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Compliance May 20, 2009
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).
Reported by Rebecca Moore
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.