The 2018 PRC Symposium on The Disruptive Impact of FinTech on Retirement Systems explored how technological innovation is changing the retirement marketplace, insurance markets, and how plan sponsors help shape workers’ pension saving, investment, and decumulation plans.
Academics, policymakers, and industry leaders discussed how these innovative and often disruptive developments are altering the retirement space. 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.
Thursday, May 3, 2018
Introductory Remarks: Olivia S. Mitchell, The Wharton School
Session I: Technology, Innovation, and the Retirement Marketplace
Moderator: Julia Coronado, Macropolicy Perspectives
- Thomas Philippon, The New York University Stern School of Business: “The FinTech Opportunity” (presentation slides available here, paper available here)
- Jennifer Klass and Eric L. Perelman, Morgan Lewis: “The Transformation of Investment Advice: Digital Investment Advisers as Fiduciaries” (presentation slides available here, paper available here)
Discussant: Kent Smetters, The Wharton School
- John Turner, Pension Policy Center; Jill E. Fisch, University of Pennsylvania Law School; Marion Laboure, Harvard University: “The Economics of Complex Decision Making: The Emergence of the Robo Adviser” (presentation slides available here, paper available here)
- Cosmin Munteanu, Benett Axtell, Hiba Rafih, Amna Liaqat, and Yomna Aly, University of Toronto: “Designing for Older Adults: Overcoming Barriers toward a Supportive, Safe, and Healthy Retirement” (presentation slides available here, paper available here)
Discussant: Ann Lester, JP Morgan
Afternoon Keynote: “FinTech Innovation and Transformation”
Speaker: Paolo Sironi, IBM (video available here)
Moderator: Surya Kolluri, Bank of America
Session II: Data Analytics, Insurance Underwriting, and Retirement Security
Moderator: Doug Chittenden, TIAA
- Julianne Callaway, RGAx: “FinTech Disruption – Opportunities to Encourage Financial Responsibility” (presentation slides available here, paper available here)
- Elena Kulinskaya, University of East Anglia School of Computing Sciences: “How Medical Advances and Health Interventions Will Shape Future Longevity” (presentation slides available here)
Discussant: Peter Shena, Ontario Pension Board
- Tim Rouse, SPARK; David N. Levine and Allison Itami, Groom Law Group; and Ben Taylor, Callan Consulting: “Benefit Plan Cybersecurity Considerations: A Recordkeeper and Plan Perspective” (presentation slides available here, paper available here)
- Jim Guszcza, Chris Stehno, and Jeevan Duggempudi, Deloitte: “Data Science and Behavioral Design: Implications for Retirement Security” (presentation slides available here)
Discussant: Mike Orzag, Towers Watson
Evening Keynote: “How Behavioral Science Can Inform Financial Decision-making”
Friday, May 4, 2018
Session III: New Roles and Responsibilities for Plan Sponsors and Regulators
Moderator: Stacy Schaus, Pimco (moderator presentation slides available here)
- Robert Klitzman, Columbia University Medical School: “Ethics, Insurance Pricing, Genetics, and Big Data” (presentation slides available here, paper available here)
- Stephen L. Deschenes and P. Brett Hammond, Capital Group: “Matching FinTech Advice to Participant Needs: Lessons and Challenges” (presentation slides available here, paper available here)
Discussant: Mark Warshawsky, SSA (discussant presentation slides available here)
- Steve Polansky, Peter Chandler, and Gary Mottola, FINRA: “The Big Spend Down: Digital Investment Advice and Decumulation” (presentation slides available here, paper available here)
- Tom Baker, University of Pennsylvania Law School and Benedict Dellaert, Erasmus University Rotterdam: “Decumulation and the Regulatory Strategy for Robo Advice” (presentation slides available here, paper available here)
Discussant: Richard Shea, Covington and Burling (discussant presentation slides available here)
Session IV: Roundtable: The Future of Retirement Startups: Challenges and Opportunities
Moderator: Julie Agnew, College of William & Mary
Rhian Horgan, Kindur.com
Elizabeth Kelly, UnitedIncome.com
Debra Whitman, AARP
Kelli Keough, JP Morgan Chase
Closing remarks: Olivia S. Mitchell, The Wharton School