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Charles E. F. Millard

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Charles E. F. Millard
Director of the Pension Benefit Guaranty Corporation
In office
2007–2009
Preceded byBradley Belt
Succeeded byJoshua Gotbaum
President & Chief Executive Officer of the New York City Economic Development Corporation
In office
1995–1999
Appointed byRudy Giuliani
Preceded byClay Lifflander
Succeeded byMichael Carey
Member of the New York City Council from the 5th district
In office
January 1, 1992[1] – December 1, 1995[2]
Preceded byC. Virginia Fields
Succeeded byGifford Miller
Personal details
Political partyRepublican
SpouseGwen
Children9
Alma materCollege of the Holy Cross (BA)
Columbia University (JD)
OccupationFinancial executive, former elected official, former appointed official

Charles E. F. Millard is an American political figure and business executive specializing in pensions and investments. He is the former Director of the United States Pension Benefit Guaranty Corporation (PBGC). Appointed by President George W. Bush, Millard was the first Director of the PBGC to be Presidentially appointed and confirmed by the United States Senate.[3] As Director, Millard was the chief executive officer of the PBGC and carried the rank of Under Secretary.

Private sector

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Millard is a Senior Advisor for Ares Management, a large alternative investment manager and for ARS Financial, a leading developer and provider of lifetime income solutions for 401(k) plans and other Defined Contribution plans. He is an independent, non-executive Director of Mount Logan Re, a Bermuda-based reinsurance firm, and in the spring of 2024, after the Bermuda Monetary Authority appointed a Special Committee of independent Directors to address problems at 777 Re, he was approved by the Bermuda Monetary Authority as an independent Director and member of the Special Committee.

Millard is also a consultant/advisor for multiple companies through Cardinal Advisors, LLC. He serves as a Trustee-Director for the Independent Governance Group. He has also been an advisor for McKinsey, AQR Capital, and Amundi.

From 2011 through 2016 he was a Managing Director and Head of Global Pension Relations for Citigroup.

During this time he was on the faculty at the Yale School of Management and taught on pensions and public policy.[4]

In March 2016, Millard led the publication of the report "The Coming Pensions Crisis."[5] This led to Millard's service on the "Project Expert Community," for the World Economic Forum's paper entitled "Investing in (and for) Our Future."

Earlier in his career in the private sector, Millard served as a Managing Director at both Lehman Brothers and Prudential Securities,[6] and immediately prior to joining the PBGC, Millard was a Managing Director at Broadway Partners in New York.[7] Millard also was an attorney with Davis Polk & Wardwell.[8][9]

Tenure at the PBGC

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The PBGC is governed by a three-person Board; the Secretaries of Treasury, Commerce, and Labor. In February 2008, the Board adopted a new investment policy presented to it by Millard. The investment policy intended to put 45 percent of the Corporation's $55 billion in equities, 45 percent in fixed income assets, and 10 percent in alternative investments. This would have tripled the chance that the agency would close its deficit. However, under new leadership in 2009, the PBGC froze the implementation of this investment policy. According to "Pensions and Investments", a trade publication, Ron Gebhardtsbauer, former PBGC actuary and head of the Actuarial Science Program at Penn State's Smeal College of Business, stated on June 16th, 2010, "If the PBGC had followed Millard and invested in stocks in 2009, it could have $10 billion more in assets today."

The New York Times reported that Millard was criticized by PBGC's Inspector General for certain ethical matters related to Millard's relationships with companies and executives involved with the award of a PBGC contract. Millard relied on his Fifth Amendment right not to testify before a Senate investigative committee. March 2010, the Inspector General advised Senators Grassley, Baucus, Enzi, and Harkin that the investigation was completed and no charges would be filed.[10]

Public Sector

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Millard was twice elected to the New York City Council.[11]

Millard also ran unsuccessfully for Congress in 1994 against Representative Carolyn Maloney.

In 1979–80, he worked as a VISTA volunteer in Crown Heights, Brooklyn, and in 1982–83, he served as Legislative Assistant for Foreign Affairs for Congresswoman Millicent Fenwick.[12]

Media contributions

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He is a frequent commentator and contributor on matters of financial and retirement policy and has regularly appeared on CNN, Fox Business news, CNBC[13] and has been published in Pensions & Investments, The Wall Street Journal,[14] Bloomberg,[15] and the Financial Times.[16] Millard also wrote a regular column for the New York Post.

Early life and education

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Millard obtained a Bachelor of Arts, cum laude, with membership in Phi Beta Kappa from the College of the Holy Cross and a J.D. from Columbia Law School, where each year he was ranked a Harlan Fiske Stone Scholar.[17]

Personal

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Millard and his wife are parents of nine children.[18]

References

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  1. ^ "Our Campaigns - New York City Council 05 Race - Nov 05, 1991".
  2. ^ "Our Campaigns - New York City Council 05 Race - Nov 02, 1993".
  3. ^ "Archived copy" (PDF). Archived from the original (PDF) on 2008-10-12. Retrieved 2009-10-29.{{cite web}}: CS1 maint: archived copy as title (link)
  4. ^ https://som.yale.edu/sites/default/files/syllabi/MGT847.pdf [dead link]
  5. ^ https://ir.citi.com/dYdoNxFDbCtNqOYbpK2GpQgmqw4siytXQPIXXbzA%2Bu4cHc1h4c3cMjPdNHwqem%2BkuMRs03rZ8cI%3D [bare URL PDF]
  6. ^ "Broadway Partners Fund Manager, LLC". Archived from the original on 2014-05-01. Retrieved 2008-10-22.
  7. ^ "Broadway Partners Fund Manager, LLC". Archived from the original on 2011-07-08. Retrieved 2008-09-04.
  8. ^ "851 F.2d 612". Archived from the original on 2010-05-15. Retrieved 2008-09-04.
  9. ^ 937F2d 790 (2nd Cir 1991)
  10. ^ "Archived copy" (PDF). Archived from the original (PDF) on 2011-07-21. Retrieved 2011-02-16.{{cite web}}: CS1 maint: archived copy as title (link)
  11. ^ Millard, Charles (29 January 1993). "Opinion | Stop the Porn Explosion". The New York Times.
  12. ^ "Charles E.F. Millard Sworn in as Director of Pension Benefit Guaranty Corporation".
  13. ^ "Santelli Exchange: America's pension crisis and taxpayer risk". CNBC. 28 September 2017.
  14. ^ Millard, Charles E. F. (24 June 2012). "Charles Millard: Corporate Pensions Need Relief - WSJ". Wall Street Journal.
  15. ^ "Everybody in the (Risk) Pool". Bloomberg.com. 16 March 2016.
  16. ^ "100m depend on reform of Japanese state pension". Financial Times. 12 January 2014.
  17. ^ "Director (PBGC.gov)". 2007-09-27. Archived from the original on 2007-09-27. Retrieved 2023-02-22.
  18. ^ "Senate nomination hearing minutes". 9/6/07. http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=110_senate_hearings&docid=37-827
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