2004 Symposium: Reinventing the Retirement Paradigm

April 26-27, 2004

About the Conference

This symposium focused on pension policy and changes needed to support development of pensions in the coming years as we move toward the retirement of the baby boom cohort. Participants examined recent trends in retirement patterns and draw implications for the future of retirement. This symposium marked both the 30th Anniversary of ERISA and the 50th Anniversary of the Pension Research Council.

This symposium was a Wharton Impact Conference sponsored by the Wharton School’s Pension Research Council and Boettner Center for Pensions and Retirement Research.

Co-organized by Olivia S. Mitchell and Robert Clark

Conference Agenda

APRIL 26, 2004

Session I: Plan Sponsor Perspectives on Plan Risks and Rewards

  • “New Views of Defined Benefit Plans: Risks and Rewards for Plan Sponsors”
    P. Brett Hammond and Doug Fore, TIAA-CREF
  • “The Influence of PBGC Insurance on Pension Fund Finances”
    Julia Coronado, Watson Wyatt, Nellie Liang, Federal Reserve Board of Governors

Session II: Controlling Plan Sponsor Risks and Rewards

  • “Changing Views of Pension Risk Management: New Actuarial Perspective”
    Emily Kessler, SOA
  • “Optimal Investment Strategies for Hybrid Pension Plans – Analyzing the Perspective of Sponsors and Members”
    Peter Albrecht, Univ. of Mannheim; Raimond Maurer, Univ. of Frankfurt; Joachim Coche, European Central Bank; Ralph Rogalla, Univ. of Frankfurt

Session III: Employee Perspectives Regarding Risk and Reward

  • “Changing Pension Risks Confronting Participants”
    Phyllis Borzi, GW
  • “Saving Adequacy in the DC Context”
    Sarah Holden, ICI and Jack Vanderhei, EBRI/Temple

Session IV: Strategies for Containing Retirement Risk

  • “Better Plans for the Better-Paid: Determinants and Effects of 401(k) Plan Design”
    Olivia Mitchell and Stella Yang, Wharton; Steve Utkus, Vanguard
  • “New Investment Strategies for a Defined Contribution Pension Environment”
    Ronald Albahary, SEI Investments and Joseph Miskel, Merrill Lynch Retirement
  • “Changing Dynamics and Risk Sharing in Employer-Provided Retiree Medical Benefits”
    Brian Fuller, George Wagoner, Frank Yeager, Mercer; Anna Rappaport, Independent Consultant

Reception & Dinner
Speaker: David Blitzstein, UFCWIU

APRIL 27, 2004

Session V: Pension Risks and Rewards: Public Sector Perspectives

  • “Who Bears What Risk? An Intergenerational Perspective”
    Henning Bohn, University of California Santa Barbara
  • “Influence of Financial Characteristics on the Choice of Pension Plan Type: Managing A Portfolio Consisting of Pension Liabilities”
    Masaharu Usuki, NLI Research Institute
  • “The Future of Pensions in Canada”
    Silvana Pozzebon, HEC

Session VI: Round Table Round Table discussion: Larry Kochard, VRS; Kathleen Roin, IBM; Mark Smith, Loomis, Sayles & Co.

Floor Discussion

Closing Remarks: Olivia Mitchell