May 5-6, 2011
About the Conference
The global financial crisis has prompted policymakers, plan sponsors, benefits specialists, academics, and actuaries to rethink retirement security for the 21st century. Our 2011 Pension Research Council conference at the Wharton School of the University of Pennsylvania explored the impact of the crisis and its fallout on retirement systems, as well as ideas for new, more resilient models in the United States and abroad. Discussion covered how the crisis has shaped retirement patterns and future retirement income flows, capital market opportunities, plan sponsor decisions, and regulator reactions to the crisis. This event provoked energetic discussion on what the crisis implies for retirement security, the pension marketplace, and the future of retirement system regulation.
This conference was co-hosted by Raimond Maurer, Mark Warshawsky, and Olivia S. Mitchell at The Wharton School.
Conference Agenda
Thursday, May 5, 2011
Session I: Rethinking Retirement in the New Economic Era
- Julia Coronado, BNP Paribas and Karen Dynan, The Brookings Institution: “Changing Retirement Behavior in the Wake of the Financial Crisis” (presentation slides available here, paper available here)
- Barbara Butrica, Richard Johnson, and Karen Smith, Urban Institute: “The Potential Impact of the Great Recession on Future Retirement Incomes” (presentation slides available here, paper available here)
Discussant: David Richardson, TIAA-CREF Institute (video available here, presentation slides available here)
- Michael Hurd and Susann Rohwedder, RAND Corporation: “The Effects of the Economic Crisis on the Older Population: How Expectations, Consumption, Bequests and Retirement by the Older Population Responded to Market Shocks” (presentation slides available here, paper available here)
- Jason J. Fichtner, George Mason University, John W.R. Phillips, National Institute of Health, and Barbara A. Smith, Social Security Administration: “Retirement Behavior and the Global Financial Crisis” (presentation slides available here, paper available here)
Discussant: Peter Fisher, Consultant (video available here, presentation slides available here)
Keynote Speaker: Chuck Blahous, Hoover Institution
Session II: How Did Defined Benefit Plans Handle the Financial Crisis?
- Mark J. Warshawsky, TowersWatson: “Corporate Defined Benefit Pension Plans and the 2008-2009 Financial Crisis: Impact and Sponsor and Government Reactions” (presentation slides available here, paper available here)
- Judith F. Mazo and Eli Greenblum, The Segal Company: “Multiemployer Pension Plans Respond to the Financial Crisis” (presentation slides available here, paper available here)
- Robert Clark, North Carolina State University, Alan Glickstein and Tomeka Hill, TowersWatson: “Adopting Hybrid Pension Plans: Effects of Economic Crisis and Regulatory Reform” (presentation slides available here, paper available here)
Discussant: David John, Retirement Made Simpler
- Lans Bovenberg and Theo Nijman, Tilburg University: “Collective Pensions and the Global Financial Crisis: The Case of the Netherlands” (presentation slides available here, paper available here)
- Andrew G. Biggs, American Enterprise Institute: “How Have Public Sector Pensions Responded to the Financial Crisis?”
(presentation slides available here, paper available here)
Discussant: William Clark, Federal Reserve Employee Benefit System (presentation slides available here)
Keynote Speaker: Henry T.C. Hu, University of Texas Law School, “The Crisis, Retirement Security, and Government”
Friday, May 6, 2011
Session III: Rethinking the Resilience of Defined Contribution Plans
- David Wray, The Profit Sharing/401k Council of America: “The Private Employer Defined Contribution System Passes its Stress Test” (presentation slides available here, paper available here)
- Ning Tang, San Diego State University, Olivia S. Mitchell, The Wharton School, and Stephen P. Utkus, The Vanguard Group: “Trading in 401(k) Plans During the Financial Crisis” (presentation slides available here, paper available here)
- Jingjing Chai, Raimond Maurer, and Ralph Rogalla, Goethe University: “Lifecycle Impacts of the Financial Crisis on Optimal Consumption-Portfolio Choices and Labor Supply” (presentation slides available here, paper available here)
Discussant: Peter Brady, Investment Company Institute (presentation slides available here)
Session IV: Roundtable
Sandy Mackenzie, AARP
Dana Bilyeum, Nevada PERS
Thomas C. Deas, Jr.
FMC Corporation
Closing remarks by Olivia S. Mitchell, The Wharton School