Appointed by the Dean of The Wharton School, members of the Pension Research Council Advisory Board are leaders in the pension and benefits field. They include executives, actuaries, attorneys, labor representatives, consultants, state and federal policymakers, and academics. The Advisory Board develops, commissions, and evaluates Council research projects including externally-generated proposals. Advisory Board Members share a strong desire to encourage and strengthen private sector approaches to economic security, while at the same time recognizing the essential role of Social Security and other public programs for old-age security.
Olivia S. Mitchell is the International Foundation of Employee Benefit Plans Professor, and Professor of Insurance/Risk Management and Business Economics/Policy; Executive Director of the Pension Research Council; and Director of the Boettner Center on Pensions and Retirement Research; all at The Wharton School of the University of Pennsylvania. Concurrently Dr. Mitchell serves as a Research Associate at the NBER; Independent Director on the Allspring Funds Boards; Vice President of the American Economic Association; Co-Investigator for the Health and Retirement Study at the University of Michigan; Executive Board Member for the Michigan Retirement Research Center; and Senior Scholar at the Singapore Management University. She also serves on the Academic Advisory Council for the Consumer Finance Institute at the Philadelphia Federal Reserve; the Advisory Committee of the HEC Montreal Retirement and Savings Institute; and the UNSW Centre for Pensions and Superannuation. She earned her B.A. in Economics from Harvard University, and her M.S. and Ph.D. degrees in Economics from the University of Wisconsin-Madison.
Julie R. Agnew is the Richard C. Kraemer Term Professor of Business at the Raymond A. Mason School of Business at William and Mary. Her research and consulting activities focus on behavioral finance and its relationship to financial decisions made by individuals in their retirement plans. She received her B.A. in Economics from the College of William and Mary, and her Ph.D. degree in Finance from Boston College.
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 National Bureau of Economic Research. 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. He has written widely on state and local pension plans and retiree health plans for public sector employees.
Peter Conti-Brown is an assistant professor at The Wharton School of the University of Pennsylvania. A financial historian and a legal scholar, Conti-Brown studies central banking, financial regulation, and public finance, with a particular focus on the history and policies of the US Federal Reserve System. His current research focuses on the history of bank supervision in the United States from the Civil War to Donald Trump, as well as the political and institutional history of the US Federal Reserve. He received his law degree from Stanford Law School and his PhD in history from Princeton.
Julia Coronado is President and Founder of Macro Policy Perspectives. Previously, she was Chief Economist for Graham Capital Management, L.P.; and Chief Economist, North America for BNP Paribas and Senior U.S. Economist at Barclays Capital. She also served as an Economist for the Federal Reserve Board of Governors in Washington D.C. Her research focuses on understanding interactions between financial markets and the real economy, forecasting the US economy, and monetary and fiscal policy. She is a member of the Economic Advisory Panel of the Federal Reserve Bank of New York. She earned the PhD in economics from the University of Texas at Austin.
Joel M. Dickson is a senior investment strategist and a principal in Vanguard Investment Strategy Group, where he analyzes trends and developments in the exchange-traded fund (ETF) market and provides research and commentary on related issues. Previously, Mr. Dickson was head of the Active Quantitative Equity Group within Vanguard Equity Investment Department. Before joining Vanguard he worked as a staff economist at the Federal Reserve Board. He earned an A.B. from Washington University in St. Louis and a Ph.D. in economics from Stanford University.
Peter A. Fisher is the founder of Cortus Advisors, a strategic advisory firm focused on helping organizations pursue new sources of growth in revenue, profitability, and entity value through new business development, business model design, market entry strategies, product/service development, customer selection, and pricing strategy. Previously Peter was a partner at Tapestry Networks where he led the firm’s practice in financial services, spanning insurance, banking, asset management, and private equity on issues of governance, industry transformation, business development, and public policy engagement. His general interests are financial services, strategic new business development, new product development, and thought leadership. Previously he was managing director at Pyramis Global Advisors, the institutional asset management unit of Fidelity Investments, where he focused on long-term business strategy and global expansion initiatives; he also led the design and launch of the Fidelity Research Institute and led the Strategic New Business Development group. Previously he was affiliated with Bain & Company and National Economic Research Associates (NERA). He earned a BA in economics at Northwestern University, and his MA and PhD in business economics at Harvard.
P. Brett Hammond is Research Leader of the Client Analytics Group at the Capital Group. His research interests include finance, higher education, and public policy. Previously, he served as Managing Director at MSCI, Chief Investment Strategist at TIAA-CREF, on the staff of The National Academies and a member of the UCLA faculty. He received BA degrees in Economics and Political Science from the University of California at Santa Cruz and the Ph.D. from MIT. 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.
Mark Iwry is a nonresident Senior Fellow at the Brookings Institution and a Visiting Scholar at the Wharton School. He formerly served as Senior Advisor to the U.S. Secretary of the Treasury, Treasury’s Deputy Assistant Secretary for Retirement and Health Policy, Treasury’s Benefits Tax Counsel, a partner in the law firm of Covington & Burling, Of Counsel to Sullivan & Cromwell, and a research professor at Georgetown University. He has been recognized as one of the world’s “30 top financial players”, one of 20 individuals expected to have a major influence on the financial services industry, number three among the “100 most influential people in 401(k)”, and has received numerous awards for achievement, innovation, and leadership from governmental, workers’ rights, and pension and financial services industry organizations as well as Harvard’s Kennedy School of Government. In the 1990s, Mark formulated and directed the federal government’s strategy to define, approve, and promote 401(k) automatic enrollment (as well as auto-rollovers and payroll deduction IRAs), and, since 2002, has played a central role in initiating and designing the nationwide initiative to encourage states to provide retirement savings programs for private-sector citizens. He also co-authored the “auto IRA” legislative proposal to expand coverage to some 40 million additional households through auto-enrollment in IRAs and was a principal architect of the Saver’s Credit to expand 401(k) and IRA coverage, ”SIMPLE” IRA plan, “myRA”, direct deposit of tax refunds into IRAs and savings bonds, small business plan startup tax credit, and the government’s initiative to promote lifetime retirement income (including the “QLAC” longevity annuity and annuities embedded in 401(k) default target date funds). He is an honors graduate of Harvard College and Harvard Law School and earned a Masters in Public Policy from Harvard’s Kennedy School.
Melissa Kahn is the Managing Director for Retirement Policy for the Defined Contribution team at State Street Global Advisors. Melissa leads the DC team in developing and communicating the team’s public policy positions as they relate to the retirement market, and is responsible for cultivating relationships with key retirement policy decision-makers. Based in Washington, D.C., and in Boston, Melissa works closely with State Street’s Regulatory, Industry, and Government Affairs (RIGA) group, which is responsible for coordination of overall State Street public policy positioning and advocacy. Melissa is an attorney with extensive experience in developing and implementing policy and strategies on domestic and international employee benefits legislation and regulation, as well as Social Security reform. Importantly, she has worked for many years on Retirement Income policy. Immediately prior to joining SSGA, Melissa was a consultant providing strategic planning, policy analysis and advocacy work on a variety of issues, including retirement, long-term care, Social Security, and global employee benefits to financial institutions and large plan sponsor clients in the US. Previously, Melissa worked at MetLife, where she spent 12 years in the company’s Washington D.C. government relations office. Melissa also has worked for the Retirement Strategies Group, the American Council of Life Insurance and the Equitable Life Assurance Society of America.
Emily Kessler is a Senior Fellow of the Society of Actuaries (SOA), where she has worked with the Retirement 20/20 initiative to envision 21st century retirement systems. Her interests include research and education issues for pension actuaries, and on the implications of financial economics on the pension actuarial paradigm and in understanding post-retirement risks. She received a BA in mathematical methods in the social sciences with an emphasis in sociology from Northwestern University.
Surya Kolluri leads research and external partnership efforts as part of Bank of America’s Retirement and Personal Wealth Solutions Business. In this capacity he oversees research and programs in the areas of Longevity, Retirement and Financial Wellness. Surya has spoken at a number of public forums including the World Economic Forum, Tokyo G20 Summit on Aging and Financial Inclusion, White House Conference on Aging Regional Forum in Boston, the National Governors Association summer meeting, the Dementia X forum in Stockholm, the World Health Organization Convening on Healthy Aging in Geneva, the OECD roundtable at Oxford University on the topics of Longevity, Retirement, Financial Wellness, Cognitive Decline and Caregiving. Recently he was invited to serve on the World Economic Forum Global Future Council on Healthy Aging and Longevity. Previously he worked at Bain & Company and A.T. Kearney as a strategy management consultant. He is a member of the Global Committee Leadership Group at the Defined Contribution Institutional Investment Association (DCIIA). He also serves as a corporate member of the CEO Initiative for Alzheimer’s (CEOI) and the Global Coalition on Aging (GCOA).He earned his M.B.A. from the Wharton School at the University of Pennsylvania and his M.S. from Drexel University.
David Laibson is the Robert I. Goldman Professor of Economics at Harvard University, where he leads Harvard University’s Foundations of Human Behavior Initiative. His research focuses on the topic of behavioral economics. He serves on several editorial boards, as well as the board of the Health and Retirement Study (National Institutes of Health) and Harvard’s Pension Investment Committee. He is also serves on the Academic Research Council of the Consumer Financial Protection Bureau. He is also a member of the National Bureau of Economic Research. His is a Fellow of the Econometric Society and the American Academy of Arts and Sciences, and he was a recipient of the TIAA-CREF Paul A. Samuelson Award for Outstanding Scholarly Writing on Lifelong Financial Security. He earned his AB from Harvard University, his MsC from the London School of Economics, and the PhD from the Massachusetts Institute of Technology.
Annamaria Lusardi is the Denit Trust Distinguished Scholar and Chair Professor of Economics and Accountancy at The George Washington University School of Business where she heads the GW Global Financial Literacy Excellence Center. Her research interests focus on financial literacy, household debt and decision-making, and personal finance. Previously, she taught at Dartmouth College, Princeton University, the University of Chicago Harris School of Public Policy, the University of Chicago Booth School of Business, Columbia Business School, and the Harvard Business School. Dr. Lusardi was awarded the Forbes Public Awareness Award from the Council for Economic Education, the Odom Visionary Leadership Award from the Jump$tart Coalition for Personal Financial Literacy, the National Numeracy Network’s Steen Award, and the Fidelity Pyramid Prize. She earned her BA in Economics from Bocconi University, and her Ph.D. in Economics from Princeton University.
Jeannine Markoe Raymond is Director of federal relations for the National Association of State Retirement Administrators where she advocates the interests of NASRA members before Congress and the Administration. She also is a liaison to other professional associations, interest groups, and policy organizations. She coordinates numerous policy and federal education efforts between NASRA and other national associations regarding state and local retirement issues. 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 a BA in economics from the University of California, San Diego, and the 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. His research focuses on asset management, life-time portfolio choice, real estate, and pension finance. Previously he visited the Wharton School, and he 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). 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. He also serves on the Senate of the Goethe University.
Alicia H. Munnell is the Peter F. Drucker Professor of Management Sciences at Boston College’s Carroll School of Management and the director of the Center for Retirement Research. Her research interests include tax policy, Social Security, public and private pensions, and productivity. Previously she served as a Member of the President’s Council of Economic Advisers and Assistant Secretary of the Treasury for Economic Policy; she also was Director of Research at the Federal Reserve Bank of Boston. She co-founded and was the first President of the National Academy of Social Insurance, and she is a member of the American Academy of Arts and Sciences and the Institute of Medicine. She is also a member of the Board of The Century Foundation, the National Bureau of Economic Research, and the Pension Rights Center. She earned her B.A. from Wellesley College, the M.A. from Boston University, and the Ph.D. from Harvard University.
Michael Orszag is Global Head of Research at WillisTowersWatson, a global actuarial consulting firm. His research interests include pensions, personnel economics, risk management, and insurance. 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 from the University of Michigan in economics and the AB from Princeton University in economics.
Anna M. Rappaport is an actuary, consultant, author, and speaker on the impact of change on retirement systems and workforce issues. Her interests include ways to improve retirement security and opportunities for older Americans, including women’s security, disability and defined contribution plans, phased retirement, and improving planning capacity. Previously she served at Mercer, and she is a past-President of the Society of Actuaries and chairs its Committee on Post-Retirement Needs and Risks. She is a Fellow of the Society of Actuaries and a member of the American Academy of Actuaries. She earned the MBA from the University of Chicago Booth School of Business.
Catherine Reilly, Director of Retirement Solutions at Smart USA, has over 20 years’ experience working in the asset management and retirement industry in Europe and North America, in roles that cover economic and investment research, product design and business strategy. She is currently Director of Retirement Solutions at Smart, a leading retirement technology business and one of the world’s largest recordkeepers, where she focuses on public policy, thought leadership and strategy. Most recently, Catherine was Global Head of Research for the Defined Contribution team at State Street, where she oversaw the $70bn SSGA target date suite and designed custom retirement saving solutions for domestic and global clients. She also led strategic initiatives evaluating the impact of multiple employer plans, alternative investments and robo-advice on the DC business. Prior to this, she was Chief Economist of Pohjola Asset Management ($40 Bn Aum) in Finland and Management Consultant at McKinsey & Co., Inc in the Helsinki office. Catherine is a CFA charterholder. She has degrees in Public Policy from the Harvard Kennedy School and Economics from Aalto University in Finland. She has also studied business at ESADE in Spain. She enjoys leveraging her diverse background to find creative solutions to client problems.
David P. Richardson is a TIAA managing director and head of the TIAA Institute. Before joining the Institute, Richardson was senior economist for public finance at the White House Council of Economic Advisers and held the New York Life Chair in Risk Management and Insurance at Georgia State University. He also served as financial economist in the Office of Tax Policy at the U.S. Treasury and as an assistant professor in the Department of Economics at Davidson College. He serves on the Research Committee of the International Centre for Pension Management. He is also a trustee of the Employee Benefit Research Institute. Richardson earned an M.A. and a Ph.D. in economics from Boston College, and a B.B.A. from the University of Georgia.
John Sabelhaus is a Non-Resident Senior Fellow at The Brookings Institution in Washington, DC, and Adjunct Research Professor at the University of Michigan Survey Research Center. Prior to that, he was Assistant Director in the Division of Research and Statistics at the Board of Governors of the Federal Reserve System and a lecturer in the Department of Economics at the University of Maryland. John also held the position of Senior Economist at the Investment Company Institute and Chief of Long Term Modeling at the Congressional Budget Office, where he oversaw the development of an integrated micro/macro model of Social Security and Medicare. John received his PhD in economics from the University of Maryland.
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. 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 the JD from the University of Virginia School of Law.
Kent Smetters is a Professor of Insurance/Risk Management and Business Economics/Policy at the University of Pennsylvania’s Wharton School, and he holds the Joseph E. and Ruth E. Boettner Chair of Financial Gerontology. His interests include government debt, Social Security policy, insurance, financial planning, along with the relationship between the elderly’s well-being and their social, legal, psychological, physical, and environmental well-being.. He has visited Stanford University and served at the US Treasury, and he is Research Associate at the NBER. He earned his BA degrees in Economics and Computer Science from the Ohio State University, and the Masters and PhD degrees in Economics from Harvard University.
Stephen P. Utkus is currently a Visiting Scholar at The Wharton School of the University of Pennsylvania and a Fellow at the Center for Financial Markets and Policy at Georgetown University. He previously served as global head of investor research at Vanguard. He is also a member of the advisory board of the Consumer Finance Institute of the Federal Reserve Bank of Philadelphia. He earned a BS in Computer Science from MIT and an MBA in finance from the Wharton School.
Jack L. VanDerhei is the Research Director of the Employee Benefit Research Institute (EBRI) where he directs the EBRI Defined Contribution and Participant Behavior Research Program, the EBRI Retirement Security Research Program, and the EBRI Center for Research on Retirement Income. He received his BBA and MBA from the University of Wisconsin-Madison and his MA and PhD from the Wharton School of the University of Pennsylvania.
Stephen P. Zeldes is the Frank R. Lautenberg Professor of Economics and Public Policy at Columbia University’s Graduate School of Business. His research focuses on macroeconomics and household finance, including consumer borrowing, saving, and portfolio choices, social security, public and private pensions, and annuitization. Professor Zeldes’ teaching includes courses in macroeconomics and consumer finance, including “FinTech: Consumer Financial Services,” and an interdisciplinary course “The Psychology and Economics of Consumer Finance.” He is co-director of the Working Group on Household Finance at the National Bureau of Economic Research. Zeldes received a BS from Brown University and a PhD from the Massachusetts Institute of Technology.