President Donald Trump nominated Gordon Hartogensis, a Connecticut investment manager and brother-in-law to Senate Majority Leader Mitch McConnell and his wife Secretary of Transportation Elaine Chao, to oversee pension insurance program at the Department of Labor.
Hartogensis is “an investor and technology sector leader with experience managing financial equities, bonds, private placements, and software development,” the White House said announcing his nomination to be director of the Pension Benefit Guaranty Corporation (PBGC), which is subject to Senate confirmation.
Hartogensis is married to Grace Chao, Elaine Chao’s younger sister and daughter of Chinese-American shipping magnate and entrepreneur James Chao.
He leads the Hartogensis Family Trust, making investments in technology and health companies, and is the co-founder of Auric Technology LLC, a software management firm, according to his LinkedIn page and Bloomberg News.
The PBGC Hartogensis will be tasked with leading runs two insurance programs, one for single-employer pension plans and one for multi-employer pensions. Both programs “have been in a deficit position for fifteen years or longer,” current PBGC director W. Thomas Reeder told Congress in November, meaning that “assets are less than liabilities.”
The single-employer plan is expected to reach a balance in 2022, but the financial condition of multi-employer program is “dire and without action will be worse,” Reeder said.
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