About the Conference
The 2017 PRC Symposium on Saving and Retirement in an Uncertain Environment explored how the weak performance of capital markets predicted over the next several years will shape pension saving, investment, and decumulation plans.
Academics, policymakers, and industry leaders debated alternative strategies to cope with these challenges globally, as economic growth remains slow and low returns become the ‘new normal.’ Conference participants included plan sponsors, benefits specialists, actuaries, academics, regulators, and others working to design resilient pensions for the next decades.
This conference was by invitation only.
Conference Agenda
Thursday, May 4, 2017
Introductory Remarks: Olivia S. Mitchell, The Wharton School
Session I: Origins and Impacts of the Low Return Environment
- Peter Conti-Brown, The Wharton School: “Politics, Independence, and Long-term Low Interest Rates at the Federal Reserve” (presentation slides available here, paper available here)
- Paul W. Reisz, Tina Adatia, Esteban Burbano, PIMCO: “Investing for Income in a Low Yield Environment” (presentation slides available here)
Discussant: Julia Coronado, Graham Capital Management (video available here, presentation slides available here)
- Michael Finke, Wade Pfau, American College and David Blanchett, Morningstar Investment Management: “Low Returns and Optimal Retirement Savings” (presentation slides available here, paper available here)
- Daniel W. Wallick, Andrew S. Clarke, and Daniel B. Berkowitz, Vanguard: “Getting More from Less: Three Levers for a Low-return World” (presentation slides available here, paper available here)
Discussant: John Sabelhaus, Federal Reserve (presentation slides available here)
Keynote Speaker: John Ralfe, John Ralfe Consulting (video available here)
Session II: Whither Retirement Strategies?
- Vanya Horneff, Raimond Maurer, Goethe University Frankfurt and Olivia S. Mitchell, the Wharton School: “How Persistent Low Expected Returns Alter Optimal Life Cycle Saving, Investment, and Retirement Behavior” (presentation slides available here, paper available here)
- Antti Ilmanen, AQR: “Smarter Saving and Investing in a Lower Expected Return World” (presentation slides available here, paper available here)
Discussion based upon: How Much Should DC Savers Worry about Expected Returns? & Balancing on the Life Cycle: Target-Date Funds Need Better Diversification
Discussant: Nikolai Roussakov, The Wharton School (presentation slides available here)
- Alistair Byrne and Catherine Reilly, SSgA: “Investing for Retirement in a Low Returns Environment: Making the Right Decisions to Make the Money Last” (presentation slides available here, paper available here)
- Jason J. Fichtner, George Mason University and Jason S. Seligman, US Treasury: “Household Reactions and Strategic Responses to Retirement Wealth Building and Decumulation in a Low Interest Rate Environment” (presentation slides available here, paper available here)
Discussant: Emily Kessler, Society of Actuaries (presentation slides available here)
Keynote Speaker: Louise Sheiner, Brookings Institute
Friday, May 5, 2017
Session III: Impacts on Saving, Work, and Employer Pension Strategies
- Joseph Quinn, Kevin E. Cahill, Boston College: “Challenges and Opportunities of Living and Working Longer” (presentation slides available here, paper available here)
- Yvonne Sonsino, Mercer: “Are Employers Age-Ready?” (presentation slides available here, paper available here)
Discussant: Brigitte Miksa, Allianz Asset Management
- David John, AARP and William Gale, Brookings: “State Sponsored Retirement Savings Plans: New Approaches to Boost Retirement Plan Coverage” (presentation slides available here, paper available here)
- Steve Nyce and Jonathan Gardner, Willis Towers Watson: “Global Developments in Employee Benefits” (presentation slides available here, paper available here)
Discussant: David Richardson, TIAA
Session IV: Roundtable
Anna Rappaport, Anna Rappaport Consulting
Michael Orszag, Willis Tawers Watson
Richard Fullmer, T. Rowe Price
Anne Lester, J.P. Morgan