Advisory Board

Robert L. Clark is the Stephen Zelnak Professor of Economics and Professor of Management, Innovation, and Entrepreneurship in the Poole College of Management, North Carolina State University, and Research Associate at the NBER. He also serves on the Advisory Board of Wharton’s Pension Research Council.  His research examines retirement decisions, the choice between defined benefit and defined contribution plans, the impact of pension conversions to defined contribution and cash balance plans, the role of information and communications on 401(k) contributions, and government regulation of pensions. His BA in economics is from Millsaps College, and his PhD in Economics is from Duke University.

P. Brett Hammond is an adjunct professor of finance at the Mason School, College of William & Mary. He is also currently Visiting Scholar for the Pension Research Council at The Wharton School. Previously, he served as the Research Leader of the Client Analytics Group at the Capital Group, where his research interests include finance, higher education, and public policy. He is also Executive VP of the Institute for Research in Quantitative Finance (Q Group), Trustee of the Employee Benefit Research Institute, and editor of the Journal of Retirement. He received his BA degrees in Economics and Political Science from the University of California at Santa Cruz and his PhD from MIT.

Surya Kolluri is head of the TIAA Institute, where he oversees research on enhancing lifelong financial security and organizational effectiveness in higher education and the broader nonprofit sector. He also serves as advisor to the Wharton Social Impact Investing Initiative; serves on Wharton’s Pension Research Council Advisory Board; and sits on the board of the MA/NH Chapter of the US Alzheimer’s Association. Previously he worked at Bank of America, A.T. Kearney, Bain & Co. He earned his MBA at The Wharton School at the University of Pennsylvania and his master’s in mechanical engineering from Drexel University.

Jeannine Markoe Raymond is Director of Federal Relations for the National Association of State Retirement Administrators where she advocates for the interests of NASRA members before policymakers; she also is a liaison to other professional associations, interest groups, and policy organizations. She also serves on the Advisory Board of Wharton’s Pension Research Council.  Previously she was a legislative analyst for the Government Finance Officers Association, and she also worked for the California Debt Advisory Commission within the California State Treasurer’s Office. She received her BA in economics from the University of California, San Diego, and her MS with honors in public administration and intergovernmental management from the University of Southern California.

Raimond Maurer is the Chair of Investment, Portfolio Management, and Pension Finance at the Finance Department of the Goethe University Frankfurt. He concurrently serves in several professional capacities including the Union Real Estate Investment group, the Society of Actuaries (academic chairman of AFIR), the Association of Certified International Investment Analysts (academic director and member of the International Examination Committee); and the Advisory Board of Wharton’s Pension Research Council. His research focuses on asset management, life-time portfolio choice, real estate, and pension finance. He earned his habilitation, dissertation, and diploma in business administration from Mannheim University, and he was awarded an honorary doctorate from the State University of Finance and Economics of St. Petersburg.

Timothy R. McDade is a Researcher and Portfolio Manager at BlackRock, where he is responsible for researching and building portfolios that finance client retirement liabilities. His work builds upon his prior role as Director of Economics and Data Science for BlackRock’s Global Retirement Initiative. There, he was responsible for research encompassing (1) the economic and financial consequences of demographics, (2) the national, social, and behavioral constraints on household savings behavior, and (3) the mitigation of longevity risk. Insights extracted from his research inform investment theses and product ideas. Earlier in his career, Dr. McDade worked for Microsoft, where he was the data scientist responsible for Microsoft Azure’s China analytics, based in Beijing. His work informed company financials and earnings reports as well as business decisions on data center capacity, marketing campaigns, supply chains, and customer acquisition. Dr. McDade holds a BS with Honors from the College of William & Mary in Math and Chinese and a PhD in Political Economy from Duke University.

Michael Orszag is Global Head of Research at WTW, a global actuarial consulting firm. His research interests include pensions, personnel economics, risk management, and insurance. He also serves on the Advisory Board of Wharton’s Pension Research Council. He is a founding editor of the Journal of Pension Economics and Finance, and co-editor of the Oxford Handbook of Pensions and Retirement Income. He earned his PhD in economics from the University of Michigan and his AB in economics from Princeton University.

David P. Richardson is a TIAA managing director and head of research at the TIAA Institute, where his research interests include public pensions, employer retirement benefit plans and household financial security. He also serves on the Research Committee of the International Centre for Pension Management, is a trustee of the Employee Benefit Research Institute, and serves on the Advisory board of Wharton’s Pension Research Council. Previously he was senior economist for public finance at the White House Council of Economic Advisers, and financial economist in the Office of Tax Policy at the U.S. Treasury. He also taught at Georgia State University and Davidson College. Richardson earned his MA and a PhD in economics from Boston College, and his BBA from the University of Georgia.

Nikolai Roussanov is Moise Y. Safra Professor of Finance at the Wharton School of the University of Pennsylvania, and Research Associate at the National Bureau of Economic Research. He also serves on the Advisory Board of Wharton’s Pension Research Council. His research focuses on interactions between asset pricing and macroeconomics, including equity, fixed income, currency, and commodity markets; he also explores entrepreneurship and individual financial behavior.  He received his undergraduate degree in mathematics from Harvard College and his PhD in Finance from the University of Chicago.

Richard C. Shea is chair of Covington & Burling LLP’s Employee Benefits and Executive Compensation practice, where he focuses on cash balance, pension equity, and other complex benefit plan designs. He also serves on the Advisory Board of Wharton’s Pension Research Council. Previously, he served as Associate Benefits Tax Counsel at the Treasury Department, where, together with his colleagues at the Treasury Department and the Internal Revenue Service, he was responsible for developing federal tax legislation and regulations governing employee benefits and executive compensation. He received his AB from Amherst College and his JD from the University of Virginia School of Law.