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
- P. Brett Hammond and David P. Richardson, TIAA-CREF: “What’s Your Number? A Stochastic Asset-Salary Ratio Approach” (presentation slides available here, paper available here)
- Anna M. Rappaport, Anna Rappaport Consulting, and John A. Turner, Pension Policy Center: “How Does Retirement Planning Software Handle Post-Retirement Realities?” (presentation slides available here, paper available here)
Discussant: Jason Scott, Financial Engines (presentation slides available here)
- Robert L. Clark, Melinda Sandler Morrill, and Steven G. Allen, North Carolina State University: “Employer-Provided Retirement Planning Programs” (presentation slides available here, paper available here)
- Lynn Pettus Finkelstein and R. Hall Kesmodel, Jr., Ernst & Young LLP: “Impact of The Pension Protection Act on Advice: What’s Working & What Remains to be Done?” (presentation slides available here, paper available here)
- John Ameriks, Michael Hess, and Liqian Ren, The Vanguard Group: “Comparing Spending Approaches in Retirement” (presentation slides available here, paper available here)
Discussant: Sarah Holden, Investment Company Institute (presentation slides available here)
Keynote Speaker: W. Todd Groome, AIMA
Session II: Challenges For Plan Design
- Raimond Maurer and Ralph Rogalla, Goethe University of Frankfurt, and Olivia S. Mitchell, The Wharton School: “The Impact of Social Security on Defined Contribution Portfolios” (presentation slides available here, paper available here)
- Igor Balevich, Barclays Capital: “Outsourcing Pension Longevity Protection” (presentation slides available here, paper available here)
- J. Mark Iwry, The Brookings Institution: “Protecting And Strengthening Retirement Savings: Strategies to Reduce Leakage in 401(k)s and Expand Saving Through Automatic IRAs”
Discussant: Ramu Thiagarajan, DB Advisors (Deutsche Bank)
- Emily K. Kessler, Society of Actuaries: “Constructing New Retirement Systems: Choosing between Insurance and Investment, Choice and Default” (presentation slides available here)
- Jack VanDerhei and Craig Copeland, EBRI: “The Role of Private Defined Benefit Pension Plans in US Retirement Income: Past, Present and Future Scenarios” (presentation slides available here, paper available here)
- Damon Silvers, AFL-CIO: “Rebuilding Workers’ Retirement Security: A Labor Perspective on Private Pension Reform” (presentation slides available here, paper available here)
Discussant: Austin Rosenthal, Lincoln Financial Group (presentation slides available here)
Friday May 1, 2009
Session III: Innovations in Retirement Risk Financing
- Aaron Bernstein, Harvard University: “Can VEBAs Alleviate Retiree Health Care Problems?” (paper available here)
- Joelle H.Y. Fong and Olivia S. Mitchell, The Wharton School, and Benedict Koh, Singapore Management University: “Longevity Risk and Annuities in Singapore” (presentation slides available here, paper available here)
- Sterling Gunn and Tracy Livingstone, CPPIB: “Risk Budgeting: A New Approach in the CPP Investment Board” (presentation slides available here, paper available here)
Discussant: Drew Carrington, UBS Global Asset Management (presentation slides available here)
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