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[04/19/1996 - 12/02/2000] [PBGC]
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[04/19/1996 - 12/02/2000] [PBGC]
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Presidential Electronic Mail from the Automated Records Management System (ARMS)
Automated Records Management System (ARMS) Email from the Default Bucket
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Withdrawal/Redaction Sheet
Clinton Library
DOCUMENT NO.
SUBJECT/TITLE
DATE
RESTRICTION
AND TYPE
001. email
Pacelli.Jane to Toni S. Hustead at 16:41:46.00. Subject: Re: HI (3
02/05/1998
Personal Misfile
pages)
COLLECTION:
Clinton Presidential Records
Automated Records Management System [Email]
Default ([PBGC])
OA/Box Number: 1100000
FOLDER TITLE:
[04/19/1996- 12/02/2000]
2014-0226-F
ab1485
RESTRICTION CODES
Presidential Records Act - - |44 U.S.C. 2204(a)|
Freedom of Information Act - [5 U.S.C. 552(b)]
P1 National Security Classified Information |(a)(1) of the PRA]
b(1) National security classified information |(b)(1) of the FOIA]
P2 Relating to the appointment to Federal office [(a)(2) of the PRA|
b(2) Release would disclose internal personnel rules and practices of
P3 Release would violate a Federal statute [(a)(3) of the PRA)
an agency [(b)(2) of the FOIA]
P4 Release would disclose trade secrets or confidential commercial or
b(3) Release would violate a Federal statute [(b)(3) of the FOIA]
financial information |(a)(4) of the PRA]
b(4) Release would disclose trade secrets or confidential or financial
P5 Release would disclose confidential advice between the President
information [(b)(4) of the FOIA]
and his advisors, or between such advisors [a)(5) of the PRA|
b(6) Release would constitute a clearly unwarranted invasion of
P6 Release would constitute a clearly unwarranted invasion of
personal privacy |(b)(6) of the FOIA]
personal privacy [(a)(6) of the PRA]
b(7) Release would disclose information compiled for law enforcement
purposes |(b)(7) of the FOIA]
C. Closed in accordance with restrictions contained in donor's deed
b(8) Release would disclose information concerning the regulation of
of gift.
financial institutions [(b)(8) of the FOIA]
PRM. Personal record misfile defined in accordance with 44 U.S.C.
b(9) Release would disclose geological or geophysical information
2201(3).
concerning wells |(b)(9) of the FOIA]
RR. Document will be reviewed upon request.
RECORD TYPE: FEDERAL (ALL-IN-1 MAIL)
CREATOR: Laurence R. Jacobson (JACOBSON_LR) (OMB)
CREATION DATE/TIME:19-APR-1996 10:14:33.74
SUBJECT: RE: Talk with Chris on PBGC Model
TO: Justine F. Rodriguez
(RODRIGUEZ_J) (OMB)
READ:19-APR-1996 10:22:20.65
CC: Stephen A. Kane
(KANE_S)()
READ:19-APR-1996 11:16:57.78
TEXT:
The stock data I'm not sure about. Chris said that we should use
the existing data that we have for the old data set instead of
trying to update this (which is a big project in itself). If all
the model uses is a dividend payout rate, this is probably
reasonable. I think Stephen should make an assessment on the way
to proceed.
RECORD TYPE: FEDERAL (ALL-IN-1 MAIL)
CREATOR: Justine F. Rodriguez (RODRIGUEZ_J) (OMB)
CREATION DATE/TIME:25-APR-1996 15:48:54.06
SUBJECT: RE: Insurance Reform
TO: V. Allan Villabroza
(VILLABROZA_V) (OMB)
READ:25-APR-1996 16:45:13.41
CC: Stephen A. Kane
(KANE_S) ()
READ:25-APR-1996 17:27:44.01
CC: Kim H. Burke
(BURKE_K) (OMB)
READ:26-APR-1996 07:47:49.76
TEXT:
The Federal Credit Reform Act of 1990 was supposed to apply only
to credit programs. I don't remember the reasons why it was
applied to "the insurance program at Ex-Im Bank." Perhaps that
insurance program is or was perceived to be much like a loan
guarantee. Kim Burke might remember; she will be back from leave
on May 6th.
FCRA did have a provision requiring OMB and CBO to study whether
budgeting for deposit insurance should be modeled after credit
reform or modified in some other way. Both reports advocated
budgeting for deposit insurance up front when the risk is assumed
in parallel with credit reform.
The Bush Administration proposed in the FY 1993 budget to treat
insurance programs in parallel with credit programs, transforming
deposit insurance and pension guarantees that year and the
remaining insurance programs covered in that chapter the following
year. Complex contingent claims models were developed to make the
estimates; the early run estimates of the PBGC model were the last
numbers in the database as it locked.
In the process of presenting this proposal and answering questions
about it, our ideas about the budgeting and the modeling evolved.
I will send you a copy of the transition paper on reforming
insurance budgeting that was done for the Clinton Administration
as it entered office. The Clinton Administration has not had much
interest in insurance reform.
Interest has revived elsewhere, however. CBO and GAO believe that
insurance reform would be an improvement in budgeting. GAO has
been doing a study of the issues, the "plumbing", possible methods
of estimation, and the models for deposit insurance and pension
guarantees. On April 16th, the project director spoke favorably
about such reforms on an AAPBA panel, suggesting phased
implementation in which the "accrual" information would be
published in the budget for a couple of years before actually
being used for budgeting. I will send you a copy of that.
Let me know if you have any specific questions or want to discuss
this further.
RECORD TYPE: FEDERAL (ALL-IN-1 MAIL)
CREATOR: Justine F. Rodriguez (RODRIGUEZ_J) (OMB)
CREATION DATE/TIME:25-APR-1996 17:15:15.09
SUBJECT: Budgeting for Insurance
TO: David Worzala
(WORZALA_D) (OMB)
READ:26-APR-1996 09:04:15.93
TO: Jonna M. Long
(LONG_J) (OMB)
READ:25-APR-1996 18:07:34.17
TO: Stephen M. Frerichs
(FRERICHS_S) (OMB)
READ:29-APR-1996 09:24:13.13
TO: William G. White
(WHITE_W) (OMB)
READ:25-APR-1996 17:15:22.83
TO: Lynn C. Ross
(ROSS_L) (OMB)
READ:25-APR-1996 17:22:13.12
TO: Courtney B. Timberlake
(TIMBERLAKE_C) (OMB)
READ:25-APR-1996 17:26:39.44
TO: Winifred Y. Chang
(CHANG_W) (OMB)
READ:25-APR-1996 17:44:04.07
CC: Edward Brigham
(BRIGHAM_E) (OMB)
READ:25-APR-1996 17:18:48.05
CC: Julie J. Sonier
(SONIER_J) (OMB)
READ:25-APR-1996 17:29:37.03
CC: Michelle A. Enger
(ENGER_MA) (OMB)
READ:25-APR-1996 17:16:00.23
CC: Kim H. Burke
(BURKE_K) (OMB)
READ:26-APR-1996 07:48:31.19
CC: Stephen A. Kane
(KANE_S) ()
READ:25-APR-1996 17:28:12.07
CC: Laurence R. Jacobson
(JACOBSON_LR) (OMB)
READ:25-APR-1996 20:28:43.71
TEXT:
Since the subject seems to be getting some attention, I am sending
the TO: list both the Transition Paper and the GAO talk, and the
CC: list (who already have the GAO talk) just the Transition
Paper.
ATTACHMENT I
ATT CREATION TIME/DATE:25-APR-1996 15:20:00.00
ATT BODYPART TYPE:B
ATT CREATOR: Justine F. Rodriguez
ATT SUBJECT: RE: Insurance Reform
ATT TO: V. Allan Villabroza
(VILLABROZA_V)
ATT CC: Stephen A. Kane
(KANE_S)
ATT CC: Kim H. Burke
(BURKE_K)
TEXT:
The Federal Credit Reform Act of 1990 was supposed to apply only
to credit programs. I don't remember the reasons why it was
applied to "the insurance program at Ex-Im Bank." Perhaps that
insurance program is or was perceived to be much like a loan
guarantee. Kim Burke might remember; she will be back from leave
on May 6th.
FCRA did have a provision requiring OMB and CBO to study whether
budgeting for deposit insurance should be modeled after credit
reform or modified in some other way. Both reports advocated
budgeting for deposit insurance up front when the risk is assumed
in parallel with credit reform.
The Bush Administration proposed in the FY 1993 budget to treat
insurance programs in parallel with credit programs, transforming
deposit insurance and pension guarantees that year and the
remaining insurance programs covered in that chapter the following
year. Complex contingent claims models were developed to make the
estimates; the early run estimates of the PBGC model were the last
numbers in the database as it locked.
In the process of presenting this proposal and answering questions
about it, our ideas about the budgeting and the modeling evolved.
I will send you a copy of the transition paper on reforming
insurance budgeting that was done for the Clinton Administration
as it entered office. The Clinton Administration has not had much
interest in insurance reform.
Interest has revived elsewhere, however. CBO and GAO believe that
insurance reform would be an improvement in budgeting. GAO has
been doing a study of the issues, the "plumbing", possible methods
of estimation, and the models for deposit insurance and pension
guarantees. On April 16th, the project director spoke favorably
about such reforms on an AAPBA panel, suggesting phased
implementation in which the "accrual" information would be
published in the budget for a couple of years before actually
being used for budgeting. I will send you a copy of that.
Let me know if you have any specific questions or want to discuss
this further.
END ATTACHMENT
1
RECORD TYPE: FEDERAL (ALL-IN-1 MAIL)
CREATOR: Justine F. Rodriguez (RODRIGUEZ_J) (OMB)
CREATION DATE/TIME: 8-MAY-1996 16:20:17.00
SUBJECT: PBGC Tweeked
TO: Stephen A. Kane
(KANE_S)()
READ: 8-MAY-1996 16:22:16.11
TEXT:
See what he would charge for each piece and when he could deliver
each piece.
ATTACHMENT
1
ATT CREATION TIME/DATE: 8-MAY-1996 16:19:00.00
ATT BODYPART TYPE:p
ATT CREATOR: Justine F. Rodriguez
TEXT:
Unable to convert OA$SHARA1622:ZWHGNCXUC.FGN to ASCII,
The following is a HEX DUMP:
END ATTACHMENT 1
Documentation of the Gauss code:
We would like the source code documented to a level of transparency such that a lay
person could understand the basic flow of the program. The purpose of each major section of the
program needs to be clearly stated. The short-cuts employed by the program and their rationale
require greater explanation. Additional instructions are needed to allow an otherwise uninformed
second party to replicate and update the program results. This will allow GAO, CBO and other
government agencies to audit and monitor the program and its implications.
Updating Procedure:
We would like the sources of the data to be documented. When does updated material
become available? Step-by-step instructions for updating are needed. What needs to be done to
update the program to incorporate recent changes in market conditions? How are parameter
estimates re-estimated? In particular, what needs to be done to new data to render it readable
with the Gauss code? Walk through this as of December when the Budget estimates are made,
and then discuss what to watch for in doing it at other times of year.
Training:
If possible, we would like you to come to Washington D.C. to train Laurence Jacobson
and Stephen Kane, members of the Office of Economic Policy, U.S. Office of Management and
Budget, on the updating procedure and running of the Gauss code.
Automated Records Management System
Hex-Dump Conversion
RECORD TYPE: FEDERAL (ALL-IN-1 MAIL)
CREATOR: Justine F. Rodriguez (RODRIGUEZ_J) (OMB)
CREATION DATE/TIME:13-MAY-1996 12:08:47.00
SUBJECT: RE: Summary of Meeting with Maureen Haver
TO: Laurence R. Jacobson
(JACOBSON_LR) (OMB)
READ:13-MAY-1996 12:48:58.20
CC: Robert B. Anderson
(ANDERSON_RB) (OMB)
READ:13-MAY-1996 13:20:18.42
CC: Mark A. Wasserman
(WASSERMAN_M) (OMB)
READ:13-MAY-1996 12:14:39.74
CC: Randolph M. Lyon
(LYON_R) (OMB)
READ:13-MAY-1996 13:06:20.15
CC: Stephen A. Kane
(KANE_S)()
READ:13-MAY-1996 14:51:33.71
TEXT:
Thanks for this summary and for your previous "heads up" on
computer needs.
It is clear to me that there are a lot of things on our wish list
for whatever funds are available -- including the bank data
purchase, the PBGC documentation/updating help, and a few other
items to make us more comfortable.
As soon as the evaluations have been sent in and I've done a
little research on how to stretch our resources, I will hold a
council to discuss with all of you what our priorities should be
this year and next.
P.S. I have no reason to believe we will not be able to "fill my
slot" with a new EP professional. We can discuss that prospect
too.
RECORD TYPE: FEDERAL (EXTERNAL MAIL)
CREATOR: [email protected]@INET@EOPMRX
CREATION DATE/TIME:29-MAY-1996 20:15:00.00
SUBJECT: Pension Model
TO: Jacobson_Ir
(Jacobson_Ir@A1@CD)(OMB)
READ:30-MAY-1996 08:57:20.52
TO: Kane_s
(Kane_s@A1@CD)()
READ:30-MAY-1996 09:14:57.61
TEXT:
Larry/Steve,
Greetings. How are things going at OMB? I assume full tilt as usual.
Hey, George and 1 are updating our numbers for the pension paper and are
planning on doing some additional scrubbing using a handful of specific firms
in the PBGC data set. I have PBGC's 1995 data set, but not the company names
and identifiers. Could you send me the file that has the names and
identifiers included? If so, we can update the model through lastt year,
which should improve your estimates going into next year.
By the way, how are you coming with the match-merge of the two data sets? If
you are having problems, George and I could probably do at least a partial
match-merge for you with the 1995 data now that we have a little time.
Obviously you will still have to be able to do it, but it may save you some
time now.
I hope all is well with both of you. I'll talk to you soon.
Take care.
Chris
ATTACHMENT 1
ATT CREATION TIME/DATE:29-MAY-1996 20:17:00.00
ATT BODYPART TYPE:D
TEXT:
RFC-822-headers:
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29 May 1996 20:14:58 -0400 (EDT)
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Wed, 29 May 1996 20:17:55 (MST)
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END ATTACHMENT
I
RECORD TYPE: FEDERAL (ALL-IN-1 MAIL)
CREATOR: Laurence R. Jacobson (JACOBSON_LR) (OMB)
CREATION DATE/TIME:30-MAY-1996 09:37:39.66
SUBJECT: Chris on PBGC
TO: Stephen A. Kane
(KANE_S)()
READ:30-MAY-1996 09:38:47.03
TO: Justine F. Rodriguez
(RODRIGUEZ_J) (OMB)
READ:30-MAY-1996 10:02:21.02
TEXT:
Looks like an offer we can't refuse.
The data set which we got on February 7th -- stored in spreadsheet
form as h:\pbgc\pbgcfile.wk4 includes company name, ticker symbol,
CUSIP, EIN. There is an abbreviated version of the file which we
had used -- h:\pbgc\pbgcconv.wk4 which includes only company name
and EIN. Note that 100% of the sample has CUSIP and ticker
symbol, but the EIN is missing onabout 5 to 10% of the sample has
company name only.
Stephen -- could you follow up with Chris and see if this is what
he wants and deliver a diskette? Now that almost four months have
passed, there might be more recent data. If so, Bill James at
PBGC (326-4080, ext. 3468) can provide it quickly if you give him
the variable names at the top of the spreadsheet. First check with
Chris to see if the old set has all the series Chris might like.
Thanks.
ATTACHMENT 1
ATT CREATION TIME/DATE:29-MAY-1996 20:17:00.00
ATT BODYPART TYPE:E
ATT CREATOR: Lewiscml
ATT SUBJECT: Pension Model
ATT TO: Jacobson_Ir
(Jacobson_Ir@A1@CD)
ATT TO: Kane_s
(Kane_s@A1@CD)
TEXT:
Unable to convert OA$SHARA1689:ZWIBSZMYL.TXT to ASCII,
The following is a HEX DUMP:
END ATTACHMENT 1
ATTACHMENT 2
ATT CREATION TIME/DATE:29-MAY-1996 20:17:00.00
ATT BODYPART TYPE:D
TEXT:
Unable to convert OA$SHARA1711:ZWIBSZMYK.TXT to ASCII,
The following is a HEX DUMP:
END ATTACHMENT 2
RECORD TYPE: FEDERAL (ALL-IN-1 MAIL)
CREATOR: Laurence R. Jacobson (JACOBSON_LR) (OMB)
CREATION DATE/TIME:11-JUN-1996 16:58:40.14
SUBJECT: RE: getting data into Gauss
TO: Stephen A. Kane
(KANE_S) ()
READ:11-JUN-1996 16:59:17.05
TEXT:
GUASS will read ASCII text files, and perhaps other types of text
files as well (e.g. .PRN, TXT). Look at the PBGC Model
(ALLPBGC2.PRG). You'll see that the input file is 92ALLINP.ASC
If you go into the DOS text editor and pull in the file, you'll
see the numbers.
I just took a block of numbers in Lotus and saved it as a TXT
file (no .ASC in file types under Lotus). That opened up in DOS
Editor and looked just like the 92ALLINP.ASC file, so should work.
However, you could save it with a different name in DOS EDITOR
with the .ASC extension, if necessary.
So as long as you have input in spreadsheet form or as a text
file, it should be simple to get in a readable form for GAUSS.
RECORD TYPE: FEDERAL (NOTES MAIL)
CREATOR: Kimberly A. Maluski (CN=Kimberly A. Maluski/OU=OMB/O=EOP [ OMB ])
CREATION DATE/TIME:29-JUL-1996 15:15:17.00
SUBJECT: Proposal for the new processing system for the Form 5500
TO: SEIDMAN E SEIDMAN_E @ Al @ CD @ LNGTWY [ EOP ]) (OPD)
READ:UNKNOWN
CC: BOND_D ( BOND_D @ Al @ CD @ LNGTWY [ OMB 1) (OMB)
READ:UNKNOWN
CC: MEYERS_H (MEYERS_H @ Al @ CD @ LNGTWY [ EOP ]) (OMB)
READ:UNKNOWN
CC: Kathleen M. Turco ( CN=Kathleen M. Turco/OU=OMB/O=EOP @ EOP [ OMB ])
READ:UNKNOWN
CC: Mark D. Menchik ( CN=Mark D. Menchik/OU=OMB/O=EOP @ EOP [ OMB ])
READ:UNKNOWN
CC: RHINESMITH_A (RHINESMITH_A @ A1 @ CD @ LNGTWY [ OMB ]) (OMB)
READ:UNKNOWN
TEXT:
Ellen,
At the 5500 meeting last Wednesday, you mentioned that you might not have
a copy of the proposal for the new processing system which was developed
by PWBA, PBGC, and EP/EO. We will bring you a copy of the proposal,
including concerns that IRS has expressed about the proposed system, this
afternoon. Although IRS supports the development of a new system, the
agency has raised some issues about the specific system proposed by PWBA,
PBGC, and EP/EO. Whoever designs the new system will undoubtedly take
into consideration the needs of all the affected agencies, however, we
wanted to let you know of IRS' concerns with this proposal.
Kimberly
RECORD TYPE: FEDERAL (NOTES MAIL)
CREATOR: Kimberly A. Maluski (CN=Kimberly A. Maluski/OU=OMB/O=EOP [ OMB ])
CREATION DATE/TIME:31-JUL-1996 17:03:36.00
SUBJECT: RE: Proposal for the new processing system for the Form 5500
TO: SEIDMAN_E SEIDMAN_E @ A1 @ CD @ LNGTWY EOP (OPD)
READ:UNKNOWN
CC: Harry G. Meyers ( CN=Harry G. Meyers/OU=OMB/O=EOP @ EOP [OMB])
READ:UNKNOWN
TEXT:
Ellen,
Sorry for the late response to your email. I have spent most of the day
on the Hill at a hearing. Attached to the packet we gave you is a page
which details IRS' concerns with the new 5500 processing system proposed
by EP/EO, PWBA, and PBGC. Here is a brief list of IRS' concerns, however
I have also attached the one page WordPerfect file which lists their
concerns in more detail.
The estimated five year net savings in the proposal is $57.3 million,
however IRS estimates a lower five year net savings of $21-$57.3 million.
A comprehensive integration plan is needed which describes how outputs
from the new system will be provided to the IRS and processed to the IRS
master file.
A transition plan is needed which describes how the current system will be
maintained while the new system is being developed. The transition plan
should also determine if the time needed to develop the new system will
delay the agencies' ability to implement and process the new Forms 5500.
The Social Security Administration's needs must be considered, since the
Schedule SSA is filed with the Forms 5500.
Disclosure and privacy issues must be addressed because, although the Form
5500 is open to public inspection, Schedules SSA, E, F, and P are not.
IRS wants to ensure its involvement in the process, both at the system
design and implementation stages.
SEIDMAN_E@AI
07/30/96 07:01:00 PM
Record Type: Record
To: Kimberly A. Maluski
cc:
Subject: RE: Proposal for the new processing system for the Form 5500
Thanks; I got the folder, and will call Greg Jones tomorrow to start
discussions. What are the IRS concerns? Ellen
ATTACHMENT 1
ATT CREATION TIME/DATE: 0 00:00:00.00
TEXT:
Unable to convert XCHANGE ATTACH:MAIL186416212.060 to ASCII,
The following is a HEX DUMP:
END ATTACHMENT
1
IRS endorses the concept of developing a new processing system for the Form 5500. Although
IRS does not object to looking outside both IRS and DOL for the development of the system, IRS
has made OMB staff aware of several concerns it has regarding the specific proposal developed
by EP/EO, PWBA, and PBGC. IRS' concerns are as follows:
The projected cost savings are overstated. IRS believes the five year net savings of
$57.3 million are overstated in the proposal. The IRS has not performed a comprehensive
costing study, however the Service estimates net five year savings of $21 - $57.3 million.
A comprehensive integration plan is needed. IRS feels that the proposal must describe
how outputs from the new system will be provided to the Service and processed to the
IRS master file. Included must be a clear understanding of the responsibilities of the data
capture and cleaning operations versus those of the Service. For example, an interface
system is necessary to ensure that the entity checks in the new system will allow the
return to post to the IRS files. The cost and responsibilities of this interface system are
not included in the current proposal.
A transition plan is needed. IRS feels the proposal should describe how the current
system will be maintained while the new system is being developed. IRS proposes
operating an abbreviated system for processing Forms 5500 in the interim. Also,
developing a prototype to test the assumptions made in the report, along with the interface
described above should be the addressed early on in any contract. Further development
should be contingent on the prototype's success. The transition plan should also
determine if the time needed to develop the new system will delay the agencies' ability to
implement and process the new Forms 5500.
Social Security Administration (SSA) needs must be considered. Schedule SSA is
filed with the Forms 5500. The IRS certifies that the schedule is legible and complete,
corresponding with the filer if necessary before forwarding the schedules to SSA.
Disclosure and privacy issues must be addressed. Unlike most of the Forms 5500,
Schedules SSA, E, F, and P are not open to public inspection. The new processing
environment must ensure that disclosure and privacy rules are met.
IRS involvement in the process. IRS wants to be involved in the system design and
implementation to ensure that its requirements are met in both the prototype and final
systems.
Automated Records Management System
Hex-Dump Conversion
RECORD TYPE: FEDERAL (NOTES MAIL)
CREATOR: [email protected]@INET@LNGTWY ([email protected]@INET@LNGTWY [
UNKNOWN 1)
CREATION DATE/TIME: 7-AUG-1996 12:39:14.00
SUBJECT: Newly Issued CG Decisions
TO: Evan Farley@eop ( Evan Farley@eop [ OMB )
READ:UNKNOWN
TEXT:
August 7, 1996
The General Accounting Office (GAO) today issued the following
Decisions and Opinions of the Comptroller General:
Appropriations Decisions:
- Pension Benefit Guaranty Corporation-Provision of, B-270199, August
6, 1996
This decision is in response to a request from Wayne Robert Poll,
Inspector General of the Pension Benefit Guaranty Corporation
(PBGC), concerning the use of appropriated funds for the
purchase of food for government employees at PBGC training
sessions. For the reasons set forth below, we conclude that
appropriated funds were not available for the purchase of food
for PBGC employees in the circumstances described by the
Inspector General in his submission.
Bid Protest Decisions:
- Barton ATC, Inc., B-271877; B-271878, August 6, 1996
Barton ATC, Inc. protests the proposed award of contracts to
Weather Data Services, Inc. under requests for proposals (RFP)
Nos. DAHA90-95-R-0049 and DAHA90-95-R-0048, issued by the
National Guard Bureau (NGB) for meteorological services for
Selfridge Air National Guard Base in Selfridge, Michigan (RFP
-0049) and Buckley Air National Guard Base in Denver, Colorado
(RFP -0048). Barton, the incumbent for both contracts,
primarily challenges NGB's determination that its technical
proposals under both solicitations were unacceptable
Military Personnel Pay and Allowances:
- Colonel Robert M. Krone, USAF (ret.)-Federal Income Tax, B-271052,
August 6, 1996
This is in response to a request for an advance decision
regarding the calculation of the amount of income tax
withholding from the military retired pay of Colonel Robert M.
Krone, USAF (Ret.), as that amount affects the apportionment of
the retired pay between Colonel Krone and his former spouse.\l
These decisions are now available from GAO's World Wide Web site at
http://www.gao.gov in both HTML and PDF versions. They have also been
sent to the U.S. Government Printing Office for addition to the
Comptroller General Decisions GPO Access WAIS database.
ATTACHMENT 1
ATT CREATION TIME/DATE: 0 00:00:00.00
TEXT:
RFC-822-headers:
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END ATTACHMENT 1
RECORD TYPE: FEDERAL (NOTES MAIL)
CREATOR: RODRIGUEZ_J@A1@CD@LNGTWY (RODRIGUEZ_J@A1@CD@LNGTWY[ (OMB)
CREATION DATE/TIME:15-AUG-1996 18:23:05.00
SUBJECT: September PBGC Rates Unchanged For Valuing Pension Plan Bene
TO: JACOBSON_LR@A1@CD@LNGTWY (JACOBSON_LR@A1@CD@LNGTWY[_EO (OMB)
READ:UNKNOWN
TO: Stephen Kane@EOP ( Stephen Kane@EOP [ OBM ])
READ:UNKNOWN
TEXT:
September PBGC Rates Unchanged For Valuing Pension Plan Benefits
The Pension Benefit Guaranty Corporation's September rates for valuing plan
benefits in single-employer plans, remained unchanged from the August
rates,
the PBGC announced Aug. 14.
The new rates, effective Sept. 1, were also issued for plan benefits and
assets following mass withdrawal.
PBGC previously issued the two rates under separate regulations. It now
combines them in one rule. They include two sets of interest rates and
factors, one to be used for the valuation of benefits to be paid as
annuities
and one for the valuation of benefits to be paid as a lump sum.
The same assumptions apply to terminating single-employer plans and to
multiemployer plans that have undergone a mass withdrawal.
For annuity benefits, the September interest rate will be 6.30 percent for
the first 20 years following the valuation date and 4.75 percent
thereafter.
For benefits to be paid as a lump sum, the interest rate will be 5.25
percent for the period during which benefits are in pay status, 4.50
percent
during the seven-year period directly preceding the benefit's placement in
pay
status, and 4 percent during any other years preceding the benefit's
placement
in pay status.
PBGC periodically adjusts the interest rates and factors to reflect changes
in the financial and annuity markets. Generally, the interest rates and
factors under these rules are in effect for at least one month. PBGC
publishes
its interest assumptions each month for valuation of plan benefits and
assets,
whether or not the rates are changed.
Health Care
RECORD TYPE: FEDERAL (NOTES MAIL)
CREATOR: MATLACK_L@A1@CD@LNGTWY (MATLACK_L@A1@CD@LNGTWY[EOP])(OMB)
CREATION DATE/TIME:19-AUG-1996 15:26:54.00
SUBJECT: Apportionment of Balances
TO: [email protected]@INET@LNGTWY ([email protected]@INET@LNGTWY[UNKNOWN]
READ:UNKNOWN
CC: VANWIE_P@A1@CD@LNGTWY(VANWIE_P@A1@CD@LNGTVYLEO (OMB)
READ:UNKNOWN
CC: MENCHIK_M@A1@CD@LNGTWY (MENCHIK_M@A1@CD@LNGTWY [EOPJ) (OMB)
READ:UNKNOWN
CC:HIMLER_J@A1@CD@LNGTWY(HIMLER_J@AI@CD@LNGTWY[OMBJ)(OMB)
READ:UNKNOWN
CC: WIRE_J@AI@CD@LNGTWY(WIRE_J@A1@CD@LNGTWY[EOPJ)(OMB)
READ:UNKNOWN
CC:SCHACK_L@A1@CD@LNGTWY(SCHACK_L@A1@CD@LNGTWY[OMBJ)(OMB)
READ:UNKNOWN
CC: KITTI_C@A1@CD@LNGTWY (KITTI_C@A1@CD@LNGTWY EOP (OMB)
READ:UNKNOWN
CC: Maureen H. Walsh@eop (Maureen H. Walsh@eop [ OMB )
READ:UNKNOWN
TEXT:
A reminder for both of us.
As Maureen mentioned in our phone call this morning, agencies are
required to submit initial apportionment requests to OMB by
August
21st for all accounts with FY 1997 budgetary resources that
become
available without further congressional action. This inlcudes
permanent appropriations, estimated unobligated balances carried
over from FY 1996, and the like. For our part, we are required
to
act by September 10th.
I have the Black Lung request. [ assume we will be getting from
you additional balances apportionments for the PBGC as well as
other accounts.
We also are being asked to gather information on deferral and
rescission proposals. I assume there are none for DOL.
RECORD TYPE: FEDERAL (NOTES MAIL)
CREATOR: Martha A. Rubenstein ( CN=Martha A. Rubenstein/OU=OMB/O=EOP [ OMB ])
CREATION DATE/TIME:22-AUG-1996 15:59:20.00
SUBJECT: More OMB Comments re: page proofs
TO: John.Kamensky (John.Kamensky @ NPR.GSA.GOV @ INET (UNKNOWN])
READ:UNKNOWN
TEXT:
1. Main report, Chapter 1, page 6, bullet on telephone calls:
Add the word "Domestic" to "long-distance telephone calls:"
Replace "Someone who shops around can make peak-hour long-distance calls
for as low as 16 cents per minute." with "Typical residential peak-hour
long distance calls are about 16 cents per minute while corporations are
averaging about 10 cents per minute."
2. same page, bullet on small purchases:
change "over $50 worth of paperwork" to "over $100 worth of paperwork"
change "there are millions of small puchases each year." to "there are
about 9 million purchases under $2500 each year."
3. Main report, Notes, page 3, #8:
after citation of EO 12931, add "Executive Order 12979, Agency Procurement
Protests, October 25, 1995;"
4. Appendix A, (NASA) page 44, para. 6, sentence 4:
replace "We moving" with "We're moving"
5. Appendix E, page 11,
a) under PL 104-106, Natl Defense Authorization Act for FY 1996, add
proposal DOE2-03.
b) under PL 104-134, Omnibus Appropriations of 1996, add U.S. Enrichment
Corporation Privatization (though, is this an NPR proposal? I couldn't
figure out which specific proposal to cite if it is)
6. Appendix E, page 13,
a) HR 3734 was signed into law on 8/22/96 as PL 106-???, cited for
USDA2-02, USDA2-03, USDA2-04
b) under DOC, HR 3460 title has been changed from "Inventor Rights
Protection and Patent Reform Act" to "Moorehead-Schroeder Patent Reform
Act"
7. Appendix E, page 17,
DOL2-19 is not implemented by HR 3520, Retirement Savings and Security
Act, and so it should not be cited
8. Appendix E, page 19,
SUP07 Simplify Travel and Increase Competition, the current bill number is
HR 3230, not S1745
9. Main report, Chapter 3, page 7,
a) comment on para. 3 "While this is a dramatic result, it is totally
unclear to the reader how this is reinvention. What was the
"partnership"? Horizon would follow fall protection regulations that it
already was subject to.
b) para 5, "In the Maine 200 program if they would run good safety
programs, [insert: traditional] inspections would be a low priority."
change: "Then, one of the Maine 200" to "When one of the Maine 200"
10. Main report, Chapter 3, page 8
2nd to last sentence: change "It also simplifies the pension bureaucracy"
to "It also simplifies the pension rules"
11. Main report, Chapter 3, page 9
2nd to last para re: PBGC: delete "little" from first sentence referring
to PBGC, comment: "Why the editorializing? Serves no purpose, conveys no
substance. There is no reason for the NPR to change this paragraph, but
this was NOT a surprise to anyone [that most people have never heard of
PBGC]. The PBGC is not and never was a high-profile agency. To expect
that the rank and file would know about it is silly."
12. Appendix A, page 41 (DOL)
comment re: summary budget information: "The budget numbers [here]
include mandatories. Discretionary is a better gauge of the budget the
DOL staff administer."
13. Appendix A, page 42 (DOL), last bullet in first para,
a) change "One-Stop Career Centers have integrated. " to "In a
majority of States, One-Stop Career Centers services under one roof."
[delete "across America" as it is not universal and this is misleading]
b) 3rd bullet of next para,
add onto Office of Trade Adjustment Assistance bullet backlog of 100
cases and speeding assistance to eligible dislocated workers." [otherwise
where's the customer?]
14. Appendix B, page 3, Streamlining Management Control, last sentence on
page,
change "the Department of Labor cut 12,264 pages" to "will cut" since this
is the plan, but the actual pages cut thus far are about 900.
15. Appendix B, page 14, Strengthening the Partnership in
Intergovernmental Service Delivery
para 2, 2nd to last sentence, change the Secretary of Labor has new
authority to waive requirements in the Job Training Partnership Act..."
to "the Secretary of Labor has new authority to waive certain regulations
of the Job Training Partnership Act..." since it is NOT a statutory
provisions waiver
RECORD TYPE: FEDERAL (NOTES MAIL)
CREATOR: Lori Schack (CN=Lori Schack/OU=OMB/O=EOP [ OMB 1)
CREATION DATE/TIME:26-AUG-1996 15:16:48.00
SUBJECT: Re: NPR
TO:MATLACK_L(MATLACK_L@A1@CD@LNGTWY[EOPJ)(OMB)
READ:UNKNOWN
TEXT:
The attachment you sent was a note from Mark about PBGC and CR. Try again?
MATLACK_L@A1
08/26/96 03:01:00 1 PM
Record Type: Record
To: Lori Schack
cc:
Subject: NPR
ATTACHMENT 1
ATT CREATION TIME/DATE: 0 00:00:00.00
TEXT:
From: MENCHIK_M@A1@CD@LNGTWY
*To: MATLACK_L@A1@CD@LNGTWY
Date: 8/26/96 11:57am
Subject: RE: CR Levels
As you know, the House-passed PBGC language extends the admin
expense limitation to plan-termination activities. The
Administration has opposed this.
I think that instead of including anything like the House-passed
language, we should press for a CR that is like the '96 CRs --
"clean" for PBGC. In other words, the '97 CR would not mention a
PBGC LAE.
Silence on LAE preserves PBGC's flexibility if a big plan
terminates unexpectedly. (This was the objection to the
House-passed language.) Also, by excluding an inflated LAE
amount, this approach avoids an overstated CR level.
Is this matter appropriate for discussion with Bill Fowlkes?
END ATTACHMENT 1
RECORD TYPE: FEDERAL (NOTES MAIL)
CREATOR: CHANG_W@A1@CD@LNGTWY (CHANG_W@A1@CD@LNGTWY [OMB ] (OMB)
CREATION DATE/TIME: 5-SEP-1996 18:17:45.00
SUBJECT: Promising Practices
TO: ZUZA_L@AI@CD@LNGTWY (ZUZA_L@A1@CD@LNGTWY EOP (OMB)
READ:UNKNOWN
TO: WARTELL_T@A1@CD@LNGTWY (WARTELL_T@A1@CD@LNGTWY [EOP ]) (OMB)
READ:UNKNOWN
TO: SWAIN_E@A1@CD@LNGTVY (SWAIN_E@AI@CD@LNGTWY [EOP]) (OMB)
READ:UNKNOWN
TO: STARLER_N@A1@CD@LNGTWY STARLER_N@A1@CD@LNGTWY[EOP ) (OMB)
READ:UNKNOWN
TO: SMITH_P@A1@CD@LNGTWY (SMITH_P@A1@CD@LNGTWY[I EOP ) (OMB)
READ:UNKNOWN
TO: MUSTAIN_L@A1@CD@LNGTWY(MUSTAIN_L@A1@CD@LNGTWYIEOPJ)OMB)
READ:UNKNOWN
TO: FRERICHS_S@A1@CD@LNGTWY (FRERICHS_S@A1@CD@LNGTWY OMB 1) (OMB)
READ:UNKNOWN
TO:ENGER_MA@A1@CD@LNGTWY(ENGER_MA@A1@CD@LNGTWYLOMB1)(OMB]
READ:UNKNOWN
TO: BURGET_A@A1@CD@LNGTWY (BURGET_A@A1@CD@LNGTWY [OMB] ) (OMB)
READ:UNKNOWN
TO: Jennifer C. Wagner@EOP ( Jennifer C. Wagner@EOP [ OMB D
READ:UNKNOWN
TO: Dennis L. Stout@EOP ( Dennis L. Stout@EOP [ OMB ])
READ:UNKNOWN
TO: Douglas L. Steiger@eop ( Douglas L. Steiger@eop [ OMB ])
READ:UNKNOWN
TO: Joseph G. Pipan@eop ( Joseph G. Pipan@eop [ OMB ])
READ:UNKNOWN
TO: Diane R. Montgomery@eop ( Diane R. Montgomery@eop [ OMB )
READ:UNKNOWN
TO: Henry E. Lilienthal@EOP ( Henry E. Lilienthal@EOP [ OMB ])
READ:UNKNOWN
TO: SARAH A. LASKIN@EOP (SARAH A. LASKIN@EOP [ OMB ])
READ:UNKNOWN
TO: Stephen Kane@EOP ( Stephen Kane@EOP [ OMB ])
READ:UNKNOWN
TO: E. Irene James@eop (E. Irene James@eop [ OMB ])
READ:UNKNOWN
TO: Joseph Firschein@EOP (Joseph Firschein@EOP [ OMB 1)
READ:UNKNOWN
TO: Peter O. Davis@eop ( Peter O. Davis@eop [ OMB ])
READ:UNKNOWN
TO: NOTESREFLECT@A1@CD@LNGTWY (NOTESREFLECT@A1@CD@LNGTWY OA ]) (SYS)
READ:UNKNOWN
TO: TIMBERLAKE_C@A1@CD@LNGTWY (TIMBERLAKE_C@A1@CD@LNGTWY [ OMB ]) (OMB)
READ:UNKNOWN
TO: STIDMAN_A@A1@CD@LNGTWY STIDMAN_A@AI@CD@LNGTWY[EOP ]) (OMB)
READ:UNKNOWN
TO: STACK_K@A1@CD@LNGTWY (STACK_K@A1@CD@LNGTWY [ OMB ]) (OMB)
READ:UNKNOWN
TO: : NEWMAN_KA@AI@CD@LNGTWY(NEWMAN_KA@AI@CD@LNGTWYLEOP 1) (OMB)
READ:UNKNOWN
TO:KASDIN_S@A1@CD@LNGTWY(KASDIN_S@AI@CD@LNGTWY[OMBJ)(OMB)
READ:UNKNOWN
TO: [email protected]@CD@LNGTWY ([email protected]@CD@LNGTWY UNKNOWN ] )
READ:UNKNOWN
TO: CASELLA_M@A1@CD@LNGTWY (CASELLA_M@A1@CD@LNGTWY OMB ]) (OMB)
READ:UNKNOWN
TO: Alexandra Lehr@EOP ( Alexandra Lehr@EOP [OMB])
READ:UNKNOWN
TO: Daniel M. Tangherlini@eop (Daniel M. Tangherlini@eop [ OMB ])
READ:UNKNOWN
TO: Arthur W. Stigile@eop ( Arthur W. Stigile@eop [ OMB ])
READ:UNKNOWN
TO: Ronald L. Silberman@EOP ( Ronald L. Silberman@EOP [ OMB ])
READ:UNKNOWN
TO: Kim C. Nakahara@eop (Kim C. Nakahara@eop [ OMB ])
READ:UNKNOWN
TO: JONNA M. LONG@eop (JONNA M. LONG@eop [OMB])
READ:UNKNOWN
TO: Cameron M. Leuthy@eop ( Cameron M. Leuthy@eop [ OMB ])
READ:UNKNOWN
TO: Richard H. Kodl@EOP (Richard H. Kodl@EOP [ OMB
READ:UNKNOWN
TO: carline m jelsma@eop (carline m jelsma@eop [ OMB ])
READ:UNKNOWN
TO: Adam Hoffberg@EOP ( Adam Hoffberg@EOP OMB
READ:UNKNOWN
TO: Michael J. Discenza@EOP (Michael J. Discenza@EOP [ OMB 1)
READ:UNKNOWN
TO: Jozelyn R. Davis@eop ( Jozelyn R. Davis@eop [ OMB])
READ:UNKNOWN
CC:LIND_S@A1@CD@LNGTWY(LIND_S@A1@CD@LNGTWY[OMB1)(OMB)
READ:UNKNOWN
CC: Richard P. Emery@EOP (Richard P. Emery@EOP OMB
READ:UNKNOWN
CC:RODRIGUEZ_J@A1@CD@LNGTWY(RODRIGUEZ_J@AI@CD@LNGTWY[EOP1)(OMB]
READ:UNKNOWN
CC: Thomas P. Stack@EOP (Thomas P. Stack@EOP [ OMB ])
READ:UNKNOWN
CC: Hugh T. Connelly@eop (Hugh T. Connelly@eop [ OMB D
READ:UNKNOWN
TEXT:
The long awaited "Promising Practices for Federal Credit
Agencies"
conference (sponsored by Treasury) is at last upon us! Its free
of charge and being held at GSA (18th & F NW) on October 1-3.
All
agency and OMB staff are invited to attend.
Please inform your agency contacts about this conference if they
do not know about it already. I have copies of the advance
program in my office if your interested.
Topics include:
*
Electronic Screening of Applicants
*
Scoring and Subsidy Calculations
*
Loan Servicing
*
Monitoring and Servicing Delinquent Loans
*
Financial Systems
*
Asset Sales and Securitization
*
and much more!!!
All major credit agencies are participating, plus financial
oversight agencies (FDIC, Federal Reserve, Office of Thrift
Supervision, PBGC).
Fax your name, organization, address, phone and fax number to
874-6965.
RECORD TYPE: FEDERAL (NOTES MAIL)
CREATOR: Jonna M. Long ( CN=Jonna M. Long/OU=OMB/O=EOP [OMB])
CREATION DATE/TIME: 6-SEP-1996 09:52:46.00
SUBJECT: Promising Practices
TO: bjacobik ( bjacobik @ fema.gov @ inet [ UNKNOWN ])
READ:UNKNOWN
TEXT:
Forwarded by Jonna M. Long/OMB/EOP on 09/06/96
09:50 AM
CHANG_W @ A1
09/05/96 05:42:00 PM
Record Type: Record
To: See the distribution list at the bottom of this message
cc: See the distribution list at the bottom of this message
Subject: Promising Practices
The long awaited "Promising Practices for Federal Credit
Agencies"
conference (sponsored by Treasury) is at last upon us! Its free
of charge and being held at GSA (18th & F NW) on October 1-3.
All
agency and OMB staff are invited to attend.
Please inform your agency contacts about this conference if they
do not know about it already. I have copies of the advance
program in my office if your interested.
Topics include:
*
Electronic Screening of Applicants
*
Scoring and Subsidy Calculations
*
Loan Servicing
*
Monitoring and Servicing Delinquent Loans
*
Financial Systems
*
Asset Sales and Securitization
*
and much more!!!
All major credit agencies are participating, plus financial
oversight agencies (FDIC, Federal Reserve, Office of Thrift
Supervision, PBGC).
Fax your name, organization, address, phone and fax number to
874-6965.
Message Sent
To:
Jozelyn R. Davis
Peter 0. Davis
Michael J. Discenza
Joseph Firschein
Adam Hoffberg
E. Irene James
carline m jelsma
Stephen Kane
Richard H. Kodl
SARAH A. LASKIN
Cameron M. Leuthy
Henry E. Lilienthal
JONNA M. LONG
Diane R. Montgomery
Kim C. Nakahara
Joseph G. Pipan
Ronald L. Silberman
Douglas L. Steiger
Arthur W. Stigile
Dennis L. Stout
Daniel M. Tangherlini
Jennifer C. Wagner
Alexandra Lehr
BURGET_A@A1@CD@LNGTWY
CASELLA_M@A1@CD@LNGTWY
ENGER_MA@A1@CD@LNGTWY
[email protected]@CD@LNGTWY.
FRERICHS_S@A1@CD@LNGTWY
KASDIN_S@A1@CD@LNGTWY
MUSTAIN_L@A1@CD@LNGTWY
NEWMAN_KA@A1@CD@LNGTWY
SMITH_P@A1@CD@LNGTWY
STACK_K@A1@CD@LNGTVY
STARLER_N@A1@CD@LNGTWY
STIDMAN_A@A1@CD@LNGTWY
SWAIN_E@A1@CD@LNGTWY
TIMBERLAKE_C@A1@CD@LNGTWY
WARTELL_T@A1@CD@LNGTWY
NOTESREFLECT@A1@CD@LNGTWY
Message Copied
To:
Hugh T. Connelly
Richard P. Emery
Thomas P. Stack
LIND_S@A1@CD@LNGTWY
RODRIGUEZ_J@A1@CD@LNGTWY
RECORD TYPE: FEDERAL (NOTES MAIL)
CREATOR: Allan Villabroza (CN=Allan Villabroza/OU=OMB/O=EOP [ OMB])
CREATION DATE/TIME: 6-SEP-1996 09:37:34.00
SUBJECT: FYI: Promising Practices Workshop
TO: Ellen ( G=Ellen/S=Maxwell/OU=OMB/O=EOP @ mhs-opic.attmail.com @ INET [ UNKNOWN 1)
READ:UNKNOWN
TO: Tracy ( G=Tracy/S=Harris/OU=OMB/O=EOP @ mhs-opic.attmail.com@INET@LNGTWY UNKNOWN]
READ:UNKNOWN
TEXT:
Date: 9/5/96 5:42pm
Subject: Promising Practices
The long awaited "Promising Practices for Federal Credit
Agencies"
conference (sponsored by Treasury) is at last upon us! Its free
of charge and being held at GSA (18th & F NW) on October 1-3.
All
agency and OMB staff are invited to attend.
Please inform your agency contacts about this conference if they
do not know about it already. I have copies of the advance
program in my office if your interested.
Topics include:
*
Electronic Screening of Applicants
*
Scoring and Subsidy Calculations
*
Loan Servicing
*
Monitoring and Servicing Delinquent Loans
*
Financial Systems
*
Asset Sales and Securitization
*
and much more!!!
All major credit agencies are participating, plus financial
oversight agencies (FDIC, Federal Reserve, Office of Thrift
Supervision, PBGC).
Fax your name, organization, address, phone and fax number to
874-6965.
RECORD TYPE: FEDERAL (NOTES MAIL)
CREATOR: Debra J. Bond ( CN=Debra J. Bond/OU=OMB/O=EOP [ OMB ])
CREATION DATE/TIME: 3-OCT-1996 17:31:29.00
SUBJECT: RE: PBGC
TO: MENCHIK_M (MENCHIK_M @ A1 @ CD @ LNGTWY [ (EOP]) (OMB)
READ:UNKNOWN
TEXT:
Sure. I am in no hurry. See you on Tuesday.
RECORD TYPE: FEDERAL (NOTES MAIL)
CREATOR: Debra J. Bond ( CN=Debra J. Bond/OU=OMB/O=EOP [OMB])
CREATION DATE/TIME: 3-OCT-1996 16:58:22.00
SUBJECT: RE: PBGC
TO: MENCHIK_M ( MENCHIK_M @ A1 @ CD @ LNGTWY [ EOP 1) (OMB)
READ:UNKNOWN
TEXT:
We are tentatively scheduled to talk to PBGC at 3:00 on Tuesday. Are you
available at that time? If you are feel free to come 10-15 minutes
earlier to discuss issues. See you later.
RECORD TYPE: FEDERAL (NOTES MAIL)
CREATOR: Debra J. Bond ( CN=Debra J. Bond/OU=OMB/O=EOP [ OMB ])
CREATION DATE/TIME: 3-OCT-1996 10:11:20.00
SUBJECT: PBGC
TO: MENCHIK_M (MENCHIK_M @ A1 @ CD @ LNGTWY [ EOP]) (OMB)
READ:UNKNOWN
TEXT:
Are you available tomorrow afternoon, say 2:00, to discuss the premium
penalty piece with PBGC?
RECORD TYPE: FEDERAL (EXTERNAL MAIL)
CREATOR: Barry J. Toiv@EOP@LNGTWY@EOPMRX
CREATION DATE/TIME:24-FEB-1997 15:24:00.00
SUBJECT: Marty Slate - PBGC
TO: Jake Siewert
( Jake Siewert@EOP@LNGTWY@EOPMRX)
READ:NOT READ
CC: MCHUGH_L
(MCHUGH_L@A1@CD)(WHO)
READ:24-FEB-1997 17:22:11.76
CC: April K. Mellody
( April K. Mellody@EOP@LNGTWY@EOPMRX)
READ:NOT READ
CC: Kathleen M. McKiernan
( Kathleen M. McKiernan@EOP@LNGTWY@EOPMRX)
READ:NOT READ
CC: Mary E. Glynn
(Mary E. Glynn@EOP@LNGTWY@EOPMRX)
READ:NOT READ
CC: Joshua Silverman
(Joshua Silverman@EOP@LNGTWY@EOPMRX)
READ:NOT READ
CC: Julia R. Green
(Julia R. Green@EOP@LNGTWY@EOPMRX)
READ:NOT READ
CC: Michael D. McCurry
( Michael D. McCurry@EOP@LNGTWY@EOPMRX)
READ:NOT READ
TEXT:
Message Creation Date was at 24-FEB-1997 15:20:00
Perhaps the NEC could draft a statement???
Forwarded by Barry J. Toiv/WHO/EOP on 02/24/97 03:14 PM
April K. Mellody
02/24/97 02:22:15 PM
Record Type: Record
To: See the distribution list at the bottom of this message
cc:
Subject: Marty Slate - PBGC
FYI - Marty Slate, head of the Pension Benefit Guarantee Corporation passed
away unexpectedly in his sleep last night. Labor will take press calls. We
should probably do a statement. AM
Message Sent To:
Mary E. Glynn/WHO/EOP
Barry J. Toiv/WHO/EOP
Kathleen M. McKiernan/WHO/EOP
Michael D. McCurry/WHO/EOP
Patricia A. McHugh/WHO/EOP
Joshua Silverman/WHO/EOP
Julia R. Green/WHO/EOP
RECORD TYPE: FEDERAL (NOTES MAIL)
CREATOR: Andrew Mayock (CN=Andrew Mayock/O=Department of the Treasury [ UNKNOWN ])
CREATION DATE/TIME:17-JUN-1997 11:23:26.00
SUBJECT: weekly
TO: Cabinet Affairs ( Cabinet Affairs [ UNKNOWN ])
READ:UNKNOWN
TEXT:
MEMORANDUM FOR ERSKINE BOWLES, THE WHITE HOUSE
FROM:
Robert E. Rubin
SUBJECT:
Weekly Report for the week of February 17, 1997
HOT ISSUES
Presidents Budget
Balanced Budget Amendment
G-7 Finance Ministers Meeting
U.S.-Russia Debt Rescheduling
KEY NEWS
Presidents Budget: Secretary Rubin testified on the budget before the
House Ways & Means Committee on February 11 and the Senate Finance
Committee on February 12. Treasury officials helped prepare the detailed
descriptions of each of the tax provisions in the budget, which was
released on February 6. Statutory language for draft legislation is
virtually complete, although the time of release of the proposed
legislation has not yet been determined.
Balanced Budget Amendment: Secretary Rubin hosted a breakfast meeting on
February 13 with Freshmen Democratic members of the House of
Representatives to discuss the Balanced Budget Amendment.
G7 Ministerial: On February 8, Secretary Rubin attended the meeting in
Berlin of the G7 Finance Ministers and Central Bank Governors, where they
assessed the outlook for the G7 economies and Russia, reviewed
developments in exchange and financial markets, and exchanged views on
recent progress towards EMU. The Finance Ministers also reviewed progress
on a number of issues that will form an important part of the June G7
Leaders Summit in Denver, including efforts to strengthen financial
markets, reform the international financial institutions, promote
development in Africa, and implement the initiative to assist
heavily-indebted poor countries (HIPC).
Israel: On February 14, Secretary Rubin will meet with Prime Minister
Netanyahu. The Secretary is likely to commend Netanyahu on the important
deficit reduction package he and Finance Minister Meridor were able to get
through the Knesset. But he is also likely to signal concern about
slower progress on structural reform to reduce and rationalize the role of
the state in the Israeli economy.
150 Account: On February 14, Secretary Rubin is scheduled to give a joint
press conference with Secretary Albright on the 150 account. This joint
briefing will emphasize the importance that the Administration places on
meeting U.S. commitments and on maintaining U.S. leadership in the world.
Airport and Airway Trust Fund: Assistant Secretary Lubick participated in
the markup of an extension of the lapsed aviation taxes at the House Ways
and Means Committee on February 12. The Senate Finance Committee also
recently reported an extension of the lapsed aviation taxes through
September 30, 1997.
Financial Modernization: On February 6, House Banking Chairman Leach
announced that he and the House Banking Subcommittee Chairs had reached an
agreement on how to proceed with financial modernization legislation.
Leach indicated that, under the agreement, the financial institutions and
capital markets subcommittees will hold hearings on the various financial
modernization proposals during the months of February and March. After
the hearings a new bill will be introduced which will take into
consideration legislative proposals put forth by Chairmen Leach, Baker and
Roukema, and the Administration. Markup of this bill will occur in April
or May, and Leach expects to bring the bill to the House floor before the
July 4 recess.
U.S.-Russia Debt Rescheduling: Deputy Secretary Summers and Russian
Finance Ministry officials signed a comprehensive debt rescheduling
agreement on February 6. Russia also signed a bilateral debt rescheduling
agreement with Germany last week. The U.S. rescheduled $2.3 billion in pri
ncipal and interest over a 25-year period. The two agreements implement
Russias April 1996 accord with the Paris Club. That accord, the largest
rescheduling in the Paris Clubs 40 year history, was designed to eliminate
the need for repeated reschedulings and helps Russia meet its external
debt obligations.
Gore-Chernomyrdin Announcement on Capital Markets Forum: On February 7,
the U.S.-Russia Capital Markets Forum announced the participation of
capital markets experts from the US and Russian private sector to serve on
the Forum's four key working groups. The Russian Federal Commission on
the Securities Market has produced working papers on six key aspects of
capital markets development, including comments from the USG Forum members
(Treasury and SEC). The private sector participants will review the
working papers and offer recommendations to strengthen Russian capital
markets.
Sallie Mae: Treasury officials are reviewing the registration statement
that Sallie Mae submitted to the Securities and Exchange Commission as
part of its privatization efforts. The document includes both
management's Reorganization Plan and a statement from a group of dissident
Board members expressing their disagreement with managements terms for
privatization. The plan was approved by a majority of the Board and will
be voted upon by shareholders in May. Treasury officials are reviewing
the statement for compliance with legislation that authorizes
privatization.
Connie Lee: On February 7, Treasury received Salomon Brothers appraisal
of the Connie Lee stock held by the Department of Education. Treasury
officials will work with Connie Lees staff to complete Connie Lees
privatization prior to February 27. The proceeds will go to the District
of Columbia for school construction.
Pension Benefit Guaranty Corporation (PBGC): On February 5, the PBGC
announced it reached an agreement which will allow Anchor Glass Container
Corporation's pension plans to continue -- with protections for the
pensions of 15,600 workers and retirees after the company is sold. As a
result of the agreement, the PBGC will not pursue its proposed court
action to terminate and take over the Anchor Glass pension plans.
Tax Treaties: Vice President Gore will be signing the U.S.-South Africa
Tax Treaty on February 17 in Pretoria. The text will be made public at
that time.
International Development Association: On February 6, Assistant Secretary
Lipton met with counterparts in Paris to discuss funding of the World
Banks International Development Association (IDA). The United States has
not been contributing to the IDAs Interim Trust Fund, and as a result,
U.S. companies have not had access to procurement on Trust Fund projects.
At the February 6 meeting, the IDA Deputies recommended making 1/3 of the
Interim Trust Fund --about $1 billion -- available for U.S. procurement.
The final decision will be made once Congress has acted on the
Administrations IDA funding request.
Financial Action Task Force (FATF) Meeting: FinCEN Director Stan Morris
participated in a FATF meeting February 10-13 in Paris. Participants
approved the United States evaluation of its compliance with the 40 FATF
anti-money laundering recommendations, and agreed to a strategy for
combating money laundering outside of the FATF countries, in part by
developing closer working relations with the Multilateral Development
Banks.
Pennsylvania Avenue: On February 10, Assistant Secretary Johnson, Secret
Service, FHWA, Interior, OMB, Council on Environmental Law and GSA staff
met to discuss traffic issues, the status of Treasurys environmental
assessment, and the plan for development of a park on Pennsylvania
Avenue. OMB is drafting a progress paper to submit to Congress, which
will include a submission from Treasury.
Abortion Clinic Incidents: On February 6, a suspect was arrested in
connection with the three attacks on Reproductive Services, an abortion
clinic in Tulsa, OK, that have occurred since January 1st. The arrest was
a result of a joint investigation initiated by ATF, FBI and the Tulsa
Police Department.
DC Police Officer Slain--ATF Assists Investigation: On February 5, Police
Officer Brian Gibson was shot three times as he sat in his cruiser at a
traffic light in Northwest Washington. ATF performed gunshot residue
examinations on the suspect and three other individuals. ATFs National
Laboratory Center was able to restore the serial number of the firearm,
which had been obliterated. ATFs National Tracing Center performed an
urgent trace on the firearm, and the information from the trace is
currently being investigated by ATF and DC authorities.
WORK ON PRESIDENTIAL INITIATIVES
White House Commission on Aviation Safety and Security: On February 12,
the White House Commission on Aviation Safety and Security held its final
public hearing. Under Secretary Kelly and the other Commissioners adopted
53 recommendations to improve safety, security and modernization of the
nations aviation system and issued their final report. Following the
hearing, the Commissioners presented their report to the President at a
White House ceremony.
District of Columbia: On February 20, OMB Director Raines will testify
before the House DC Subcommittee on the Administrations DC Initiative.
Legislation is expected to be introduced by the Administration in March.
Treasury components include: (1) language to permit the Treasury to
provide intermediate term financing of the Districts accumulated deficit;
(2) provisions establishing a DC economic development corporation, and
(3) a new law permitting the IRS to collect income taxes for DC
residents. In addition, Treasury is providing guidance on (a) the federal
assumption of the Districts pension plans for police and firefighters,
teachers, and judges, and (b) the creation of a National Capital
Infrastructure Bank.
School Construction: Treasury continues to work with the Department of
Education on a draft of the School Construction legislation. By the end
of February, we expect that the Administration will submit draft
legislation to the Congress.
Treasury Enforcement Meets with Justice to Discuss Youth Firearms
Initiatives:
Treasury and ATF staff met February 11 with DOJ officials to talk about
youth crime gun initiative investigations, comprehensive community-based
tracing, juvenile gangs, guns and violence, and gun trafficking and
tracing.
NAFTA Review: At the NECs request, Treasury officials are helping USTR
draft the Presidents report on the effects of NAFTA. This report, which
is mandated by Congress and is due by the end of June, will cover overall
macroeconomic effects as well as effects on particular industries.
Reinvention: Treasury officials are working with the State of Oregon to
develop a joint federal-state filing initiative for employers, called the
Simplified Tax and Wage Reporting System (STAWRS). The objective of this
pilot initiative is to reduce the paperwork burden for small businesses by
combining Federal and State data reporting requirements in one paper form.
Clean Air Act: Treasury is assisting OMB in their review of EPA's
proposed tightening of Clean Air Act standards for ozone and particulate
matter.
CONGRESSIONAL ACTIVITY
Presidents Budget: Secretary Rubin testified on the budget before the
House Ways & Means Committee on February 11 and the Senate Finance
Committee on February 12. Treasury officials also conducted briefings
of House Ways and Means Committee members, and staffs of both tax writing
and budget committees on the tax provisions of the budget.
Treasury Amendment: On February 11, Deputy Assistant Secretary Anderson
testified on the Treasury Amendment before the Senate Agriculture
Committee. Commodities Futures Trading Commission (CFTC) Chairperson Born
and representatives of four futures exchanges also testified. The
Committee members seemed sympathetic to Treasurys positions on the
Treasury Amendment. On February 14, Under Secretary Hawke will meet with
CFTC Chairperson Born, and Treasury officials will meet with
representatives of the Chicago Board of Trade. The Treasury Amendment
will be discussed at the meeting of the Presidents Working Group on
Financial Markets on February 18.
Financial Modernization: On February 11, Senate Banking Committee
Chairman DAmato and House Banking Committee Subcommittee Chairman Baker
reintroduced their financial modernization legislation from the 104th
Congress (S. 337, and H.R. 814). They were joined by Representatives L
aFalce, McCollum and Dreier in the House and Senators Grams, Gramm and
Bennett in the Senate. In reintroducing this legislation, the sponsors
made clear that they regarded this bill as a placeholder, to signal their
serious intention to pass financial modernization legislation in this
Congress.
On February 10, Under Secretary Hawke met with Rep. Barney Frank on
financial modernization legislation. Rep. Frank indicated that he would
like to be helpful to the Administration in this effort. On February 6,
Deputy Secretary Summers, Under Secretary Hawke, and other Treasury
officials met with Senator Dodd. Senator Dodd indicated that he is
committed to moving financial modernization legislation in this Congress,
notwithstanding Senator Sarbanes objections. He signaled that he may be
willing to sponsor a Treasury bill, or to co-sponsor one with Chairman
DAmato.
150 Account: On February 6, Treasury officials participated in a
interagency briefing for Hill staff on the Presidents FY98 150 Account
request. In his February 4 meeting with Deputy Secretary Summers, Rep.
Obey, Ranking Member on the House Committee on Appropriations, committed
to speaking to business groups regarding the need to support the entire
150 Account request. He felt very strongly that if there were not a
concerted effort, all of the Administrations Foreign Operations agenda was
in jeopardy.
Health Care Portability: On February 11, Treasurys Benefits Tax Counsel
testified on implementation of the 1996 Kennedy-Kassebaum health care
portability legislation before the Senate Committee on Labor and Human
Resources. Chairman Jeffords and Ranking Member Kennedy were com
plimentary of the Administration for its efforts thus far in considering
input from a wide range of affected parties. The Administration is
required to issue an extensive set of regulations by April 1.
Enforcement: On February 11, Under Secretary Kelly met with Rep. Spencer
Bachus, Chairman of the House Banking Oversight Subcommittee. The meeting
focused on the upcoming Geographic Targeting Order and other issues. On
February 13, Under Secretary Kelly also met with Senator Kohl, Ranking
Member on the Appropriations Subcommittee on Treasury, Postal Services and
General Government, to discuss enforcement issues.
ATF: On February 6, Director Magaw met with Senator Kohl. On February
10, Director Magaw had a courtesy meeting with Rep. Kolbe, Chairman of
the House Appropriations Treasury, Postal Service Subcommittee.
Customs: Commissioner Weise made a courtesy call on Rep. Kolbe on
February 11. Commissioner Weise also made a courtesy call on Senator Kohl
on February 12.
Chairman Kolbe: Chairman Kolbe and House Appropriations Committee staff
visited the Mint and the IRS facility in Philadelphia on February 14.
PRESS ACTIVITY
Presidents Budget: On February 6, Secretary Rubin appeared on NBCs Today
Show and CNN to discuss the goals laid out in the Presidents State of the
Union address and his FY98 budget. Later that morning, Secretary Rubin
joined the President and other members of the economic team in releasing
the budget for the upcoming fiscal year.
Tax Policy: On February 4, Secretary Rubin spoke with The New York Times
Editorial Board on the State of the Union and the budget. Deputy Summers
spoke with The Los Angeles Times Editorial Board on the State of the Union
and budget. On February 6, Deputy Secretary Summers and Deputy Tax
Legislative Counsel Mike Thomson briefed the press at Treasury on the
revenue portion of the budget. On February 7, IRS Deputy Commissioner Dol
an and other Treasury officials briefed press on the IRS budget and FY98
requests. On February 10, Deputy Tax Legislative Counsel Mike Thomson
appeared on C-SPAN to discuss the revenue portion of the budget.
Appearing with him was Bruce Bartlett, a former Bush Administration
Treasury official.
International: On February 7, Secretary Rubin held a press conference on
the meeting of the G-7 in Berlin which he attended. Reporters from
BridgeNews, Bloomberg Business News, DowJones, Reuters, and The Wall
Street Journal traveled with the Secretary to the meeting.
Domestic Finance: On February 6, Under Secretary Hawke spoke with The
American Banker to provide Treasury's view on recent developments in
financial modernization. This was in response to a letter to Secretary
Rubin from 10 financial services associations expressing support for
financial modernization legislation and Chairman Leachs statements that he
would try to move legislation in April or May. On February 10, Under
Secretary Hawke met with representatives of International Economy Magazine
on financial modernization. Deputy Assistant Secretary Anderson also
spoke with The Baltimore Sun and The New York Post this week on
inflation-indexed bonds.
Enforcement: On February 5, Under Secretary Kelly was interviewed by USA
Today for a story on Federal law enforcement officers affected by the
Lautenberg law. He did not release numbers, but said the number of
Treasury agents affected is less than a handful. On February 6, Assistant
Secretary Johnson was interviewed by WAFX-FM Radio (Florence, SC)
regarding church fires.
IRS. Deputy Assistant Commissioner Federico was interviewed by Forbes
magazine on February 6 regarding IRS pursuit of Tax Gap investigations.
SECRETARYS SCHEDULE
The Week in Review:
Tuesday, February 11
Attended the Presidents meeting with the Bipartisan Congressional
Leadership
Testified before the House Ways and Means Committee regarding the FY 98
Budget
Wednesday, February 12
Testified before the Senate Finance Committee regarding the FY 98 Budget
Attended the Presidents meeting with NSC Principals regarding Russia
Hosted a working dinner with Democratic members of the Senate Finance
Committee
Thursday, February 13
Hosted a breakfast for the Democratic House Freshmen to discuss the BBA
Talked to Walter Shapiro, USA Today
Friday, February 14
Met with Chairman Greenspan
Met with Israeli Prime Minister Netanyahu
Held a joint press briefing with Secretary Albright regarding the
international budget/150 Account
The Week Ahead:
Tuesday, February 18
Host a meeting of the Working Group on Financial Markets
Meet with DC Representative Norton
Thursday, February 20
Meet with Chairman Greenspan
Interview with The Economist magazine regarding international economic
issues
Meet with the UK Shadow Chancellor of the Exchequer Brown
RECORD TYPE: FEDERAL (NOTES MAIL)
CREATOR: Lisa M. Brown ( CN=Lisa M. Brown/O=OVP [ UNKNOWN ])
CREATION DATE/TIME:15-JUL-1997 13:22:33.00
SUBJECT: David Strauss' financial disclosure
TO: Joseph D Eyer ( CN=Joseph D Eyer/O=OVP @ OVP [ UNKNOWN])
READ:UNKNOWN
TEXT:
Any luck finding out if David is required to file a public financial
disclosure form in his new position at the PBGC? Thx.
RECORD TYPE: FEDERAL (NOTES MAIL)
CREATOR: Jeffrey P. Morales ( CN=Jeffrey P. Morales/O=OVP [ UNKNOWN 1)
CREATION DATE/TIME:12-AUG-1997. 10:06:16.00
SUBJECT: PBGC Hammers
TO: denise.clyburn ( denise.clyburn @ npr.gsa.gov @ inet [ UNKNOWN ])
READ:UNKNOWN
TO: jerry.nikolaus (jerry.nikolaus @ npr.gsa.gov @ inet [ UNKNOWN ])
READ:UNKNOWN
TEXT:
How many Hammers has PBGC won? where do they fit in among the biggest
winners? Have any other small agencies won as many?
RECORD TYPE: FEDERAL (NOTES MAIL)
CREATOR: Jeffrey P. Morales (CN=Jeffrey P. Morales/O=OVP [ UNKNOWN 1)
CREATION DATE/TIME:13-AUG-1997 09:25:06.00
SUBJECT: Re: PBGC Hammers
TO: Jerry.Nikolaus ( Jerry.Nikolaus @ npr.gsa.gov @ INET @ LNGTWY @ EOP [ UNKNOWN ])
READ:UNKNOWN
TEXT:
thanks for the info. just for the record, and for what it's worth, I
wouldn't put EPA in among the "smalls," since it's a Cabinet level
agency.
Sorry that you missed the VP. Hope you had a good time.
RECORD TYPE: FEDERAL (NOTES MAIL)
CREATOR: Jeffrey P. Morales ( CN=Jeffrey P. Morales/O=OVP [ UNKNOWN ])
CREATION DATE/TIME:13-AUG-1997 09:50:15.00
SUBJECT: Re: PBGC Hammers
TO: Jerry.Nikolaus ( Jerry.Nikolaus @ npr.gsa.gov @ INET @ LNGTWY @ EOP [ UNKNOWN 1)
READ:UNKNOWN
TEXT:
interesting new development, from the Bureau of Hammer Statistics: on a
per capita basis, PBGC is, in fact, #1; with one Hammer for every 143
FTEs; followed by CPSC, I per 160; and SBA, at I per 387, and EEOC at 1
per 892.
On this scale, DOD doesn't look quite so impressive.
RECORD TYPE: FEDERAL (NOTES MAIL)
CREATOR: Kay Casstevens (CN=Kay Casstevens/O=OVP [ UNKNOWN D
CREATION DATE/TIME: 5-SEP-1997 18:37:34.00
SUBJECT: way to go
TO: strauss.david ( strauss.david @ pbgc.gov @ inet [ UNKNOWN])
READ:UNKNOWN
TEXT:
David, I thought it went great today. You looked confident and you
sounded very strong and clear. You were very articulate, particularly in
response to Senator Nickles. I know you're busy, but if you have a minute
to call some time, please do. My direct line at the Capitol is 224-0638.
Again, congrats. -- Kay
Withdrawal/Redaction Marker
Clinton Library
DOCUMENT NO.
SUBJECT/TITLE
DATE
RESTRICTION
AND TYPE
001. email
Pacelli.Jane to Toni S. Hustead at 16:41:46.00. Subject: Re: HI (3
02/05/1998
Personal Misfile
pages)
COLLECTION:
Clinton Presidential Records
Automated Records Management System [Email]
Default ([PBGC])
OA/Box Number: 1100000
FOLDER TITLE:
[04/19/1996- 12/02/2000]
2014-0226-F
ab1485
RESTRICTION CODES
Presidential Records Act - |44 U.S.C. 2204(a)]
Freedom of Information Act - [5 U.S.C. 552(b)]
P1 National Security Classified Information [(a)(1) of the PRAJ
b(1) National security classified information [(b)(1) of the FOIA]
P2 Relating to the appointment to Federal office [(a)(2) of the PRA
b(2) Release would disclose internal personnel rules and practices of
P3 Release would violate a Federal statute [(a)(3) of the PRA|
an agency |(b)(2) of the FOIA]
P4 Release would disclose trade secrets or confidential commercial or
b(3) Release would violate a Federal statute [(b)(3) of the FOIA]
financial information |(a)(4) of the PRAJ
b(4) Release would disclose trade secrets or confidential or financial
P5 Release would disclose confidential advice between the President
information [(b)(4) of the FOIA]
and his advisors, or between such advisors [a)(5) of the PRAJ
b(6) Release would constitute a clearly unwarranted invasion of
P6 Release would constitute a clearly unwarranted invasion of
personal privacy |(b)(6) of the FOIA]
personal privacy |(a)(6) of the PRA]
b(7) Release would disclose information compiled for law enforcement
purposes [(b)(7) of the FOIA]
C. Closed in accordance with restrictions contained in donor's deed
b(8) Release would disclose information concerning the regulation of
of gift.
financial institutions |(b)(8) of the FOIA]
PRM. Personal record misfile defined in accordance with 44 U.S.C.
b(9) Release would disclose geological or geophysical information
2201(3).
concerning wells [(b)(9) of the FOIA]
RR. Document will be reviewed upon request.
RECORD TYPE: FEDERAL (NOTES MAIL)
CREATOR: [email protected]@INET@LNGTWY [email protected]@INET@LNGTWY UNKNOWN ]
)
CREATION DATE/TIME: 5-FEB-1998 14:15:44.00
SUBJECT: FW: PBGC APP Update
TO: Mark D. Menchik@EOP (Mark D. Menchik@EOP OMB
READ:UNKNOWN
TEXT:
Hi Mark-
Ray Smith completed updating the PBGC performance plan to incorporate
changes for your edits/comments. (I will fax you the updated plan)
I also am forwarding this email which addresses other issues you
raised.
I would like to send this document to the print shop for final
printing this evening. - K
From: [email protected][SMTP:[email protected]]
Sent: Thursday, February 05, 1998 12:35 PM
To:
Sneed Kristin
Cc:
Seal John,PBGC; [email protected]
Subject:
PBGC APP Update
I have made changes suggested by OMB. To answer other questions OMB
raised:
1)"Not projected" is used for our early warning and investment
management measures, and means that these measures, while important
indicators of PBGC's activities, do not lend themselves to meaningful
future projections. Foe example, no one is prepared to outguess the
stock market.
2)"To be determined" is used for measures addressing estimating
benefits within 5% of final, and putting participants into pay status
with 3 months of completed application. It means that until the data
can be captured and analyzed (efforts that will be underway this
year), no meaningful performance goal can be established. We expect to
establish baselines for these 2 measures in FY 98.
3) We have added some language to the premium collection measure to
explain why the Fy99 goal is below the FY 97 baseline. Essentially,
we are reserving judgement on the appropriate FY99 performance goal
until we assess the results of the premium compliance program that
will be in full swing in FY98. The issue is that while the compliance
program will identify additional receivables, our ability to actually
collect those receivables in full remains to be determined.
4)The baseline for the investment management measure will be updated
when the FY97 annual report figures are made public.
Any views expressed by the author of this message are not those of
the Pension Benefit Guaranty Corporation.
ATTACHMENT 1
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1
RECORD TYPE: FEDERAL (NOTES MAIL)
CREATOR: [email protected] [email protected] [ UNKNOWN )
CREATION DATE/TIME: 3-OCT-2000 11:47:36.00
SUBJECT: RE: SAC budget request
TO: Seal John <[email protected]> ( Seal John <[email protected]> [ UNKNOWN 1)
READ:UNKNOWN
CC: 'fishel andrew' <[email protected]> ('fishel andrew' <[email protected]> [ UNKNOWN ])
READ:UNKNOWN
TEXT:
John - couple suggestions:
1. In the cover note, summarize the 3 projects' total request, and break
down.
2. for the procurement requests, I would make them SAC requests, and
eliminate the headers, narrative, etc. that make it a PC request. For
example, the overview could include the SAC goals, followed by procurment
committee goals, much abbreviated. Otherwise the structure appears
consistent.
3. For the FM request it needs to be structured in the same manner as
above. Right now it is too much of a narrative, and difficult to read and
catch the key items. The order could almost be reversed. Some of the
bullets could be used in "impact of not receiving funds".
If you do the cover and base formatting, I will clean it up further if
needed. But I need the whole thing electronically.
Thanks. I think we have a good shot at this, and the C.R.s will help by
not permitting the other guys from spending it all right away!
RECORD TYPE: FEDERAL (NOTES MAIL)
CREATOR: [email protected] ( [email protected] [ UNKNOWN D
CREATION DATE/TIME: 3-NOV-2000 09:16:06.00
SUBJECT: Council funding
TO: [email protected] ( [email protected] [ UNKNOWN ])
READ:UNKNOWN
TO: [email protected] ( [email protected] [ UNKNOWN ])
READ:UNKNOWN
TEXT:
Status as of Friday, November 3.
I sent the HRMC and SAC funding requests to Sally Katzen (ccs to Josh, Ken
Oscar, Joe Kull, John Spotila) on October 16. Thus far I have heard not a
peep from anyone.
This may be that we have no appropriation yet. Or, it may be it got
buried.
I suggest that, following enactment of the Treasury/GG bill or in about 2
weeks, whichever comes first, you call Sally and inquire about her
receptivity to the proposals.
Good luck.
RECORD TYPE: FEDERAL (NOTES MAIL)
CREATOR: [email protected] ([email protected] [ UNKNOWN ])
CREATION DATE/TIME: 2-DEC-2000 06:23:20.00
SUBJECT: Some TWA Workers Face Pension Cuts If Icahn Drops Private Plan
TO: [email protected] ([email protected] [ UNKNOWN ])
READ:UNKNOWN
TEXT:
Some TWA Workers Face Pension Cuts If Icahn Drops Private Plan
Washington, Dec. 1
(Bloomberg) <aol://4344:30.bloombrg.389091.602536905> -- Some Trans World Airlines Inc. workers and retirees
could
lose a portion of their pension benefits next year if financier Carl Icahn
follows through on plans to stop funding their retirement plans.
Icahn's Pichin Corp. told the federal Pension Benefit Guaranty Corp. today
of
its intention to terminate two separate plans that cover about 36,500
active
and retired workers. The PBGC would take over those plans and pay benefits
with a cap of $40,705 annually for a typical 65-year-old retiree.
The exact number of higher-salaried workers who will have their pensions
reduced isn't known, said spokesmen for both Pichin and the agency. PBGC
spokesman Gary Pastorius said most workers would be paid the same benefits
they are receiving now because their pensions are less than the $40,705
limit
set by law.
Under the terms of a 1993 agreement that was part of a TWA bankruptcy
proceeding, Pichin was given the right to terminate the plan after Jan. I,
1995. Icahn controlled TWA before the bankruptcy proceeding. The 1993
agreement included a provision that Pichin would pay a total of $240
million
in eight equal installments beginning 18 months after the plan is
terminated.
Marc Weitzen, a New York attorney who represents Icahn and Pichin, said the
decision to file today's notice resulted from changes in actuarial
assumptions about future payment levels. Pichin won't end its sponsorship
of
the plan before Jan. 1, he said. Though today's decision isn't a final
notice, Weitzen said participants ``should assume the plan will be
terminated."
Pichin supports two separate plans that are underfunded by about $700
million, according to the PBGC. The agency said about 15,000, or 41
percent,
of the workers covered by the plan currently are employed by the St.
Louis-based airline.
TWA shares rose 6 cents to $1.58. The shares have fallen 43 percent this
year.
TWA spokesman Mark Abels said that in 1998 the company fulfilled its
obligation to contribute $300 million to the pension plans. Abels said the
pensions are ``an issue that we hope the PBGC and Carl Icahn will work
out."
Pilots have been aware of this possibility since about 1994 and are
studying
the situation to find out how many employees could be affected and to what
degree, said Scott Sherrin, a spokesman for the TWA Air Line Pilots
Association.
Dec/01/2000 17:42