When asked to elaborate on Hartogensis’ qualifications, a White House official who requested anonymity said which the appointee features a background in a variety of business roles, including entrepreneur as well as also chief technology officer, however which his most recent role as an investment manager “makes him uniquely qualified to run the PBGC.”
“Since 2013, PBGC’s deficit has doubled, as well as also he will use his strong business skills to put the PBGC back on a firm financial footing,” the official said.
Hartogensis’s LinkedIn page identifies him as having been, for almost the past seven years, a trustee of the Hartogensis Family Trust in Greenwich, Connecticut, where he resides.
Before which, he spent almost eight years as CEO as well as also co-founder of Auric Technology, which sells a customer relations workflow software program. Auric did not immediately return a request for comment.
Hartogensis holds a bachelor’s degree in computer science through Stanford University as well as also a master’s degree in technology management through Columbia University.
The agency which he is actually nominated to lead operates two separate insurance programs, one for single-employer pension plans as well as also one for plans which were originally covered by several employers.
In testimony to Congress last fall, its current director, Reeder, noted which the single-employer program in fiscal 2017 was running a deficit of $10.9 billion, or about half the deficit seen inside the prior year.
which program, which had liabilities of $117.1 billion as well as also assets of $106.2 billion, is actually projected to be out of deficit in 2022.
“In sharp contrast,” Reeder noted in his prepared testimony, “the Multiemployer Program had liabilities of $67.3 billion as well as also assets of only $2.3 billion, resulting in a $65.1 billion deficit.”