Charles E.F. Millard

Charles E.F. Millard
Charles E.F. Millard
Nationality	United States
Occupation	Former Director PBGC

Charles E.F. Millard is the former Director of the Pension Benefit Guaranty Corporation (PBGC) and is currently a Managing Director in charge of Pension Relations with Citigroup. In his role at Citigroup, he has led international pension conferences and has been a leading speaker at numerous pension-related conferences. He has appeared on CNBC and has been published in The Wall Street Journal, Bloomberg, Financial Times and elsewhere on a variety of pension topics. In March 2016, Millard led the publication of the report "The Coming Pension Crisis." The report was noteworthy for highlighting $78 trillion in unfunded retirement obligations in twenty countries of the Organisation for Economic Co-operation and Development (OECD).

The report on "The Coming Pensions Crisis" also advocated the development of more pooled defined contribution systems such as Collective Defined Contribution, Target Benefit, and Defined Ambition as methods to increase retirement security.

During his time with Citigroup, he has also taught at the Yale School of Management on pensions and public policy.

He was the first Director of the PBGC to be Presidentially appointed and confirmed by the United States Senate and ran the agency from 2007 to 2009. As Director, Mr. Millard was the chief executive officer of the PBGC and carried the rank of Under Secretary. Mr. Millard served as the President and chief executive officer of the New York City Economic Development Corporation from 1995 to 1999 and was responsible for much of the redevelopment of 42nd St and Times Square. He was previously a member of the New York City Council, representing the Upper East Side of Manhattan.

During his tenure at PBGC, the agency's deficit shrank from $18.9 billion to $11.2 billion in 2008.

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. No assets were transitioned into equities during fiscal year 2008 and the PBGC only began the transition of some assets from fixed-income to equities in late 2008. The New York Times noted in May 2009, that the PBGC had not fully implemented this transition.