2009 Symposium: Reorienting Retirement Risk Management

April 30-May 1, 2009

About the Conference

This event provoked an energetic discussion between researchers, policymakers, and practitioners on ways to restructure pension accumulation and decumulation plans, so that they can incorporate the best elements central to the old defined benefit model while taking advantage of the best of the defined contribution world. These include the opportunity for mobile workers to have portable plans, for participants to access sophisticated money managers instead of relying on investment impulses, and for retirees to protect against longevity risk. These issues are of particular importance in the context of the global financial meltdown, where new pension models are much on the minds of policymakers.

This conference was co-hosted by Robert L. Clark and Olivia S. Mitchell at The Wharton School.

Conference Agenda

Thursday April 30, 2009

Session I: Revisiting Retirement Saving and Dissaving Advice

  • “What’s Your Number? A Stochastic Asset-Salary Ratio Approach”
    P. Brett Hammond and David P. Richardson, TIAA-CREF
    Download Presentation [398K PDF]
  • “How Does Retirement Planning Software Handle Post-Retirement Realities?”
    Anna M. Rappaport, Anna Rappaport Consulting, and John A. Turner, Pension Policy Center
    Download Presentation [195K PDF]

Discussant: Jason Scott, Financial Engines
Download Presentation [58K PDF]

  • “Employer-Provided Retirement Planning Programs”
    Robert L. Clark, Melinda Sandler Morrill, and Steven G. Allen, North Carolina State University
    Download Presentation[114K PDF]
  • “Impact of The Pension Protection Act on Advice: What’s Working & What Remains to be Done?”
    Lynn Pettus Finkelstein and R. Hall Kesmodel, Jr., Ernst & Young LLP
    Download Presentation[29K PDF]
  • “Comparing Spending Approaches in Retirement”
    John Ameriks, Michael Hess, and Liqian Ren, The Vanguard Group
    Download Presentation[39K PDF]

Discussant: Sarah Holden, Investment Company Institute
Download Presentation[368K PDF]

Keynote Speaker: W. Todd Groome, AIMA

Session II: Challenges For Plan Design

  • “The Impact of Social Security on Defined Contribution Portfolios”
    Raimond Maurer and Ralph Rogalla, Goethe University of Frankfurt, and Olivia S. Mitchell, The Wharton School
    Download Presentation[409K PDF]
  • “Outsourcing Pension Longevity Protection”
    Igor Balevich, Barclays Capital
    Download Presentation[168K PDF]
  • “Protecting And Strengthening Retirement Savings: Strategies to Reduce Leakage in 401(k)s and Expand Saving Through Automatic IRAs”
    J. Mark Iwry, The Brookings Institution

Discussant: Ramu Thiagarajan, DB Advisors (Deutsche Bank)

  • “Constructing New Retirement Systems: Choosing between Insurance and Investment, Choice and Default”
    Emily K. Kessler, Society of Actuaries
    Download Presentation[282K PDF]
  • “The Role of Private Defined Benefit Pension Plans in US Retirement Income: Past, Present and Future Scenarios”
    Jack VanDerhei and Craig Copeland, EBRI
    Download Presentation[67K PDF]
  • “Rebuilding Workers’ Retirement Security: A Labor Perspective on Private Pension Reform”
    Damon Silvers, AFL-CIO
    Download Presentation[30K PDF]

Discussant: Austin Rosenthal, Lincoln Financial Group
Download Presentation[35K PDF]

Friday May 1, 2009

Session III: Innovations in Retirement Risk Financing

  • “Can VEBAs Alleviate Retiree Health Care Problems?”
    Aaron Bernstein, Harvard University
  • “Longevity Risk and Annuities in Singapore”
    Joelle H.Y. Fong and Olivia S. Mitchell, The Wharton School, and Benedict Koh, Singapore Management University
    Download Presentation [177K PDF]
  • “Risk Budgeting: A New Approach in the CPP Investment Board”
    Sterling Gunn and Tracy Livingstone, CPPIB
    Download Presentation [157K PDF]

Discussant: Drew Carrington, UBS Global Asset Management
Download Presentation [85K PDF]

Session IV: Roundtable Innovations in Retirement Risk Financing

Chair: Robert L. Clark, North Carolina State University; David S. Blitzstein, UFCW International Union; David Wray, Profit Sharing/401k Council of America; Lori Lucas, Callan Associates

For More Information

For more information, please contact:

Pension Research Council
The Wharton School, University of Pennsylvania
3000 Steinberg Hall – Dietrich Hall
Philadelphia, PA 19104-6302
Tel: 215.898.7620
Fax: 215.573-3418
Email: prc@wharton.upenn.edu