The 2015 Pension 40: Phyllis Borzi

No. 5 Phyllis Borzi, Assistant Secretary for Employee Benefits Security / U.S. Department of Labor

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< The 2015 Pension 40: The Long Climb

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5
Phyllis Borzi
Assistant Secretary
for Employee Benefits Security / U.S. Department
of Labor
Last year: 15

It’s been a long and challenging year for Phyllis Borzi, 68, who has been on the front line of an increasingly fraught retirement security battle among the financial services industry, Congress and consumer advocates. As her six-year tenure at the U.S. Department of Labor winds down, the assistant secretary for employee benefits security is under pressure to expand and increase retirement plan coverage and adequacy. One important goal: helping states create public-private partnership retirement plans for previously uncovered private workers; this includes forming multiple-employer plans that abide by ERISA and allow states to be service providers. If a state wants to take a non-ERISA approach with individual retirement accounts, Borzi says, “it needs to think about how to include a mechanism to ensure that contributions taken from people’s paychecks eventually get into the individual’s plan.” On November 16, Borzi’s team issued a proposed regulation and an interpretive bulletin to address those goals. Another longtime, and much-delayed, DoL policy goal that now looks like it may be finalized in early 2016 is a fiduciary rule covering broker-dealers and insurance companies, which, despite calling themselves advisers, have long been held to a lesser standard of client care than registered investment advisers. With a JD degree from Catholic University of America, Borzi has spent her career in and out of public service, including 16 years as counsel for the House of Representatives subcommittee on education and labor.


The 2015 Pension 40

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1. Bruce Rauner
Illinois

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2. John & Laura Arnold
Laura and John Arnold Foundation

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3. Chris Christie
New Jersey

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4. Randi Weingarten
AmericanFederation of Teachers

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5. Phyllis Borzi
U.S. Department of Labor

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6. Kevin de León
California

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7. Alejandro García Padilla
Commonwealth ofPuerto Rico

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8. Laurence Fink
BlackRock

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9. Rahm Emanuel
Chicago

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10. Sean McGarvey
North AmericanBuilding Trades Unions

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11. John Kline
Minnesota

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12. J. Mark Iwry
U.S. TreasuryDepartment

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13. Damon Silvers
AFL-CIO

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14. Jeffrey Immelt
General Electric Co.

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15. Joshua Gotbaum
Brookings Institution

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16. Robin Diamonte
United Technologies Corp.

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17. Mark Mullet
Washington

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18. Terry O’Sullivan
Laborers’ International Union of North America

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19. Raymond Dalio
Bridgewater Associates

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20. Ted Wheeler
Oregon

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21. Thomas Nyhan
Central States Southeast and Southwest Areas Pension Fund

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22. Karen Ferguson & Karen Friedman
Pensions Rights Center

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23. Randy DeFrehn
National Coordinating Committee forMultiemployer Plans

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24. Robert O’Keef
Motorola Solutions

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25. Caitlin Long
Morgan Stanley

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26. Kenneth Feinberg
The Law Offices of Kenneth R. Feinberg

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27. Orrin Hatch
Utah

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28. Kathleen Kennedy Townsend
Center for Retirement Initiatives, Georgetown University

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29. Ian Lanoff
Groom Law Group

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30. Joshua Rauh
Stanford Graduate School of Business

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31. Ted Eliopoulos
California Public Employees’ Retirement System

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32. Edward (Ted) Siedle
Benchmark Financial Services

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33. Teresa Ghilarducci
New School for Social Research

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34. Denise Nappier
Connecticut

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35. W. Thomas Reeder Jr.
Pension BenefitGuaranty Corp.

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36. Hank Kim
National Conference on Public Employee Retirement Systems

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37. Paul Singer
Elliott Management Corp.

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38. Bailey Childers
National PublicPension Coalition

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39. Amy Kessler
Prudential Financial

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40. Judy Mares
U.S. Labor Department


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