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The 2015 Pension 40: Phyllis Borzi

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

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

1. Bruce Rauner
2. John & Laura Arnold
Laura and John Arnold Foundation
3. Chris Christie
New Jersey
4. Randi Weingarten
AmericanFederation of Teachers
5. Phyllis Borzi
U.S. Department of Labor
6. Kevin de León
7. Alejandro García Padilla
Commonwealth ofPuerto Rico
8. Laurence Fink
9. Rahm Emanuel
10. Sean McGarvey
North AmericanBuilding Trades Unions
11. John Kline
12. J. Mark Iwry
U.S. TreasuryDepartment
13. Damon Silvers
14. Jeffrey Immelt
General Electric Co.
15. Joshua Gotbaum
Brookings Institution
16. Robin Diamonte
United Technologies Corp.
17. Mark Mullet
18. Terry O'Sullivan
Laborers' International Union of North America
19. Raymond Dalio
Bridgewater Associates
20. Ted Wheeler
21. Thomas Nyhan
Central States Southeast and Southwest Areas Pension Fund
22. Karen Ferguson & Karen Friedman
Pensions Rights Center
23. Randy DeFrehn
National Coordinating Committee forMultiemployer Plans
24. Robert O'Keef
Motorola Solutions
25. Caitlin Long
Morgan Stanley
26. Kenneth Feinberg
The Law Offices of Kenneth R. Feinberg
27. Orrin Hatch
28. Kathleen Kennedy Townsend
Center for Retirement Initiatives, Georgetown University
29. Ian Lanoff
Groom Law Group
30. Joshua Rauh
Stanford Graduate School of Business
31. Ted Eliopoulos
California Public Employees' Retirement System
32. Edward (Ted) Siedle
Benchmark Financial Services
33. Teresa Ghilarducci
New School for Social Research
34. Denise Nappier
35. W. Thomas Reeder Jr.
Pension BenefitGuaranty Corp.
36. Hank Kim
National Conference on Public Employee Retirement Systems
37. Paul Singer
Elliott Management Corp.
38. Bailey Childers
National PublicPension Coalition
39. Amy Kessler
Prudential Financial
40. Judy Mares
U.S. Labor Department

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