidhwaThere's so much in this letter, listeners, that you need to know about because it's such heartfelt and professionally documented close observation. This short interview cannot do justice to the horrors that Dr. Sidhwa and others observed—and they were just there for a few weeks. Ralph NaderOne of the things that we tried to emphasize in the letter is that we don't have anything to say about the politics of the Israel-Palestine conflict…We, as physicians, that's not what we're talking about.  We're talking about our own participation in a massive unprecedented assault on a civilian population. By a military that we fund—we supply, literally every day. We provide the training. We provide all the diplomatic cover. The economic support. Everything is coming from the United States. And in the end, the Israelis have already decided what they're going to do. They have decided to destroy Gaza. If half the people there die, oh well, if all of the people there die, oh well. But we don't have to be involved in it.Dr. Feroze SidhwaI think the situation in Gaza has reached such a level, the political moment in the U.S. with Biden not running again, has reached a certain level, and then with Netanyahu's bonker address to Congress—when Nancy Pelosi is openly criticizing the Prime Minister of Israel, he's really screwed up.Dr. Feroze SidhwaLuigi Zingales is the Robert C. McCormack Distinguished Service Professor of Entrepreneurship and Finance at the University of Chicago Booth School of Business. He co-developed the Financial Trust Index, which is designed to monitor the level of trust that Americans have toward their financial system. He is currently a faculty research fellow for the National Bureau of Economic Research, a research fellow for the Center for Economic Policy Research, a fellow of the European Governance Institute, and the director of Chicago Booth's Stigler Center for the Study of the Economy and the State. Professor Zingales is the co-host (with Bethany McLean) of the podcast Capitalisn't, and co-author (with Raghuram G. Rajan) of the book Saving Capitalism from Capitalists. These days, there is a lot of attention in business school about the environment, about so-called social responsibility, about all these aspects…but business schools like to keep separate the social aspects from the business aspects. So, in many places now there are classes on social entrepreneurship—which is something very interesting where people try to use their entrepreneurial skills to promote an initiative that is good for society at large, even if it's not necessarily profitable. But then if you are not a social enterprise, then you have to be the most capital, profit-maximizing firms on the face of the earth. There is nothing in between.Professor Luigi ZingalesOne year there was a management conference, and I organized a session on corporate fraud. And I expected a lot of people to show up and listen to the panel. In fact, it was a fiasco. Almost nobody showed up, because they don't want to confront their own limitations and problems. They want to see the more glitzy and shiny aspects of success. And that's what attracts them to business school, and that's what we end up selling to them. So I think that we are in part responsible because we cater too much to their own demand. Professor Luigi ZingalesIn Case You Haven't Heard with Francesco DeSantisNews 7/31/241. On Monday, nine Israeli soldiers were arrested on suspicion of raping a Palestinian prisoner at the Sde Teiman detention facility. In response, the Middle East Eye reports “Dozens of people…including members of parliament and Heritage Minister Amichai Eliyahu, gathered outside Sde Teiman and stormed the…facility…[and] Hours later, some 1,200 rioters gathered outside the Beit Lid base, where the nine suspects were taken for questioning.” This piece quotes military chief of staff Herzi Halevi who described the riots as “bordering on anarchy” and said the rioters harmed the military. Yet, “Finance Minister Bezalel Smotrich described the suspects as as ‘heroic warriors'…[and] National Security Minister Itamar Ben Gvir, who oversees the prisons where Palestinians are detained, called [the suspects] the ‘best heroes' and described the arrests as ‘shameful'.” One of these soldiers has now been released, according to the Middle East Monitor.2. Israeli Prime Minister Netanyahu addressed Congress last week amid mass protests in Washington D.C. During his speech, Axios reports six spectators were arrested for “disrupting” the address. All six of these demonstrators are family members of the Israeli hostages. Capitol Police spokesperson Brianna Burch is quoted saying “demonstrating in the Congressional Buildings is against the law.”3. In the U.K., the new Labour government is sending mixed messages on their Middle East policy. Late last week, the government announced that they would drop the United Kingdom's opposition to the International Criminal Court's arrest warrant against Netanyahu, per CNN. Yet this week, Foreign Secretary David Lammy announced that despite campaign promises, “Labour will…delay recognition [of a Palestinian state] indefinitely, making it conditional on Israel feeling ‘safe and secure,'” as reported by British blog Stats for Lefties. Labour continues to face pressure from independent MPs like Jeremy Corbyn on this issue.4. This week, President Nicolas Maduro was reelected in Venezuela. Elon Musk was caught spreading misinformation implying that Maduro engaged in election fraud – sharing a video that he claimed showed ballot boxes being stolen, when in fact the ballot boxes in question were actually air conditioning units, per Mediaite. The National Lawyer's Guild International Committee however, which sent a delegation to monitor the election, “observed a transparent, fair voting process with scrupulous attention to legitimacy, access to the polls and pluralism.” The NLG statement went on to decry “Despite the soundness of the electoral process, the U.S. backed opposition, with support from an anti-Maduro western press has refused to accept the results, undermining the stability of Venezuela's democracy.”5. Forbes reports that Disney has reached a deal with the unionized workers at Disneyland, ratifying a three-year contract that includes “a $24 hourly minimum wage…wage increases, seniority increases, more flexible attendance and sick leave policies, and other benefits.” This deal thus averts the first strike at the Anaheim park in four decades. Last week, More Perfect Union reported that the 14,000 unionized Disneyland workers “authorized a strike by 99%.”6. Jacobin reports “SpaceX [has won] a First Battle in Its Assault on the NLRB.” In this piece, People's Policy Project founder Matt Bruenig lays out how “SpaceX...[winning] a preliminary injunction in a Texas federal district court against the National Labor Relations Board… moves us closer to a potential Supreme Court decision declaring the NLRB unconstitutional.” This is the latest installment in the corporatist war on administrative law, which has already scored major victories in the SEC v. Jarkesy and Loper Bright Enterprises v. Raimondo cases. Bruenig notes that “For now, the district court's decision simply prevents the NLRB from processing a fairly run-of-the-mill unfair labor practice charge against SpaceX. The real question is going to be what the Supreme Court does once this case makes it to their docket. But in the meantime…it is likely that other companies subject to NLRB proceedings will seek similar injunctions.”7. A storm is brewing within the Kamala Harris campaign over Federal Trade Commission Chair Lina Khan. Democracy Now! Reports “some of the Democratic Party's biggest donors, including LinkedIn co-founder Reid Hoffman, are openly pushing Harris to fire…Khan, who has led Biden's antitrust efforts.” NBC notes that Hoffman is a billionaire megadonor and that other megadonors like Barry Diller are also calling for Khan's removal, and adds that “Khan's pro-consumer, pro-worker, anti-monopoly agenda has attracted no small amount of hate from powerful and monied interests.” On the other side, Senators Bernie Sanders and Elizabeth Warren and the Service Employees International Union – a close labor ally of Harris – have defended Khan. This battle illustrates the cross-cutting interests Harris will have to navigate as the Democratic nominee, and possibly, as president. We urge the Vice President to back Khan, not the billionaire donor class.8. The Washington Post is out with a heartbreaking new report on the increase of homelessness among “Working Americans with decent-paying jobs who simply can't afford a place to live.” This report cites data showing that homelessness, already at record highs, is only getting worse – growing by 61% in Southeast Texas over the past year, 35% in Rhode Island, and 20% in northeast Tennessee. Throughout the country, rents have risen by over 32% in four years and overall homelessness by 12%.9. In another disturbing economic trend, a new academic working paper out of UCLA and USC analyzes how the “widespread legalization of sports gambling over the past five years has impacted consumer financial health.” The most-discussed findings of this paper have to do with debt, with a “roughly 28% increase in bankruptcies and an 8% increase in debt transferred to debt collectors,” along with substantial increases in auto loan delinquencies and use of debt consolidation loans. As the researchers put it “these results indicate that the ease of access to sports gambling is harming consumer financial health by increasing their level of debt.”10. Finally, for some good news, the White House issued a statement Monday celebrating that “As of today, over 600,000 Teamster workers and retirees have pensions protected from devastating cuts,” as part of Biden's signature American Rescue Plan. This announcement came after the administration acted to protect 70,000 worker pensions in New England, building on similar actions in Ohio, Michigan, Illinois, Missouri, Wisconsin, Minnesota, and Pennsylvania. As the Boston Globe explains “The [American Rescue Plan] set up a special financial assistance program that allows struggling multi-employer pension plans to apply for assistance from the Pension Benefit Guaranty Corporation, a federal agency that protects the retirement incomes of workers in defined benefit pension plans.” The administration is paying particular attention to the protection of Teamsters, as that union's leadership has been flirting with an embrace of the GOP. Not one Republican voted for the American Rescue Plan.This has been Francesco DeSantis, with In Case You Haven't Heard. Get full access to Ralph Nader Radio Hour at www.ralphnaderradiohour.com/subscribe

#BESTOF2021: SCOTUS on retroactive taxes. @RichardAEpstein @HooverInst https://www.hoover.org/research/pox-retroactive-taxes United States v. Carlton, 512 U.S. 26 (1994) , https://supreme.justia.com/cases/federal/us/512/26/ The earlier cases are listed here: But "the Court has never intimated that Congress possesses unlimited power to 'readjust rights and burdens ... and upset otherwise settled expectations.''' Connolly v. Pension Benefit Guaranty Corporation, 475 U. S. 211, 229 (1986) (O'CONNOR, J., concurring) (brackets omitted), quoting Usery v. Turner Elkhorn Mining Co., 428 U. S. 1, 16 (1976). 1936 DEPRESSION NYC

Jacqueline Cooper JD MA LDT NBCT (Host: CryptoMom2, JCooperTravels & LoveTravelScotland) chat with Meredith Stein (Certified Public Accountant & Author) about why it is important to analyze the cloud governance within each business for risk and compliance issues. To reach Jacqueline email her at cryptomom2consulting@gmail.com. To obtain your own copy of The Bitcoin Cinderella to your collection of literature and technical blockchain resources visit www.bitcoincinderella.com. Cloud has strong potential to improve business outcomes and foster innovation. However, to realize that potential, organizations must build an effective governance structure around their cloud ecosystem. In this episode, David Linthicum talks with Meredith Stein, co-author of Cloud Governance Basics and Practice, about how enterprises can establish effective governance for cloud, the benefits of good governance, and how cloud governance can affect sustainability efforts. Meredith is a Certified Public Accountant and a results-driven executive with over 20 years of experience. Meredith's career focuses on governance, risk, and compliance. Meredith has a new book out entitled, Cloud Governance – Basics and Practice. Meredith Stein, CPA, has substantial and diverse experience in the domain of governance, including designing, operationalizing, and assessing governance structures, including ERM, COSO / internal controls, and external audits of financial statements. The design and deployment of governance-related executive education and training programs have been central to her various roles. Meredith works for the National Institutes of Health (NIH), a U.S. Federal Government agency. She improves program management and performance by organizing, aligning, assessing, remediating, monitoring corporate and program risk, and ensuring program integrity and compliance. Meredith is also actively involved in governance-related, learning and development initiatives. Previously, Meredith worked for the Pension Benefit Guaranty Corporation. Prior to that, she worked in KPMG's audit and advisory practices as a manager where she conducted audits and led Sarbanes-Oxley and governance-related consulting projects. Link for Cloud Governance Book: https://www.degruyter.com/document/doi/10.1515/9783110755374/html To reach Meredith follow her on LinkedIn: http://linkedin.com/in/meredith-stein #cloud #governance #blockchain

Jacqueline Cooper JD MA LDT NBCT (Host: CryptoMom2, JCooperTravels & LoveTravelScotland) chat with Meredith Stein (Certified Public Accountant & Author) about why it is important to analyze the cloud governance within each business for risk and compliance issues. To reach Jacqueline email her at cryptomom2consulting@gmail.com. To obtain your own copy of The Bitcoin Cinderella to your collection of literature and technical blockchain resources visit www.bitcoincinderella.com. Cloud has strong potential to improve business outcomes and foster innovation. However, to realize that potential, organizations must build an effective governance structure around their cloud ecosystem. In this episode, David Linthicum talks with Meredith Stein, co-author of Cloud Governance Basics and Practice, about how enterprises can establish effective governance for cloud, the benefits of good governance, and how cloud governance can affect sustainability efforts. Meredith is a Certified Public Accountant and a results-driven executive with over 20 years of experience. Meredith's career focuses on governance, risk, and compliance. Meredith has a new book out entitled, Cloud Governance – Basics and Practice. Meredith Stein, CPA, has substantial and diverse experience in the domain of governance, including designing, operationalizing, and assessing governance structures, including ERM, COSO / internal controls, and external audits of financial statements. The design and deployment of governance-related executive education and training programs have been central to her various roles. Meredith works for the National Institutes of Health (NIH), a U.S. Federal Government agency. She improves program management and performance by organizing, aligning, assessing, remediating, monitoring corporate and program risk, and ensuring program integrity and compliance. Meredith is also actively involved in governance-related, learning and development initiatives. Previously, Meredith worked for the Pension Benefit Guaranty Corporation. Prior to that, she worked in KPMG's audit and advisory practices as a manager where she conducted audits and led Sarbanes-Oxley and governance-related consulting projects. Link for Cloud Governance Book: https://www.degruyter.com/document/doi/10.1515/9783110755374/html To reach Meredith follow her on LinkedIn: http://linkedin.com/in/meredith-stein #cloud #governance #blockchain --- Send in a voice message: https://podcasters.spotify.com/pod/show/jacqui-cooper/message

Victoria Guido is the new Associate Director of Business Development and DevOps Strategy at thoughtbot, and is joining Chad as co-host of the show! Chad talks with Victoria about getting involved in DevOps work, transitioning to agile, moving away from her old community which was based on geography, and tips for people onboarding into a new role. Follow Victoria on Twitter (https://twitter.com/victori_ousg) or LinkedIn (https://www.linkedin.com/in/victorialguido/). Follow thoughtbot on Twitter (https://twitter.com/thoughtbot) or LinkedIn (https://www.linkedin.com/company/150727/). Become a Sponsor (https://thoughtbot.com/sponsorship) of Giant Robots! Transcript: CHAD: This is the Giant Robots Smashing Into Other Giant Robots Podcast, where we explore the design, development, and business of great products. I'm your host, Chad Pytel. And with me today is Victoria Guido, the new Associate Director of Business Development and DevOps Strategy at thoughtbot, and wait for it, the new co-host of this very podcast with me. Victoria, thank you for joining me on the show for this episode, for joining me at thoughtbot, and now for joining me as the co-host of the show. VICTORIA: You're welcome. Thank you for having me. CHAD: You do all of those things, right? [laughs] VICTORIA: Yes, yes. CHAD: So I'm hoping that we can introduce folks to you. I'm excited to have you on the show and for the audience to get to know you. Let's start with your role at thoughtbot. I think maybe you have the esteem of having the longest title at thoughtbot right now. [chuckles] VICTORIA: Yes, I love it, Associate Director of Business Development and DevOps Strategy. So I'm not only doing business development but also planning our DevOps services and how we do that at thoughtbot. CHAD: And you're on the Mission Control team, which for folks who follow along or want to go back and listen, we had Joe, who is the CTO of thoughtbot and the interim Managing Director of the Mission Control team, which is our new DevOps team and Site Reliability Engineering team, that's Episode 403. So I will link that in the show notes, but it's at giantrobots.fm/403 as well. So, how did you get involved in DevOps work? VICTORIA: Right. So I first went to my first DevOps meetup in 2017 when I was living in Washington, D.C. I had been working in IT and operations for about 5 or 10 years at that point. And I went to a DevOps meetup and met some really nice guys, and they were very...what I liked about it was that it was both the technology side and about culture. And it was about how do we break down silos between different groups, and then bring in the automation and start to do next level type of operations? So that's how I started to get involved. And I started attending the meetups regularly and then became an organizer for the meetup and for the conference series. And that's when I became like the biggest DevOps person in D.C. probably. [laughs] CHAD: Did you end up moving from the general IT work that you were doing into more DevOps focus work along that way? VICTORIA: Yeah, at that time, that was when as a federal contractor, you know, agile had been around for quite a while. And I had been through several agile transformations with large program teams. And now DevOps was becoming more of a thing. And the project that I was on at the time was managing a large set of federal websites and was managing the build pipeline and process for how they got their code into the public's view and how they managed the servers and all the other back-end services that supported those applications. So DevOps was both top of mind for the government. [laughs] They were trying to now be able to deploy as frequently as they were able to build new features. And it was part of the work that I was performing as well. CHAD: You mentioned you were doing government work at the time. What was that like? What kind of work was it? VICTORIA: Yeah, actually, my first job after college, my first full-time job, was at Citizenship and Immigration Services. And it was about a 200-person program. Some of the applications were actually written in Siebel. And so we had just a variety of different applications from Siebel to Java. And they had just transitioned to agile. And so that was taking a team that was managing Oracle releases and bringing them into a kanban style workflow and figuring out how do we be agile when we're in maintenance mode, and bring the team along with me? And I worked my way up from a process engineer to project management and did a little bit of testing and a little bit of development in between. So it was interesting because it was a major transformational shift for that agency and still getting steeped in ITIL processes and how to do unit testing, acceptance testing, and all of those other kinds of critical processes for building applications. It was good. CHAD: What does transitioning to agile mean when you talk about groups that size? You're talking about unit tests and that kind of thing, which can be part of agile, but I assume isn't the only aspect of it. VICTORIA: Yeah, I think for that group, it was about changing the way we planned and managed work and figuring out what processes could we automate. So is there testing that we could automate or test data creation we could automate? And I think there are some concepts from agile that helped our planning, for example, making a physical board to manage which environments has which versions of Oracle in it. Those types of concepts of just kind of stepping away from your computer and getting together with the group every day to talk about what issues they're running into that's kind of what it was. But there was still, of course, documentation requirements, big documentation requirements, and everything like that. So it was an interesting sort of half transition or tailored approach to doing agile with that type of team. CHAD: And then from there, you moved into ongoing sort of consulting companies that worked with government. VICTORIA: Yes, I worked for two pseudo-government financial organizations, Pension Benefit Guaranty Corporation and Fannie Mae, so my next two roles as a project manager and system engineer. So at Pension Benefit Guaranty Corporation, I got exposed to more system engineering and security engineering, working with their mobile device management policy, and actually designing the mobile device management to match DISA STIG. Sorry, I'm doing a lot of acronyms out here. [laughter] You can stop me if I use too many. But that was really interesting and also upgrading their system, they were using to manage change for the organization so their ITIL services management tool. Going through the process of upgrading that project and coordinating across all the teams who delivered software at the agency was fascinating. I went on to Fannie Mae, where I started to really build knowledge bases and start to build out actually using SharePoint at the time. [laughs] But figuring out ways to share knowledge across large teams and other large production support services teams, and how to get them collaborating so they could improve themselves and do continuous improvement, and learn what other groups are doing. CHAD: That's one area where I honestly don't have a ton of experience. Most of my professional experience has been at thoughtbot or other smaller organizations. How do you manage that, or what are the big differences between large organizations like that and something at the thoughtbot size or smaller? VICTORIA: The biggest difference between a large organization like that and a small one like thoughtbot would be I think of how change gets generated and started. In a small organization with a culture like thoughtbot, change can come from anywhere and very quickly have permeated the entire organization. With a larger organization, you can have leaders try to force change from the top down. And you'll see individuals some will be 100% on board. Others will figure out how to qualify what they're already doing to fit that change. And some others will just be full-on resistance and just kind of be waiting for the next leader to come in so they can switch into whatever they were doing before. And there is also that organic change that comes from individuals and then pushes up to the rest of the organization. But I think it's much harder, and you have to have a lot of will and a lot of support from leadership that they're accepting of those types of ideas. CHAD: I think it's the nature of groups and companies to want to grow. Do you think that there's any way to preserve that smaller culture as an organization grows? VICTORIA: I think so. I think it's possible if you integrate it into part of your core values, and that becomes a part of how you interview, and how you do performance reviews, and how you build your culture as a company. I think you can build it on those tenets. I think in some organizations, there's usually some form of acquisition where you acquired a team from a contracting company, or you acquired a team of federal employees from another agency when you restructured. So it makes it a little bit more challenging to really integrate that part of your culture into every step, but it is possible. And you also have to accept that not everyone might be on board all the time. CHAD: Well, I think that that is probably the biggest challenge is even in a larger organization, if you foster a culture where change can happen from anywhere, it's not necessarily top down. Transferring that knowledge or that practice throughout the whole organization is really difficult. Like if it's thousands or tens of thousands of people, adopting a change seems really difficult to me. So even if things are really organic coming from all levels of the company, you could end up in a scenario where everything is being done differently, everywhere. VICTORIA: Yeah, and I think, too, when you're in a larger organization, there's more context for every unit. And so you can think this is a change we're going to do. This is going to be great. But then, once you actually see the way that people work, that change might not actually help them that much. And so I think that if people have autonomy to be able to make changes that make sense for them, that's more likely to be effective than if we tried to push change from the top down necessarily. And being in my position as a contractor, I really don't have authority to make a lot of changes. CHAD: [chuckles] Right. VICTORIA: So either I have someone backing me up, or I really get to know the individuals that I'm working with. And I can demonstrate and show them that there's a better way of doing it and do it in a way that gives it to them as an option so they can choose to adopt it. And that's usually the only option I have to give anyway, [laughs] so that's been effective because people do want to be better at their jobs or be more efficient. But a lot of times, I think the changes aren't really addressing their problem, and so it can be easy to push it aside. Mid-Roll Ad: Are you an entrepreneur or start-up founder looking to gain confidence in the way forward for your idea? At thoughtbot, we know you're tight on time and investment, which is why we've created targeted 1-hour remote workshops to help you develop a concrete plan for your product's next steps. Over four interactive sessions, we work with you on research, product design sprint, critical path, and presentation prep so that you and your team are better equipped with the skills and knowledge for success. Find out how we can help you move the needle at: tbot.io/entrepreneurs CHAD: So you mentioned you got involved in DevOps DC and then as an organizer. I know you also started to work with Women Who Code. Why did you get involved in the organization of DevOps DC and that kind of thing? Was there a business or a personal reason to do it? VICTORIA: It was both. It made sense from a networking perspective, both in potential customers or clients and in recruiting. But also, I think it made sense. For me personally, the people who were showing up regularly were my kind of people, you know, [laughs] people who cared about blameless post mortems or feeling open or making me feel welcome when I came to the meetup. That was a big reason why I got involved. And it just made sense for me, too, because I was coming from an operations background. I'm like, oh, DevOps, this is the way that we're supposed to be doing things. [laughs] CHAD: So you were really involved in the D.C. community and had been there for a while. But you recently moved to California. VICTORIA: Yes, yeah. I've been in San Diego for almost two years, about a year and a half at this point. Yeah, big moves. CHAD: What was it like to move away from your old community, which was so based on geography? VICTORIA: Yeah, it was sad, but it was interesting how it worked out with the pandemic because when we found out we were going to move, was when everything shut down, and we went slowly remote anyways. And so I continued running DevOps DC remotely and some Women Who Code events for about a year afterwards. And then, when I decided it was time to really shift away and actually be more present in the San Diego community, especially when the other meetups started going back to in-person meetups, that was actually really hard to say goodbye and to say that I wasn't going to be organizing anymore. And I really miss all my past organizers and people who would come to the events. CHAD: Has it been difficult to form a new community locally given the pandemic? VICTORIA: Yeah, I've looked at quite a few meetups. There are a number of good meetups here in San Diego, and LA has a great scene as well. But yeah, it's been hard for myself to just get out of the house and to find similar groups that have those same interests. That's been a challenge, but I think it's coming along, and we'll get there. CHAD: And along the way, you joined thoughtbot. I'm curious, what were the things, in particular, that attracted you to the role or to thoughtbot? What were you looking for personally? VICTORIA: Personally, I knew that business development was an area that fit my skill sets really well, and the things I like to do like going out, and networking, and talking to people. And this role, in particular with the DevOps strategy in there, really excited me because I could use all of these hours and hours I've spent in meetups and conferences to good use to help develop services within thoughtbot that are really tailored to our specific user groups and needs. And to work with highly skilled, highly regarded engineers and developers on developing these products I thought was really exciting. And then thoughtbot as a company, in particular, I found the interview process to be really well thought out with, for example, I knew that it was going to be a long interview process. So there is a compensation that you can receive just for interviewing. And I thought that was something that was really nice [laughs] and also just showed that approach of being aware of the candidate's experience and wanting to have that be a good experience and a worthwhile endeavor. So that was part of why I liked thoughtbot. Open source was a big consideration for me. I wanted to work somewhere where they were passionate about giving back to the open-source community, and all that together brought me here and made the most sense. CHAD: Cool. Do you have any tips for people onboarding into a new role? Or maybe even if it's not tips, was there something that you did intentionally when day one or day minus one you're thinking about, okay, tomorrow I'm getting started? How did you approach that? VICTORIA: One of the biggest advice I give to people who are starting a new role is to schedule one on ones with members of your team and get to know them as individuals, especially in remote environment since you don't necessarily have a chance to go out for coffee, [chuckles] just to have a quick one on one and get to know them a little bit more in your role and figure out where you can start to add value. I think that's a great way to start. And then to just develop your list of ideas for where you think you can add value, some outstanding questions for where you need to understand more. And I think the other advice would be to engage in the social channels. I think my first day, I posted a picture of my dog on the dogs' channel. [laughter] And just like, let your personality show a little bit. And don't be afraid to post in a large channel, especially if you know the culture of the company is open to that kind of collaboration. And then people start to see your face and get to know you a little bit more, and you feel more connected to your company. CHAD: Were you nervous when you joined on your first day? VICTORIA: Yeah, a little nervous. And I'm also aware of just having been a federal contractor that some people might hear that and have an impression of my style or the way I like to work. And so I'm a little aware of like, oh, I definitely don't want to wear a blazer. I don't want to look too corporate. [laughter] CHAD: That's funny. Yeah, one time, we were meeting in sales meetings with clients, and we wanted to establish that we were not a typical consulting company. And so intentionally going to a sales meeting wearing a t-shirt or something like that was a statement, like an intentional choice we were making to subtly communicate what kind of company we are. So that resonates with me. VICTORIA: Right. [laughs] CHAD: So now that you've been here for...oh, geez, how long has it been? [chuckles] VICTORIA: It's almost a month. CHAD: Almost a month. Was there anything that surprised you? VICTORIA: There have been a few small things that I'm probably way too happy about. One is just the actual page count in contracts is just way lower than what I've had to work with in the past, [laughter] which is very exciting for me. I was really happy to see...I went to go add a custom Slack emoji, and there were already like 2,000-plus Slack emojis. So that was really exciting for me. [laughs] Surprising...the part that's interesting is, in some cases, as a consulting company, it is the same problems that we're trying to solve for. So, in that case, it's almost expected, but it's interesting. So to see some things like what thoughtbot has, a playbook in GitHub, and anyone can edit it. And that was something I was really trying to work on at my last position. And you're 5 or 10 years down the road where you've solved some of the issues where you have a nice editor so that people can go in and edit pages without using Markdown or pull requests. But it's still difficult. So it's interesting to see that some challenges have progressed a little and have still some different issues. CHAD: Yeah, it's always interesting to get a new person's perspective with fresh eyes. I've been doing this for a long time, and joining a new company remotely is different. Back when you were joining a Boston team or a San Francisco team, you could go into the office. And your first day, you'd be sitting right next to somebody and going to lunch with them. And that kind of thing is clearly very different now than it was then. VICTORIA: Right. And I did get to see everyone at Summit for one night. So that's exciting. CHAD: Yeah, that was exciting. So we happened to...I think the week before you started, or maybe two weeks before you started, we were having our company-wide in-person get-together in the United Kingdom. And you happened to be going to Germany for a wedding, right? VICTORIA: Mm-hmm. CHAD: So we tacked on to that trip and stole you for a day, and we were able to see each other in person. That was exciting. VICTORIA: It was really cool. Although I had a lot of FOMO once, I saw the next day was like D&D and a bunch of games and hanging out. I was like, wow, I'd really like to stay longer. [laughs] CHAD: Yeah, yeah. Well, we'll do it again next year. [laughs] VICTORIA: Yeah, that's true. CHAD: Mission control is the one team at thoughtbot that works on clients that is cross time zone, so most of the teams overlap with clients 100% with time zone. So it'll be people in the Americas work with clients in the Americas. But the Mission Control so that we could provide a wide swath of time zone coverage for that infrastructure work, for that support that we do, crosses the teams. So one person on your team is in Nigeria, and you're all the way in San Diego. What's that like? How do you manage that? VICTORIA: Yes, well, everyone on the team makes sure to update their availability in their calendars so that we aren't accidentally scheduling meetings really late in the day for folks who are on that UK time zone. It's been all right, though. I'm used to asynchronous communication, and so is the team. So I think that we're really good at being able to use Jira and Confluence and Slack to communicate. And we are open with each other on where we're flexible if we need to make meetings a little bit later. And everyone's been really supportive of not trying to have meetings too early with me, which I appreciate, [laughter] 8:00 o'clock is totally fine, though. It's actually been good. I'm used to the asynchronous communication. I actually would even be open to more meetings that are done just over Slack and just when people wake up. CHAD: I think there are different philosophies here. But I'm very much in the camp of assuming we want to work a sustainable pace, which we do, then you can't build a culture around synchronous meetings where everyone needs to be on the meeting together because it's basically impossible. Those two things are at odds. Someone will be outside of their regular work hours, and that's really hard to continue on sustainably. So I'm very much in the camp of having a culture of asynchronous communication. And that doesn't mean that you never talk. [laughs] It doesn't mean that you don't work with each other. But maybe those times should be focused on what can't be replicated asynchronously, which is sometimes the social connections, the cultural connections of the team. VICTORIA: Yeah, and I think we get a kick out of saying like, "Good morning, Victoria, and good evening, Olamide." [laughs] CHAD: Cool. Well, I'm sure folks will get to know you more over the course of the next episodes. I really appreciate you joining the show. If folks want to follow along with you or get in touch with you, where are the best places for them to do that? VICTORIA: I'm more active on Twitter, and so you can follow me there. And I tend to like and retweet a bunch of DevOps-related events and Women Who Code events. And I'm also on LinkedIn. CHAD: So what's that Twitter handle? VICTORIA: It's @victori_ousg. CHAD: Okay. We'll include a link to that in the show notes. You can subscribe to the show and find notes along with an entire transcript for this episode at giantrobots.fm. If you have questions or comments, email us at hosts@giantrobots.fm. And I'm so excited it's not just going to be me on that email list anymore. So definitely send an email. And you can find me on Twitter at @cpytel. This podcast is brought to you by thoughtbot and produced and edited by Mandy Moore. Thanks so much for listening. Victoria, thank you again. VICTORIA: Thank you CHAD: And see you next time. ANNOUNCER: This podcast was brought to you by thoughtbot. thoughtbot is your expert design and development partner. Let's make your product and team a success.

About Gene Kalwarski and Cheiron: For more than 30 years, Gene Kalwarski has been one of the nation's leading actuaries to multi-billion dollar jointly-trusteed pension and health and welfare funds in the Taft-Hartley and public sector arenas. He is an industry leader in the development of PC-based financial applications and interactive analytical tools that empower fund trustees to understand evaluate and strategize alternative solutions to their financial challenges with respect to pension funding, escalating healthcare costs, and investment strategy. Gene's ideas and achievements have been chronicled in many industry publications, Money magazine, and at the annual Business Week CFO Forum. He specializes in creating innovative real-time simulation decision tools for financial executives facing major strategic decisions with respect to pension funding, investment strategy, and health insurance. His clients have been primarily multi-billion dollar funds of major corporations, states, Taft-Hartley funds, U.S. federal agencies, and the governments of foreign countries. Gene applies a "hands on" approach in designing and developing evolving technology applications for clients. Staying actively involved in this dynamic field allows him to incorporate his depth of knowledge and experience to the applications being developed, enhancing them to be more effectively useful from an upper management perspective. In addition, he has extensive experience presenting actuarial concepts to large audiences who have little technical expertise. Gene has testified on several occasions before U.S. Senate Committees and regularly testifies before state legislatures and boards of trustees on behalf of the many state-wide pension funds he represents. After more than 21 years at Milliman where he established the firm's Washington office, in 1984 he became the firm's youngest Equity Principal. By 1990 he was the youngest Equity Principal to serve on the firm's Board of Directors. He joined Cheiron in November 2002. Prior to working at Milliman, Gene worked for two years at Towers Perrin. He began his actuarial career at the Pension Benefit Guaranty Corporation or PBGC where he spent nearly five years. Cheiron (pronounced ki´• ron) is an employee-owned, full-service actuarial and financial consultancy, advising a national client base of public employers, Taft-Hartley plans, non-profits and corporations, from offices in Washington, DC; Charlotte; Chicago; Philadelphia; New York; Portland, OR; Los Angeles; San Francisco; and San Diego. Our primary business is in the pension and health areas, where we help clients identify, measure, and monitor financial risks, and assist them in addressing those risks. At the heart of these services is our proprietary line of sophisticated "X-scan"​ modeling tools that allow clients to see, in real time, the nature and degree of financial risk they face, and determine when deeper analysis is needed. We stand behind our work, serving our clients with integrity, responsiveness and objectivity. Our only business is providing analysis and advice. We do not ask clients to accept limitations on our liability for the quality of our work. Our advice is objective, serving only our clients interests and will not be affected by conflicts with other corporate alliances, outside advisors, external oversight entities, or between management and labor. Although Cheiron opened its doors in 2002, our seasoned consulting staff averages more than 24 years of experience. Our consultants have earned a strong national reputation for high professional standards, innovation and dedication to solving our clients'​ problems.

Even casual observers know that, over the past several decades, the nation's retirement system has evolved from a predominantly defined benefit system to a predominantly defined contribution system. That said, there are still nearly 47,000 defined benefit plans in the United States, (half of which are insured by the Pension Benefit Guaranty Corporation, or PBGC), covering almost 33 million people and totaling more than $3.2 trillion in assets. On this past New Year's Eve, the PBGC's Participant and Plan Sponsor Advocate, Connie Donovan, issued the 2021 Annual Report of the Participant and Plan Sponsor Advocate, highlighting the agency's successes and improvements, as well as areas of lingering concern. (See the report here: https://www.pbgc.gov/documents/2021-annual-report-participant-and-plan-sponsor-advocate) In this episode, Donovan speaks with host Jason Hammersla about the customer experience with PBGC, including what she has characterized as “internal administrative issues” within the agency.

Photo: No known restrictions on publication. @Batchelorshow #ClassicRichardEpstein: Retroactive taxes and United States v. Carlton, 512 U.S. (1994) @RichardAEpstein (Originally aired June 8, 2021.   SCOTUS on retroactive taxes. @RichardAEpstein @HooverInst United States v. Carlton, 512 U.S. 26 (1994) https://supreme.justia.com/cases/federal/us/512/26/ The earlier cases are listed here: But "the Court has never intimated that Congress possesses unlimited power to 'readjust rights and burdens ... and upset otherwise settled expectations.''' Connolly v. Pension Benefit Guaranty Corporation, 475 U. S. 211, 229 (1986) (O'CONNOR, J., concurring) (brackets omitted), quoting Usery v. Turner Elkhorn Mining Co., 428 U. S. 1, 16 (1976).

This episode is the final installment of our three-part series on a new special financial assistance program created by the American Rescue Plan Act of 2021 for troubled multiemployer plans and the interim guidance issued by the Pension Benefit Guaranty Corporation regarding the program. Be sure to listen as Rob Projansky and Justin Alex cover the special rules that apply to plans that receive the assistance and other details including how the program impacts withdrawal liability for employers.

On this audio replay of CRI's May 13, 2021 webinar, Charles E.F. Millard, former Director, Pension Benefit Guaranty Corporation, and Senior Advisor, Amundi Asset Management moderates a discussion with panelists from the United Kingdom (David Pitt-Watson and Terry Pullinger), the Netherlands (Alwin Oerlemans), and the United States (Bradford Campbell) on challenges faced by defined contribution in turning savings into lifetime income and how experiences from abroad with collective defined contribution (CDC) plans can inform better plan designs for the US.

Photo: Egyptian peasants seized for non-payment of taxes. (Pyramid Age).CBS Eye on the World with John BatchelorCBS Audio Network@BatchelorshowSCOTUS on retroactive taxes. @RichardAEpstein @HooverInst United States v. Carlton, 512 U.S. 26 (1994), https://supreme.justia.com/cases/federal/us/512/26/ The earlier cases are listed here:But "the Court has never intimated that Congress possesses unlimited power to 'readjust rights and burdens ... and upset otherwise settled expectations.''' Connolly v. Pension Benefit Guaranty Corporation, 475 U. S. 211, 229 (1986) (O'CONNOR, J., concurring) (brackets omitted), quoting Usery v. Turner Elkhorn Mining Co., 428 U. S. 1, 16 (1976).

In this episode, Susan Guthrie speaks with veteran attorney, mediator and arbitrator, Judith Starr, whose active private practice and prolific pro bona mediation contributions have all been delivered via Zoom since the advent of the pandemic.  Judith has encountered many of the issues that online mediators face, and has found the solutions to many of the problems!  She shares her top tips with you so that you, and your clients, can benefit as well!  For any professional who works on Zoom, this episode will be a big help so take a listen today! If you have a Zoom Tip to share, send it to susan@learntomediateonline.com and hear your tip on a future episode of The Learn to Mediate Online Podcast! More About This Week's Special Guest:  A Harvard-educated lawyer, Judith Starr was recognized as one of the top 5% of all federal executives with the Presidential Rank Award.  She founded the mediation program at the Pension Benefit Guaranty Corporation, where she served as general counsel. As the agency's Suspension and Debarment Official, she adjudicated cases involving the fitness of individuals and firms to contract with the Federal Government.  Ms. Starr trained as a mediator with the Federal Mediation and Conciliation Service, and is certified as a mediator by the States of Florida and Virginia.  She is experienced in mediating labor and employment (including ERISA), consumer, contract, and commercial claims.  Ms. Starr also has substantial experience in the financial services sector, having served as chief counsel to the Financial Crimes Enforcement Network and assistant chief litigation counsel with the Securities and Exchange Commission, where she received the Stanley Sporkin Award for outstanding contributions to securities law enforcement.  Ms. Starr trained as an arbitrator with the Financial Regulatory Authority and currently serves on its panel of arbitrators arbitrating securities claims.  As co-chair of the American Bar Association's (ABA) Mediation Committee, Ms. Starr has published and spoken on mediator education, including "What I Learned from Getting to Yes with Yourself" n the March 2020 issue of the ABA's Just Resolutions e-zine.  She also presented a webinar at the ABA Dispute Resolution's May 2020 Virtual Conference on the Evolution of ADR in Federal Agencies. Visit Judith's website at:  https://www.adrworkout.com/ Email Judith at: judith@adrworkout.com View Judith's Bankruptcy for Mediators Program here:  https://www.dropbox.com/s/3qh18ez273y5yqk/October%20Meeting%20-%20Judith%20Bankruptcy%20Presentation.mp4?dl=0   JOIN THE AMERICAN BAR ASSOCIATION DISPUTE RESOLUTION SECTION and THE MEDIATION COMMINTTEE here:  AmericanBar.org/Membership **************************************************************************** About Our Host: Susan Guthrie, nationally recognized as one of the Top Family Law and Mediation Attorneys in the country, has been helping individuals and families navigate separation and divorce for 30 years. Susan provides online divorce mediation and legal coaching services to select clients around the world. As a leading dispute resolution professional, Susan is honored to serve on the Executive Council of the American Bar Association's (ABA) Dispute Resolution Section as the Membership Officer and to be a Co-Chair of the Mediation Committee. Susan also is one of the leading experts in online mediation in the country and trains other professionals in the practical and ethical considerations of conducting their mediations online through her business Learn to Mediate Online (www.learntomediateonline.com.) The Learn to Mediate Online Training Program is NOW ON-DEMAND!  To date, more than 15,000 dispute resolution professionals have benefited from her online mediation training program which is available as an ON DEMAND COURSE!  The program will help you to transition your in-person mediation process to an online virtual proceeding via Zoom video-conferencing and more.  Go here to find out more: https://learntomediateonline.teachable.com/   Susan also offers additional training and webinars in (available on www.learntomediateonline.com): ***To receive 10% off the cost of the downloadable programs use code "PODCAST." **** Social Media Marketing for Professionals DOWNLOADABLE PROGRAM NOW AVAILABLE! DIY Website Basics DOWNLOADABLE PROGRAM NOW AVAILABLE! Susan also offers 1:1 private coaching and more.  Go to www.learntomediateonline.com ******************************************************************************************************** To find out more about Susan's new venture with mediation legend, Forrest "Woody" Mosten, please visit www.mostenguthrie.com. ************************************************************************************************ Susan has been featured in and on media outlets such as CNBC, Market Watch, Forbes, Eye on Chicago, WGN, the ABA's Just Resolutions Magazine, Thrive Global, The Nook Online among others. She is licensed to practice law in the States of California and Connecticut as well as before the Supreme Court of the United States. Susan's other Podcasts: After a year and half of co-creating and co-hosting the award winning podcast, Breaking Free: A Modern Divorce Podcast which reached over 3 million listeners, Susan recently launched her fresh and inspiring new podcast, The Divorce and Beyond Podcast with Susan Guthrie, Esq. which debuted on iTunes “Top Podcasts” List for self-help podcasts. Divorce & Beyond is focused on pulling back the curtain on the mysteries of the divorce process and bringing tips and resources to help people to thrive and shine in their new future beyond divorce.   Follow us on Instagram:  Susan Guthrie, The Divorce & Beyond Podcast and Learn to Mediate Online! Want a Learn to Mediate Online coffee mug?  Your can order yours here: https://teespring.com/learn-to-mediate-online-mug?pid=658&cid=102908&sid=front     EACH MONTH THERE WILL BE TWO WINNERS OF AN LTMO MUG OR OTHER SWAG!  To enter, just leave a 5-Star Rating and Review on iTunes or Podbean!We want to be sure to help as many online professionals as we can and your ratings and review really help to spread the word!   Be sure to subscribe to the podcast on your favorite platform so that you don't miss an episode and if you enjoyed this episode, please give us a five star review and leave a comment telling us what you liked!  You can link to the most popular podcast platforms here:  https://learntomediateonline.com/ltmo-podcast You can reach Susan at susan@learntomediateonline.com  

This week on Financial Philosophy, we learn more about pension plans and how they could be a valuable part of your retirement plan. James discusses how the PBGC steps in when necessary, and ultimately, why it may be advantageous to have a pension plan so that you can make informed decisions as you prepare for retirement and consider what suits you and your finances.   Financial Philosophy is a show/podcast sponsored by Falcon Wealth Advisors and hosted by James Lewis, CFP® that is dedicated to the whole of financial planning. The goal is to breakdown the complicated financial industry and decisions into easily digestible segments for most anyone understand.   Falcon Wealth Advisors is an independent-minded wealth management practice located in the Kansas City metro.  Our team of 11 professionals specializes in retirement planning for individuals.  We help our clients make important decisions around when to retire, social security, health insurance, tax planning, and many other financial planning topics.   In addition to helping our clients plan for a successful retirement we also implement investments solutions.  We believe that what sets us apart is our philosophy to avoid investment products and instead buy/sell individual stocks, bonds, and options for our clients.  We do this to eliminate the middle man which we believe increases control and transparency, and decreases fees.   Visit Our Website https://www.falconwealthadvisors.com/   Listen to our Podcasts https://www.falconwealthadvisors.com/content.html   We're Social! https://www.facebook.com/FalconWAdvisors/ https://www.instagram.com/falconwadvisors/ https://twitter.com/FalconWAdvisors https://www.linkedin.com/company/falcon-wealth-advisors/

You know the old saying, "If it ain't broke, don't fix it?" Well, there are some things that can stand the test of time. But, then there are things that need to be re-evaluated as time goes on. On todays episode, Steve discusses some common retirement planning beliefs that don't hold up so well in todays world!  My Expected Lifespan Is 75-85 Years.  Yes, the average life expectancy is in this range, but that’s irrelevant to any one person.  Half the people will live longer than the median, and you’ll hope to be part of that group.  The chances of you dying at an “average” age are slim. I’ll be in a lower tax bracket when I retire.  We have a serious debt and spending problem, so the odds are good that tax brackets will be rising instead of falling.  Also, remember that the tax-deductible money you socked away in your 401(k) will become fully taxable during retirement. My overall expenses will be lower in retirement.  Some expenses may be lower, but others will be the same or even higher during retirement.  For example, as you age, your health tends to decline, so you could face higher medical bills.  I won’t outlive my money if I withdraw 4% a year.  Anything could happen that might give you no other choice but to withdraw more than your planned 4%.  Treat the 4% rule as a general guideline, and always prepare for the worst. I’ll live off my pension.  Many state pension plans are underfunded and that could affect your retirement income.  If your employer goes bankrupt, the Pension Benefit Guaranty Corporation protects your pension.  But it’s possible you might not get every dollar you expected.   Contact Steve today for a complimentary Portfolio Analysis to make sure YOU'RE on track with your retirement income planning!  

A look at defined benefit pensions and their uncertain future, including an understanding of the Pension Benefit Guaranty Corporation.

In today's Federal Newscast, the Justice Department won guilty pleas from the former director of procurement for the Pension Benefit Guaranty Corporation and the president and CEO of a government contracting firm for bribery.

I hope this episode finds you safe and healthy during these crazy times. This episode had a lot of twists and turns to get to you. My guest today, Sherrie Boutwell, ERISA Attorney with Boutwell Fay and I had planned this originally as a conversation about some of the trickier distribution scenarios employers face and what to do about them. As things unfolded, we felt it would be helpful to include some commentary on the new COVID related distribution and loan options. So, we start with COVID related topics and then pivot to some of the trickier distribution options that relate to divorce, death and hardship requests.  Before we get started, with many conferences and other traditional sources of information for people wanting to keep up with retirement plan information postponed or canceled, please share the podcast with your friends, colleagues, within a professional group or with anyone who has an interest in key topics and trends to managing 401(k) plans. You can send them to 401kfridays.com or suggest they search 401(k) Fridays on their favorite podcast app.  That’s it, I hope you enjoy my conversation with Sherrie! Guest Bio Sherrie Boutwell has focused for thirty years in the areas of employee benefits law and ERISA, with an emphasis on retirement and deferred compensation plans. She advises and counsels a broad range of clients, including employers, employees, plan fiduciaries, financial institutions, government agencies and trade associations, on a wide range of employee benefits matters.  Sherrie has extensive experience and is a highly sought after speaker and writer on employee benefits topics. Sherrie has represented clients before the Internal Revenue Service, the United States Department of Labor, the Pension Benefit Guaranty Corporation, arbitrators from the American Arbitration Association and the United States District Court with respect to employee benefits issues.  Sherrie has experience working with the unique deferred compensation issues that arise in the non-profit and governmental employer arena and also has many years of experience in the design and operation of non-qualified executive deferred compensation plans including the requirements under Section 409A of the Code. Sherrie takes pride in bringing a practical and down to earth approach to resolving complex benefits issues involving qualified plans, non-qualified plans and health and welfare plans. 401(k) Fridays Podcast Overview Struggling with a fiduciary issue, looking for strategies to improve employee retirement outcomes or curious about the impact of current events on your retirement plan? We've had conversations with retirement industry leaders to address these and other relevant topics! You can easily explore over 175 prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!

On this episode, Paul chats with Nicole Puri, Risk Management Officer at the Pension Benefit Guaranty Corporation, about the importance of an independent role for a CRO, how to demonstrate the value of ERM to agency stakeholders and the interaction between the CRO and Inspector General.

Roll Call reports that the Teamster’s largest fund is headed toward insolvency, and the Pension Benefit Guaranty Corporation fund that serves as its backstop is about four years from depletion. CNBC reports a closed Catholic hospital’s nearly 700 former employees may wind up with nothing from its insolvent pension. This podcast (6:51) suggests that people can survive portfolio depletion more easily than the drying up of lifetime income, and that advisors’ income plans must therefore specify how much their clients should save, what they can spend and when they can retire.

The Pension Benefit Guaranty Corporation, and the pensions industry as a whole, is having some trouble. Charles Millard, a former director of the organization, shares his thoughts on the subject, as well as his insights on whats going on in our economy. Follow our companion pages: www.facebook.com/ChiefInvestmentOfficer/ twitter.com/ChiefInvOfficer www.linkedin.com/company/10779168 Subscribe on iTunes: www.itunes.apple.com/us/podcast/chi…ficer-podcast/

On today's show I talked with Katherine Waldock - she's an Assistant Professor of Finance at the McDonough School of Business and holds a courtesy joint appointment with the Georgetown Law Center. She and Luigi Zingales are co-hosts of Capitalisn't, a podcast about what's working (and what isn't working) in capitalist societies. She received a Ph.D. in Finance from the NYU Stern School of Business and a B.A. in Economics from Harvard University. Her primary research interests are in corporate bankruptcy, law and finance, small businesses, and financial institutions. Also, Kate has worked as an intern for Lehman Brothers Inc. and the Office of Financial Research, and as a consultant to the Pension Benefit Guaranty Corporation. Her writing has been featured in the Huffington Post and WalletHub.  #creatorinstitute #entrepreneur #content #podbean #podcast #spotify #itunes #podcasting #soundcloud #youtube #podcasts #stitcher #podcastlife #applepodcasts #radio #podcaster #radioshow #radiopersonality #googleplay #podcasters #music #tunein

The worst nightmare of many retirement plan fiduciaries is to find themselves the target of a class action ERISA or 401(k) lawsuit.  My guests today, are intimately familiar with that feeling and more importantly, lived to tell about it.  Returning to the podcast I have Jamie Fleckner, ERISA Litigation Chair at Goodwin and Diane Gallagher, the Chair of the American Century Corporate Retirement Plan Committee. During this fascinating conversation you will hear how the 401(k) class action against American Century got started, what the plaintiffs were alleging, what it was like to be personally named in a multi-million dollar lawsuit, defending fiduciary decisions at trial and much more.  This episode is probably one of the more timely, informational and even emotional ones to date, enjoy!   Guest Bios Diane Gallagher is the Chair of the American Century Investments Corporate Retirement Plan Committee.  She is responsible for developing content and value-add programs for clients and is also a spokesperson on retirement investing.  Diane originally joined American Century Investments in 1995 and developed communication programs for clients of J.P. Morgan/American Century Retirement Plan Services. Prior to returning to American Century in 2012, Diane was vice president, Retirement Insights for J.P. Morgan Asset Management. Previously, she led product marketing for J.P. Morgan Retirement Plan Services and directed the participant communications and education department. Prior to 1995, Diane served as media relations manager for the Mutual Fund Education Alliance (MFEA). She also worked in Corporate Communications and Marketing for Sinai Health Care System in Detroit, Michigan.  Diane earned a bachelor’s degree in communications, magna cum laude, from the University of Detroit. She is accredited by the International Association of Business Communicators (IABC) and has earned many awards for her communication programs. She is a Board member of the Hands & Hearts Auxiliary for Children for Children’s Mercy Hospital and is a member of the Greater Kansas City Chamber of Commerce’s Centurions Leadership Program, class of 2019.  She is Past-President of the Board of Directors of Ronald McDonald House Charities of Kansas City and currently serves on its Advisory Board. In 2007, Diane was named one of Kansas City’s “40 Under 40” leaders by Ingram’s magazine. A frequent conference speaker, she holds Series 7, 63 and 24 licenses. Jamie Fleckner is a partner in Goodwin’s Financial Industry practice and Chair of its ERISA Litigation practice. Mr. Fleckner represents clients in a wide array of complex commercial litigation, with a focus on financial services and products, including investment management. He regularly litigates class and derivative actions under ERISA, the Investment Company Act of 1940, the Securities Exchange Act of 1934, and related federal and state laws. His practice also focuses on regulatory investigations and governmental proceedings, and has represented clients before the U.S. Department of Labor, Securities and Exchange Commission, Department of Justice, Pension Benefit Guaranty Corporation and state authorities. Mr. Fleckner’s success in litigating cutting edge legal issues has been profiled in The American Lawyer’s Big Suits and Litigator of the Week features. According to Chambers USA: America’s Leading Lawyers for Business where Mr. Fleckner has been selected for inclusion since 2014, Mr. Fleckner is “at the top of his game,” and is “a rare thought leader” on ERISA litigation. Since 2015, he has been recognized as a leading lawyer in the list of Who’s Who Legal: Pensions and Benefits. 401(k) Fridays Podcast Overview Struggling with a fiduciary issue, looking for strategies to improve employee retirement outcomes or curious about the impact of current events on your retirement plan? We've had conversations with retirement industry leaders to address these and other relevant topics! You can easily explore over one hundred prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!  

In this episode, podcast host and author of “Control Your Retirement Destiny” Dana Anspach covers additional content from Chapter 7 of the 2nd edition of the book on “Pensions.” If you want to learn even more than what there is time to cover in the podcast series, you can find the book “Control Your Retirement Destiny” on Amazon. Or, if you are looking for a customized plan for your retirement, visit us at sensiblemoney.com to see how we can help.   Chapter 7.5 – Podcast Script Hi, this is Dana Anspach. I’m the founder and CEO of Sensible Money, a fee-only financial planning firm. I’m also the author of Control Your Retirement Destiny, a book that covers all the decisions you need to make as you plan for a transition into retirement. This podcast covers a small part of the material in Chapter 7 on “Pensions.” We realize that, today, not everyone has pensions, but for those of you who do, you have some very important decisions to make. Let’s take a look at some of those decisions, and the errors you really must avoid.————— If you have a pension, count yourself lucky. This is a powerful benefit plan. There are many decisions that you have to make, and I want to talk about three of them today: Whether to take your plan as a lump sum or annuity.What age you should begin your pension.What survivor option to choose. Let’s look at the biggest mistakes people make in each of these areas. First, should you take your pension as a lump sum? Not all pensions offer this choice. Some require you take it out in the form of life-long monthly payments, which is referred to as taking the annuity option. Many pensions also give you the option of a one-time lump sum payment. Which is best for you? There is no way to know for sure without doing a mathematical analysis. You calculate what the monthly payments are worth based on your life expectancy and you compare that to the lump sum. In the majority of cases I see, and I’ve seen a lot of them, the monthly payment option is best. Why does it work that way? There are a lot of risks you take on when taking the lump sum. What if the portfolio earns less? What if someone cons you out of some of the money? What if you live longer than you expected? The pension plan handles these risks for you and there is a company called the Pension Benefit Guaranty Corporation that insures most pension benefits. When you take the lump sum, these risks are not covered. Many people take the lump sum, make poor investment choices, and run out of money. If they had taken the annuity choice, they would have had income for life. What if you meet an investment person that says they can earn you a much higher rate of return if you take the lump sum? Be skeptical. Be very, very skeptical. If you are tempted to believe them, go back and listen to Chapter 5, the podcast on “Investing”, and specifically, the section on “The Big Investment Lie”. Also consider their motives. Do they have a financial incentive to get you to take the lump sum? Hmmmm. You’ll also need to decide what age to take your pension. If you retire at 55, do you start the pension right away, or wait until age 60 or 65 to take it? This is another scenario that requires analysis. I’ve seen pensions where there was absolutely no benefit to waiting until a later age. And, I’ve seen pensions where it paid off to wait until age 65 to take benefits and in the meantime withdraw funds from other accounts. Another key decision you’ll make is what survivor option to choose. If you’re single, it’s likely you’ll choose the life-only option, which means the pension pays out as long as you are alive. You can often combine this with a ten year term certain option. This means if you were to pass before ten years had gone by, the payments would continue to a beneficiary until the full ten year term was reached. If married, it gets a bit more complicated. You can choose an option that pays 100% of the benefit to your partner when you pass, or 75%, or 50%, or none. The more the pension has to pay out to a survivor, the lower the starting monthly benefit will be. Sadly enough, I’ve seen spouses who are solely focused on getting the most monthly income, so they choose a life-only pension option. They pass a few years later, leaving their partner with little monthly income. If you’re married, talk through your pension options. Think about your joint life expectancy. If you each have a pension of about the same amount, then having each of you choose the life-only option could make a lot of sense. But if only one of you has a pension, most of the time you’ll want to make a choices that continue an income for a long-lived partner. When it comes to pensions, you are making irrevocable decisions. Once the decision is made, you can’t change your mind. In the printed version of Chapter 7 of Control Your Retirement Destiny, I provide several examples of pension decisions, with spreadsheets, and a complete analysis. I’d encourage you to walk through these examples, or consider hiring expert help before you make a decision on a pension plan. ————— Thank you for taking the time to listen today. If you like what you heard, go to amazon.com to get a copy of Control Your Retirement Destiny in either electronic or hard copy format. You can also visit sensiblemoney.com to see how a staff of expert retirement planners can help.

This episode was a real treat for me and hopefully will be for you. I am excited share my conversation with The Honorable Phyllis Borzi, the former Assistant Secretary of Labor for the Employee Benefits Security Administration under President Obama.  We covered a range of topics that regardless of your involvement with workplace retirement plans should keep your interest. I am also proud that while we talked about her time at the DOL, the majority of our focus was looking forward and exploring how her experience can help employers today and those who want to shape the future of the workplace retirement system.  We also hit on two pieces of unfinished business Phyllis wished she had more time to work on while she was at the DOL, what the Perez Principle is and whether employers also suffer from choice overload in retirement plans.  Finally, we cover a few topics near and dear to her heart and what she thinks of some of the current retirement proposals in front of congress today to reform the retirement system.  Be prepared for some candid insight and some very different perspective than frankly what I expected going into the conversation.  And don't miss our call to action at the end.   Guest Bio: The Honorable Phyllis C. Borzi served as the Assistant Secretary of Labor for the Employee Benefits Security Administration (EBSA), an agency that oversees approximately 700,000 private-sector retirement plans, approximately 2.3 million group health plans, and a similar number of other welfare benefit plans that provide benefits to approximately 150 million Americans. As agency head, she oversaw the administration, regulation and enforcement of Title I of the Employee Retirement Income Security Act of 1974 (ERISA).  ​ Among her other duties as Assistant Secretary of Labor, she represented the Department of Labor in overseeing implementation of the Affordable Care Act (ACA) insurance market reforms and other ACA rules affecting employer-sponsored group health plans and she was instrumental in the development of various pension regulations, including the Department’s rule requiring individuals providing financial advice to plan sponsors and retirement investors to act as ERISA fiduciaries. ​ Ms. Borzi also represented the Secretary of Labor in the Secretary’s role as statutory trustee for the Social Security (OASDI) and Medicare Trust Funds and in the Secretary’s capacity as chair of the Board of the Pension Benefit Guaranty Corporation (PBGC). Previously, Ms. Borzi was a research professor in the Department of Health Policy at George Washington University Medical Center's School of Public Health and Health Services. In that position, she was involved in research and policy analysis involving employee benefit plans, the uninsured, managed care, and legal barriers to the development of health information technology. In addition, she was of counsel with the Washington, D.C. law firm of O'Donoghue & O'Donoghue LLP, specializing in ERISA and other legal issues affecting employee benefit plans, including pensions and retirement savings, health plans, and discrimination based on age or disability. ​ From 1979 to 1995, Ms. Borzi served as pension and employee benefit counsel for the U.S. House of Representatives, Subcommittee on Labor-Management Relations of the Committee on Education and Labor. In 1993, she served on working groups dealing with insurance reform, workers' compensation and employer coverage in connection with the Clinton Task Force on Health Care Reform. ​ Ms. Borzi is a charter member and former President of the American College of Employee Benefit Counsel and served on its Board of Governors from 2000-2008; former member and former co-chair of the Advisory Board of the BNA Pension & Benefits Reporter; former member of the Advisory Committee of the Pension Benefit Guaranty Corporation; and former member of the Advisory Board of the Pension Research Council, The Wharton School, The University of Pennsylvania; and former member of the Board of the Women's Institute for a Secure Retirement (WISER). In 2007, she was appointed by the U.S. District Court for the Northern District of Ohio and served as a public member of the Administrative Committee for the Goodyear retiree health trust until 2009.  ​ Ms. Borzi has published numerous articles on ERISA, health care law and policy and retirement security issues and has been a frequent speaker to legal, professional, business, consumer and state and local governmental organizations both in the United States and internationally. An active member of the American Bar Association, Borzi is the former chair of the ABA's Joint Committee on Employee Benefits. She holds a Master of Arts degree in English from Syracuse University and a J.D. from Catholic University Law School, where she was editor-in-chief of the law review. Ms. Borzi currently is a member of the Board of Visitors of the Catholic University Law School.  She is a member of the District of Columbia Bar and is admitted to practice before the U.S. Court of Appeals for the District of Columbia Circuit and the U.S. Supreme Court.   401(k) Fridays Podcast Overview Struggling with a fiduciary issue, looking for strategies to improve employee retirement outcomes or curious about the impact of current events on your retirement plan? We've had conversations with retirement industry leaders to address these and other relevant topics! You can easily explore over one hundred prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!

The inspiration for this episode came from a request for proposal I received recently from a company in my day job as a workplace retirement plan consultant  After giving it a quick read through, my initial reaction was wow, this company is in a fiduciary defensive shell.  Their entire focus was on managing and limiting their fiduciary liability.  I guess if you consider the lawsuits and fiduciary messaging I can understand their positioning.  So, that got me thinking, should workplace retirement plan fiduciaries be thinking defensively or offensively when making plan decisions?    To bring some perspective to the conversation I was excited to have Jaime Fleckner, a Partner and Chair of the ERISA Litigation Practice at Goodwin Proctor join me.  He has a pretty impressive background and experience defending retirement plan fiduciaries which you can check out at 401kfridays.com/fleckner.  I won’t steal Jaime’s thunder but I will tell you that if you’re looking for some fresh thoughts on the current retirement plan fiduciary state of affairs he does not disappoint.    If you enjoy Jaime’s insights as much as I did, please tell a friend, share on social media or leave a review or comment on iTunes or your favorite podcast app.  Enjoy! Guest Bio Jamie Fleckner is a partner in Goodwin’s Financial Industry Practice and Chair of its ERISA Litigation Practice. Mr. Fleckner represents clients in a wide array of complex commercial litigation, with a focus on financial services and products, including investment management. He regularly litigates class and derivative actions under ERISA, the Investment Company Act of 1940, the Securities Exchange Act of 1934, and related federal and state laws. His practice also focuses on regulatory investigations and governmental proceedings, and has represented clients before the U.S. Department of Labor, Securities and Exchange Commission, Department of Justice, Pension Benefit Guaranty Corporation and state authorities. Mr. Fleckner's success in litigating cutting edge legal issues has been profiled in The American Lawyer, Big Suits. Accordingto Chambers USA: America’s Leading Lawyers for Business where Mr. Fleckner has been selected for inclusion since 2014, Mr. Fleckner is “at the top of his game,” and is “a rare thought leader” on ERISA litigation. Since 2015, he has been recognized as a leading lawyer in the list of Who’s Who Legal: Pensions and Benefits. 401(k) Fridays Podcast Overview Struggling with a fiduciary issue, looking for strategies to improve employee retirement outcomes or curious about the impact of current events on your retirement plan? We've had conversations with retirement industry leaders to address these and other relevant topics! You can easily explore over one hundred prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!  

Some guys get all the good jobs. The latest for Barry West is acting deputy chief information officer at the Homeland Security Department. He's also the DHS senior accountable official for risk management, which makes him responsible for most executive orders on cybersecurity. This comes after a career at FDIC, FEMA and the National Weather Service, the Commerce Department and the Pension Benefit Guaranty Corporation. He joins Federal Drive with Tom Temin.

Episode Description If you ever wondered how you can strategically and cost effectively partner with an ERISA Attorney to improve and protect your retirement plan, this episode with Sherrie Boutwell, ERISA Attorney and partner at Boutwell Fay, a boutique ERISA law firm should be very helpful to you.  Our discussion covered: Overview of common plan errors in retirement plan documents Points to negotiate in service provider contracts Need to properly delegate fiduciary authority Attorney-client privilege in ERISA plans Value of properly structured fiduciary liability insurance   Options to fix 401(k) plan errors Other helpful thoughts and ideas! Guest Bio Sherrie Boutwell has focused for thirty years in the areas of employee benefits law and ERISA, with an emphasis on retirement and deferred compensation plans. She advises and counsels a broad range of clients, including employers, employees, plan fiduciaries, financial institutions and government agencies and trade associations, on a wide range of employee.   Sherrie has extensive experience and is a highly sought after speaker and writer on employee benefits topics. Sherrie has represented clients before the Internal Revenue Service, the United States Department of Labor, the Pension Benefit Guaranty Corporation, arbitrators from the American Arbitration Association and the United States District Court with respect to employee benefits issues.  Sherrie has experience working with the unique deferred compensation issues that arise in the non-profit and governmental employer arena and also has many years of experience in the design and operation of non-qualified executive deferred compensation plans including the requirements under Section 409A of the Code. Sherrie takes pride in bringing a practical and down to earth approach to resolving complex benefits issues involving qualified plans, non-qualified plans and health and welfare plans. 401(k) Fridays Podcast Overview Offers companies of all sizes free strategic, educational and actionable content to improve  their retirement plans.  My name is Rick Unser and I am your host.  All episodes leverage my nearly two decades of experience working with employers to bring you candid interviews with industry experts, new best practices and valuable perspectives on current events. For more information please visit www.401kfridays.com  

In this episode, we look at the riders added to the must-sign 2015 budget, including favors for Wall Street, unions, agribusiness, the oil and gas industry, electric utilities, the vending machine industry, telecoms, the trucking industry, the insurance industry, and the politicians themselves. Please Support Congressional Dish: Click here to contribute with PayPal or Bitcoin; click the PayPal "Make it Monthly" checkbox to create a monthly subscription Click here to support Congressional Dish for each episode via Patreon Mail Contributions to: 5753 Hwy 85 North #4576 Crestview, FL 32536 Thank you for supporting truly independent media! CRomnibus Article: CRomnibus Disaster Signals a Sad New Normal in D.C. by David Dayen. The Fiscal Times. December 2014. Article: Wall Street's Omnibus Triumph, and Others by Russ Choma, OpenSecrets Blog, December 2014. Division A Agriculture & FDA Section 741: Defunds an advisory board made up of scientists that evaluates the effectiveness of food safety inspection processes. Section 750: Prohibits funding from being used to inspect livestock slaughterhouses to make sure diseased animals are separated from animals who will be eaten and to make sure the animals are being slaughtered humanely. Section 751: States can exempt schools from the requirement to provide whole grains to students in school lunches. Section 752: No money can be used to implement a law that would require a sodium reduction in school lunches. Division B Commerce, Justice, & Science Section 202: The Department of Justice can't pay for an abortion unless the mother's life is in danger or unless she was raped. The bill acknowledges that this might be unconstitutional and if so, this provision will be "null and void". Section 501: Money can't be used for propaganda that is not authorized by Congress. Section 509: No money can be used to seek the removal of another country's tobacco marketing restrictions, "except for restrictions which are not applied equally to all tobacco or tobacco products of the same type". Article: US floats cutting tobacco from part of Pacific trade pact, Krista Hughes, Reuters, October 21, 2014. Section 516: "None of the funds made available in this Act shall be used in any whatsoever to support or justify the use of torture by any official or contract employee of the United States Government." Section 517: Fully automatic weapons may be exported to Canada without an export license if they are to be used by the US Federal Government or the government of Canada. Section 519: Prohibits new trade agreements from including language that forces countries to police the unauthorized distribution of patented pharmaceuticals, language that prevents generic versions of drugs before the patent has expired, and language that allows patent owners to prevent importation of products even if their product is available in other countries. Section 528: No money can be used to transfer Khalid Sheikh Mohammaed or any other detainee from Guantanamo Bay prison to another location in the United States. Section 530: The government should purchase Energy Star light bulbs to the extent practicable. Section 533: Prohibits government employees from denying or ignoring a permit to import shotguns. Section 538: Prevents the Department of Justice from using it's money to prevent States from implementing their medical marijuana laws. TITLE VI- Travel Promotion Enhancement and Modernization Act Passed the House in July 2014 and was discussed on CD081: The July Bills. Changes the board of directors of Brand USA – a non-profit organization that advertises U.S. tourism – from being made up of travel industry specialists to one made up of entirely of executives, with five seats reserved for people with ties to multinational corporations. It eliminates the seat for the specialist in intercity passenger rail. Extends the authorization for the government to spend $100 million per year on Brand USA through 2020. Extends the Travel Promotion Fee – a $10 fee charged to people who get a visa to travel into the United States – until 2020. Division C Defense Coming Soon Division D Energy & Water Section 107: Federal funding can't be used to enforce the mitigation regulations known as the "Modified Charleston Method." The Modified Charleston Method was implemented in May 2011 and is a formula for calculating how much wetlands need to be protected for each acre of private development. This method protects more wetlands than are protected when it is not used, generally requiring 3 acres of wetland conservation for every acre destroyed. InfoPacket: The University of New Orleans 2013 Economic Outlook & Real Estate Forecast Seminar for the Northshore One of the projects impacted is a Kinder Morgan natural gas pipeline. Kinder Morgan has given almost $80,000 to the Boehner for Speaker Committee. Article: Wetlands Mitigation Rules Get Tougher, and St. Tammany Officials Get Worried by Christine Harvey. The Times-Picayune. March 2012. Amendment added by Rep. Steve Scalise of Louisiana Press Release: Scalise Applauds Delay of the Modified Charleston Method in 2015 Appropriations Bill, December 2014. The vast majority of Rep. Steve Scalise's campaign funds come from PACs - 71% - but his #1 listed contributing industry is Oil and Gas; he's taken over $600,000. Section 109: Prohibits changes to the regulatory definition of "fill material" or "discharge of fill material". In 2002, the Bush administration changed the definition of "fill material" which can be dumped into waterways with a permit, to include "waste" from coal mining. This was attached by Rep. Mike Simpson of Idaho to the 2014 budget. He has taken over $445,000 from electric utilities and $137,000 from mining. Section 111: Prohibits the government from requiring a permit for dumping farming and ranching "fill material" into waterways. Section 112: Deletes an EPA/ Army rule that limits the farming and ranching "fill material" that can be dumped without a permit. Section 312: The Department of Energy is not allowed to construct centrifuges for enriched uranium in 2015 and needs to do a cost-benefit analysis of options for suppling enriched uranium for war purposes and an "estimate to build a national security train". Section 313: Prohibits enforcement of energy efficient light bulb standards. According to the Department of Energy, these standards will save $17.7 billion in energy costs over the next 30 years, as well as avoid 106 million metric tons of co2 emissions. This amendment was added by Rep. Michael Burgess of Texas, whose #5 contributing industry is Electric Utilities - he's taken almost $200,000 -, although he get 69% of his money from PACs. He has added it to must-sign legislation every year since 2010. Division E Financial Services Section 114: The Treasury Department may not redesign the $1 bill. Article: One is the Loneliest Dollar Bill by Sarah Mimms. National Journal. January 2015. Article: Bush Administration Fights Currency Redesign. Associated Press. December 2006. Article: The Blind Welcome a Ruling That May Help Them Count Their Cash by Tina Kelley. New York Times. May 2008. Section 502: Prevents the Federal Communications Commission from implementing a recommendation from 2004 that would change a government subsidy for telecoms to allow payment for broadband lines per household instead of per line, which would effectively reduce the subsidy for the companies. FAQ: Universal Service Administrative Company. Section 630: The text of HR 992, which was the bill written by Citigroup that will allow banks to gamble with credit default swaps on the stock market with customers deposits in FDIC insured banks. Article: Derivatives Markets Growing Again, With Few New Protections by Mayra Rodriguez Valldares. New York Times. May 2014. Article: Three Bankers Bolster Blankfein as Goldman Trading Sinks by Michael Moore. Bloomberg. May 2014. This provision was added by Rep. Kevin Yoder of Kansas, who took over $114,000 from Securities and Investment bankers for the last election alone. Over the course of his four year career, he's taken almost $700,000 from bankers... that we know of. Section 725: "Prohibits Federal agencies from monitoring individuals' internet use." Section 735 Prohibits funding for requirements that would make companies submitting offers for Federal contracts to disclose their political contributions. Section 809: Prohibits Washington DC from using its money to from legalize or reduce the penalties for a schedule I substance, which includes marijuana, for recreational use. Division F Land Management & Environment The Department of the Interior USGS: For the United States Geological Survey to surveys and research topography, geology, hydrology, biology, and the mineral and water resources of the United States... approx $1 billion, available until 9/30/2016. Bureau of Safety and Environmental Enforcement, offshore safety: $125 million minus fees collected, estimated real appropriation of $66 million for enforcing regulations for leases for oil and gas, other minerals, and energy on the Outer Continental Shelf + $65 million - minus fees collected- over half of which needs to go towards expediting drilling permits on the Outer Continental Shelf. Collection and disbursement of royalties, fees, and other mineral revenue will get $265 million. Wildland fire management: $805 million. Hazardous fuels management and resilient landscapes activities can be privatized. This money can be used by the Secretary of State outside the United States. This money can be used to pay off debts incurred for fires in previous years. This money can be used as emergency funds to deal with earthquakes, floods, volcanoes, storms, oil spills, and to control cricket outbreaks. Section 122: Prohibits the Secretary of the Interior from protecting the Sage-Grouse under the Endangered Species Act. Oil backers, conservationists battle over fate of greater sage grouse by Sandra Fish, AlJazeera America, December 2013. Environmental Protection Agency Over $2.3 billion for fire suppression. Federal Firefighting Costs for suppression alone averaged $1.46 billion a year since 2000, a time period that has included 9 out of the 10 hottest years since records began in 1880. Section 411: Allows Alaska red and yellow cedar to be exported to foreign countries. Press Release: Petition Seeks to Protect Tongass' Ancient Yellow Cedars as Endangered Species by the Center for Biological Diversity, June 2014. Article: Forest Service criticized over Tongass management by Maria La Ganga, Los Angeles Times, November 2014. Article: Viking Lumber wins Big Thorne contract, again by Katie Mortiz, Juneau Empire, October 2014. Article: In Alaska, a Battle to Keep Trees, or an Industry, Standing by Michael Wines, New York Times, September 2014. Article: The Forest Service bets on second-growth logging in Alaska by Krista Langlois, High Country News, January 2015. Article: Budget bill boosts logging by Section 419: No money can be used to regulate carbon dioxide, nitrous oxide, water vapor or methane emitted from livestock production. Section 420: No money can be used to require mandatory reporting of greenhouse gas emissions from manure management systems. Amendments identical to Sections 419 and 420 were attached to the 2014 budget by Rep. Ken Calvert of Southern California. He has taken over $650,000 from Agribusiness. Section 425: No money can be used to regulate the lead content of ammunition or fishing tackle. Division G Labor, Health, & Education Health and Human Services Section 217: Prohibits funding of gun control promotions. Section 220: The Biomedical Advanced Research and Development Authority (BARDA) can privatize research into "security countermeasure" drugs for 10 years. Op-Ed: Ebola and the most important agency America has never heard of by former Rep. Mike Rogers, The Hill, October 2014. Department of Education Section 301: No money can be used for transporting children to other school districts to "carry out a plan of racial desegregation of any school or school system." Section 303: No money can be used to prevent voluntary prayer in public schools. Department of Labor Section 406: The National Labor Relations Board can't use their money to provide employees with electronic voting for electing representatives for their collective bargaining. All Departments Section 506: The Departments of Health & Humans Services, Labor, and Education can't use their money to pay for health benefits coverage that includes abortion coverage. Section 507: Abortions can be paid for with Federal funds if the pregnancy was a result of rape or incest or if the mother's life is in danger. States will be allowed to cover abortion and abortion coverage can be offered separately. Section 508: No money can be used for research that harms a human embryo. Section 521: No money can be used for programs that distribute sterile needles to drug addicts. Section 529: No money can go towards ACORN, "or any of its affiliates, subsidiaries, allied organizations, or successors." Article: Congress's Undying (and Less Than Effective) ACORN Funding Ban, by David Weigel, Bloomberg, December 2014. Ebola Response & Preparedness Ebola money is available for use until September 30, 2019. Over $1.7 billion for the Centers for Disease Control to "respond to Ebola domestically and internationally." $10 million for hospital worker and emergency first responder training. $597 million for global health security The money can be used to purchase and insure vehicles in foreign countries. Section 601: The CDC can use this money to "acquire, lease, construct, alter, renovate, equip, furnish, or manage facilities outside the United States." $238 billion in "emergency" funding will go towards the National Institute of Allergy and Infectious Diseases" to "respond to Ebola domestically and internationally." $733 million for the Public Health and Social Services Emergency Fund to "respond to Ebola domestically and internationally" to develop and purchase vaccines, "necessary medical supplies, and administrative activities." Money can be used for the "renovation and alteration of privately owned facilities at the State and local level" Division H Congress Section 102: No money can be used to deliver a printed copy of a bill to a Representative unless that Representative asked for it. Section 105: No more than 50 copies total of the US Code can be printed for the entire House of Representatives. Section 1301: The Government Printing Office is renamed to the Government Publishing Office. Division I Military Construction Section 101: Construction contracts with guaranteed profits will be allowed in Alaska and/or if the Defense Secretary says there's a reason for one in writing. Section 109: Military construction money can't be used to pay property taxes in foreign countries. Section 110: The military can't use this money for any new installations without notifying the House and Senate Appropriations Committees first. Section 111: Architect or engineer contracts over $500,000 in Japan, NATO countries, or countries bordering the Arabian Gulf must be awarded to US firms or be partnerships with US firms. Section 117: Money for military construction can be held & used up to four years after it is appropriated. Section 127: $125 million extra is appropriated until September 2018 for projects anywhere excepts in Europe. Section 512: No money can be used to prepare any United States facilities to house detainees from Guantanamo Bay prison. Veterans Veterans benefits will cost $94 billion and medical expenses will cost $59 billion, which is $153 billion total. Section 236 The Veterans Integrated Service Networks are not allowed to change their system for contracting for diabetes monitoring supplies and equipment. Press Release: Sysmex America Sign Two Contracts with U.S. Department of Veterans Affairs, PR Newswire, November 2013. "Sysmex America now holds Veterans Administration hematology contracts and standardization agreements with 16 of the 21 VISNs." "The VA Schedules are indefinite delivery/indefinite quantity type contracts awarded to pre-approved vendors." OpenSecrets: Hal Rogers, chairman of the Appropriations Committee is a shareholder of Roche Holdings, which signed a 10 year distribution agreement with Sysmex America in 2012 which allows Roche to distribute Sysmex hemotology products to countries around the world. Division J State Department & Foreign Operations $2.1 billion for Worldwide Security protection for the State Department, which has doubled since 2008. Article: Exclusive: Blackwater Wins Piece of $10 Billion Mercenary Deal by Spencer Ackerman, Wired, October 2010. Approximately $3.5 billion will go towards the United Nations, including U.N. "peacekeeping missions". Over $1 billion plus $2.7 billion in "global health programs" funds will go to USAID. $5.6 billion will go towards combatting AIDS, Tuberculosis and Malaria. $2.5 billion will go towards "development assistance", which includes spending on: Agribusiness Setting up financial institutions "Policy and regulatory programs" that "improve the environment" for financial institutions. Marketing Energy and storage facilities Infrastructure Schools spreading "ideas and practices of the United States, including new education material and curricula "To expedite the location, exploration, and development of potential sources of energy in developing countries" Over $2.6 billion for the "Economic Support Fund", which includes funding for: Promoting "economic or political stability" Legal education training Academic training for law enforcement (the military is prohibited from participating) Prison programs "Legal reform" and "revision and modernization of legal codes and procedures" Can be used for loan guarantees for Jordan, Ukraine, and Tunisia and this money won't count towards laws limiting assistance to countries. This money can be used to create "enterprise funds" for Egypt or Tunisia, which are "public-private partnerships for the purpose of investing US Government funds to support the private sector". This money "shall be available for economic programs and may not be used for military or paramilitary purposes." $853 million for the War on Drugs Includes authorization for the "use of herbicides for aerial eradication". Tells the State Department to report on the cost of "establishing an aviation platform in Africa" which would be used for, among other things, counternarcotics. $145 million for "Peacekeeping Operations" to "enhance the capacity of foreign civilian security forces" including military forces in charge of policing civilians (gendarmes). $106 million for "International Military Education and Training." $5 billion for the "Foreign Military Financing Program The money can be used "to procure defense articles and services to enhance the capacity of foreign security forces" Over $3 billion must be grants to Israel $1.3 billion can be put in an interest bearing account at the NY Federal Reserve for Egypt, and the money can be used for weapons as long as Egypt meets a list of demands (including giving detainees access to due process of law). Article: Congress allows Obama to reopen military aid to Egypt by Julian Pecquet. Al Monitor. December 10, 2014. $1 billion will be for Jordan. This money can be used in the Western Sahara. This money can be used for "counterterrorism and counterinsurgency" in Pakistan. Section 7004: The State Department can construction "diplomatic facilities" that include office space or "other accommodations" for the US Marine Corps. The Congressional report on where these facilities are and their costs can be classified. Congress doesn't need to be notified of new diplomatic facilities if there is a "security risk to personnel". Section 7008: Money can't be used to directly assist any government whose elected government is removed by the military. However, we can give that country money again as long as the next government is elected. Section 7034: Prohibits money being used for "tear gas, small arms, light weapons, ammunition, or other items for crowd control purposes for foreign security forces that use excessive force to repress peaceful expression." Section 7041: We will give $150 million to Egypt as long as Egypt is taking steps to "implement market-based economic reforms". Section 7041: The State Department can use its money to create a new government and "promote economic development" in Syria. Section 7042: State Department funds are going towards training and equipping Ethiopian military and police. Section 7042: State Department funds will also towards training militaries in Angola, Cameroon, Chad, Cote d"Ivoire, Guinea, and Zimbabwe. Section 7042: State Department money will go towards managing natural resources and supporting security forces in South Sudan. Section 7043: State Department money will be used for naval forces, coast guards and nongovernmental organizations "directly engaged in maritime security issues" in Asia. Section 7043: State Department money will go towards the Philippine army. Section 7043: State Department money will be given to the military of Vietnam and for health/disability activities in areas sprayed with Agent Orange and/or contaminated with dioxin. Section 7044: The State Department can construct and renovated US government facilities to accommodate Federal employees or contractors or expand aviation facilities in Afghanistan if it would "protect such facilities or the security, health, and welfare of United States personnel." Money for Afghanistan can go towards "programs in Central and South Asia relating to a transition in Afghanistan, including expanding Afghanistan linkages within the region." Section 7044: Money can go towards military training in Sri Lanka. Section 7045: State Department funds can be used to "support a unified campaign against narcotics trafficking" in Columbia. 10% of the funds will go towards "aerial drug eradication programs". Section 7045: State Department funds can be given to the Guatemalan army. Section 7045: State Department funds can be given to the Honduran army and police. Section 7045: State Department funds can be given to the Mexican army and police. Section 7074: $100 million for the Special Defense Acquisition Fund, which is under the control of the Defense Department, to buy weapons and defense services for foreign countries. Section 7083: The United States will contribute over $3.8 billion to the International Development Association, a branch of the World Bank that provides loans and grants to "boost economic growth" in poor countries. It's our 17th contribution. Over $1.3 billion will be for State Department security. Over $7.6 billion for the War on Terror. $1.5 billion for Ebola "assistance for countries affected by, or at risk of being affected by, the Ebola virus disease outbreak." Division K Transportation $500 million for national transportation infrastructure, including highway, bridge, rail, port, and public transportations projects. $9.7 billion: For the Federal Aviation Administration. $8.6 billion is from the Airport and Airway Trust Fund so the taxpayer subsidy for air travel is $1.1 billion. $40 billion for the highway trust fund. Section 133: Prohibits enforcement of regulations until September 30, 2015. The regulations delayed say: Commercial drivers must not work for 34 consecutive hours between weeks and that 34 hours must include two periods from 1am to 5am. Commercial drivers must not drive more than 60 hours in 7 consecutive days or 70 hours in 8 consecutive days. Truckers will be able to drive for 82 hours per week. Article: The Department of Transportation wants truckers to sleep more. Congress said no. by Lydia DePillis. Washington Post. December 2014. Article: Survey Shows Hours of Service Top Trucking Concern. Trucking Info. October 2014. OpenSecrets: Senator Susan Collins of Maine inserted the rider on behalf of the trucking industry. She received $21,000 from the trucking industry for the 2014 election. The trucking industry also gave $87,150 to Senator Mitch McConnell, the new Majority Leader in the Senate. $250 million for Amtrak operations. $1.1 billion for Amtrak investments and improvements. Housing Section 235 Forbids funding for a program that reduces mortgage rates for first time home buyers who go through home counseling and financial education. Section 420 "It is the sense of Congress that the Congress should not pass any legislation that authorizes spending cuts that would increase poverty in the United States." Division L Homeland Security Funding for the Department of Homeland Security remains at the same levels as 2014. Funding runs out on February 27, 2015. Article: With Shutdown Avoided, Who Are Winners (And Losers) In 2015 Budget? by Kelly Phillips, Forbes, December 2014. Division M Expatriate Health Coverage This section includes the altered text of HR 4414, the Expatriate Health Coverage Clarification Act of 2014, which was discussed on Congressional Dish episode CD075: The April Bills. Exempts expatriate health plans issued or renewed on or after July 1, 2015 from the minimum standards set by the Affordable Care Act. "Expatriate" includes people from foreign countries working in the United States as part of a job transfer. The effects of this on the PAYGO budget will not be counted. The original version of this bill was written by Rep. John Carney of Delaware, who has taken over $312,000 from the insurance industry. Division N Campaign Contributions In May, as discussed on Congressional Dish episode CD071: Our New Laws, the President signed into law the Gabriella Miller Kids First Research Act, which eliminated public financing of political party conventions. Section 101: Creates three separate funds for political parties, at least triples the amount of money an individual can contribute to each of these new funds, and eliminates limits on how the parties can spend the money. We don't know exactly how much individuals will be able to contribute to political parties now that this provision is law. NPR has a different number than the Washington Post, which has a different number than The New York Times. Congressional Dish calculations indicate that the changes will allow an individual to contribute at least $257,400 per year and that amount increases every two years based on the Consumer Price Index. Division O Pensions Under the Employee Retirement Income Security Act (ERISA), pensions for retiree's who have already started to collect benefits can't be cut unless a company goes into bankruptcy. This section changes the law to allow benefit cuts to multi-employer pension plans under other scenarios. Section 102: Allows a multi-employer pension plan to be labeled in "critical status" five years before it's projected to actually meet critical status criteria, if the plan sponsor chooses to label it that way. Department of Labor list of Multi-Employer Plans listed as "critical status" Section 106: After certifying that a plan is in critical status, a "funding improvement plan" must be crafted, and benefits cannot be cut nor new people excluded during this time. Section 121: Allows the Pension Benefit Guaranty Corporation (PBGC) to merge two or more multi-employer pension plans and allows the PBGC to give cash to the plans. Section 122: Multi-employer plans can be broken up if they've cut all the benefits allowed and need to do so to remain solvent. Section 131: Increases the premium rate for multi-employer plans from $12 to $26 in 2015 and then some complicated amount tied to the national average wage index after that. Section 201: Allows benefits to be cut when a plan is in "critical and declining status", which means the plan is in critical status and projected to become insolvent within the next 15 years. For plans with over 10,000 participants, one participant - selected by the plan sponsor - will advocate on behalf of all the retired participants. The following conditions need to be met in order to suspend benefits: The plan needs to certify that it will avoid insolvency. The plan needs to certify that it will become insolvent if it doesn't cut benefits. Limits on benefit suspensions Monthly benefits can't be reduced below 110% of what would be guaranteed by the Pension Benefit Guaranty Corporation, which is approximately $1,180 for participants in multi-employer plans. People over 75 are exempted from the benefit cuts. Disability benefits can't be cut. Eleven different factors will determine how much each participant's benefits would be cut. Benefits will be cut first for employees that worked for companies that withdrew from the plan and failed to pay. Benefits can't be cut until the plan sponsor submits can application to the Secretary of the Treasury and notifies plan participants, employers, and employee organizations. The notice can be in electronic form. Process for cutting benefits: The plan sponsor must submit an application to the Secretary of the Treasury for approval to suspend benefits. Within 30 days of receiving the application, the Secretary of the Treasury will solicit comments from employers, employee organizations, and participants on the website of the Secretary of the Treasury. If the Secretary of the Treasury does not approve or deny the application within 225 days, the application will be deemed approved. Within 30 days of the application's approval, participants and beneficiaries must vote on whether or not to cut benefits. Majority rules. If the participants vote not to cut benefits, the Secretary of Treasury can label the plan a "systemically important plan" and allow benefits to be cut even though the participants voted no. Access to the courts is limited: A court reviewing a lawsuit challenging a benefit cut can only grant a temporary injunction if the plaintiffs will probably win. A participant in a pension plan can not challenge a benefit cut in court. OpenSecrets: Rep. John Kline has taken over $14 million in campaign contributions from all kinds of industries. OpenSecrets: Former Rep. George Miller took over $2.4 million from unions, that we know of. Music Presented in This Episode Intro & Exit: Tired of Being Lied To by David Ippolito (found on Music Alley by mevio) Blame the Bankers by The Sharp Things (found on Music Alley by mevio) Growing Marijuana Song by Ben Scales Be Heard Have something to say? Leave a message on the Congressional Dish voicemail line and it might be featured on the show! 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