Charles E. F. Millard

Charles E. F. Millard
Director of the Pension Benefit Guaranty Corporation
In office 2007–2009
Preceded by	Bradley Belt
Succeeded by	Joshua Gotbaum
President & Chief Executive Officer of the New York City Economic Development Corporation
In office 1995–1999
Appointed by	Rudy Giuliani
Preceded by	Clay Lifflander
Succeeded by	Michael Carey
Member of the New York City Council from the 5th district
In office January 1, 1992[1] – December 1, 1995[2]
Preceded by	C. Virginia Fields
Succeeded by	Gifford Miller
Personal details
Political party	Republican
Spouse	Gwen
Children	9
Alma mater	College of the Holy Cross (BA) Columbia University (JD)
Occupation	Financial executive, former elected official, former appointed official

Charles E. F. Millard is an American political figure and business executive specializing in pensions and investments. He is the former Director of the United States Pension Benefit Guaranty Corporation (PBGC). Appointed by President George W. Bush, Millard was the first Director of the PBGC to be Presidentially appointed and confirmed by the United States Senate.^[3] As Director, Millard was the chief executive officer of the PBGC and carried the rank of Under Secretary.

Millard is a Senior Advisor for Ares Management, a large alternative investment manager and for ARS Financial, a leading developer and provider of lifetime income solutions for 401(k) plans and other Defined Contribution plans. He is an independent, non-executive Director of Mount Logan Re, a Bermuda-based reinsurance firm, and in the spring of 2024, after the Bermuda Monetary Authority appointed a Special Committee of independent Directors to address problems at 777 Re, he was approved by the Bermuda Monetary Authority as an independent Director and member of the Special Committee.

Millard is also a consultant/advisor for multiple companies through Cardinal Advisors, LLC. He serves as a Trustee-Director for the Independent Governance Group. He has also been an advisor for McKinsey, AQR Capital, and Amundi.

From 2011 through 2016 he was a Managing Director and Head of Global Pension Relations for Citigroup.

During this time he was on the faculty at the Yale School of Management and taught on pensions and public policy.^[4]

In March 2016, Millard led the publication of the report "The Coming Pensions Crisis."^[5] This led to Millard's service on the "Project Expert Community," for the World Economic Forum's paper entitled "Investing in (and for) Our Future."

Earlier in his career in the private sector, Millard served as a Managing Director at both Lehman Brothers and Prudential Securities,^[6] and immediately prior to joining the PBGC, Millard was a Managing Director at Broadway Partners in New York.^[7] Millard also was an attorney with Davis Polk & Wardwell.^[8][9]

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. This would have tripled the chance that the agency would close its deficit. However, under new leadership in 2009, the PBGC froze the implementation of this investment policy. According to "Pensions and Investments", a trade publication, Ron Gebhardtsbauer, former PBGC actuary and head of the Actuarial Science Program at Penn State's Smeal College of Business, stated on June 16th, 2010, "If the PBGC had followed Millard and invested in stocks in 2009, it could have $10 billion more in assets today."

The New York Times reported that Millard was criticized by PBGC's Inspector General for certain ethical matters related to Millard's relationships with companies and executives involved with the award of a PBGC contract. Millard relied on his Fifth Amendment right not to testify before a Senate investigative committee. March 2010, the Inspector General advised Senators Grassley, Baucus, Enzi, and Harkin that the investigation was completed and no charges would be filed.^[10]

Millard was twice elected to the New York City Council.^[11]

Millard also ran unsuccessfully for Congress in 1994 against Representative Carolyn Maloney.

In 1979–80, he worked as a VISTA volunteer in Crown Heights, Brooklyn, and in 1982–83, he served as Legislative Assistant for Foreign Affairs for Congresswoman Millicent Fenwick.^[12]

He is a frequent commentator and contributor on matters of financial and retirement policy and has regularly appeared on CNN, Fox Business news, CNBC^[13] and has been published in Pensions & Investments, The Wall Street Journal,^[14] Bloomberg,^[15] and the Financial Times.^[16] Millard also wrote a regular column for the New York Post.

Millard obtained a Bachelor of Arts, cum laude, with membership in Phi Beta Kappa from the College of the Holy Cross and a J.D. from Columbia Law School, where each year he was ranked a Harlan Fiske Stone Scholar.^[17]

Millard and his wife are parents of nine children.^[18]