Millard Invokes Fifth Amendment Rights at Senate
Hearing
May 20, 2009 (PLANSPONSOR.com) - Charles E.F.
Millard, the former head of the nation's private pension plan
insurer, refused to answer questions by the Senate Special
Committee on Aging during a Wednesday legislative hearing on
Capitol Hill regarding the Pension Benefit Guaranty
Corporation (PBGC).
As the hearing began a little after 2:00 p.m. on
Wednesday, Committee Chairman Herb Kohl (D-Wisconsin)
said the hearing was to explore the viability of the
agency within the current economic state (see
Senate Committee Weighs in on PBGC
).
Charles E.F. Millard
Millard, whom Congress announced it is now
investigating for possible improper interactions with
financial services firms at a time when the agency was
considering an allocation change (see
Former PBGC Head Draws Scrutiny
), was scheduled to be the first witness.
After the first question by Kohl, Millard said he
had been advised by his attorneys, who were present with
him, to decline to answer any questions by the
committee.
Kohl asked Millard if he was invoking his
Constitutional rights under the fifth amendment, and
Millard said he was. Kohl then dismissed Millard from the
hearing.
Rebecca Moore
editors@plansponsor.com