2013 Symposium: Recreating Sustainable Retirement: Resilience, Solvency, and Tail Risk

April 25-26, 2013

About the Conference

The 2013 Pension Research Council Symposium at the Wharton School of the University of Pennsylvania explored critical problems raised by the ‘known unknowns’ as well as the ‘unknown unknowns’ confronting retirement systems seeking to deliver old-age security to growing numbers of older persons. The research presented informed policymakers, academics, actuaries, plan sponsors, and benefits specialists about longevity risk, capital market risk, model risk, regulator risk, and products and policies needed to manage these more effectively around the world. This analysis has important implications for the ways in which pension designers, fiduciaries, and policymakers should develop the future framework for addressing risk and sustainability within retirement models.

This conference was co-hosted by P. Brett Hammond, Raimond Maurer, and Olivia S. Mitchell at The Wharton School.

Conference videos may be found here.

Conference Agenda

Thursday, April 25, 2013

Introductory Remarks: Olivia S. Mitchell, The Wharton School

Session I: Capital Market Risk

Discussant: Jonathan I. Grabel, Montgomery County Public Schools
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Session II: Longevity Risk

Discussant: Emily Kessler, Society of Actuaries
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Keynote Speaker: James Vaupel, Max Planck Institute for Demographic Research

Session III: Regulatory and Political Risk

Discussant: Tim Maul, Wellington Management
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Session IV: Implications for Plan Sponsors and the Financial Market

Keynote Speaker: J. Mark Iwry, U.S. Treasury Department

Session V: Model Risk

  • “The Securitization of Longevity Risk and Its Implications for Retirement Security”
    Richard MacMinn, Illinois State University, Patrick Brockett, University of Texas at Austin, Jennifer Wang, National Chengchi University, Yijia Lin, University of Nebraska, and Ruilin Tian, North Dakota State University
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  • “Stress Testing Monte Carlo Assumptions”
    Marlena Lee, Dimensional Fund Advisers
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Discussant: Guyle Wilson, Mercer
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Session VI: Roundtable

Anna Rappaport, Anna Rappaport Consulting – Moderator
Kenneth Winston, Western Asset Management Company
Robert A. Wylie, South Dakota Retirement System
Peter Shena, Ontario Pension Board