2015 Symposium: Implications of the New Regulatory Order for Retirement System Risk Management, April 30-May 1

About the Conference

What do efforts to strengthen the world’s financial system portend for non-bank financial entities, including insurance companies and pension funds? Recent regulatory, supervisory, governance, and financial market changes will increasingly drive the pensions and insurance agenda. High-level policymakers, academics, and practitioners discussed topics pertinent to risk management and pension design for an aging planet. This conference was co-hosted by Olivia S. Mitchell, Raimond Maurer, and Mike Orszag at the Wharton School.

Conference videos may be found here.

Conference Agenda

Thursday, April 30, 2015

Introductory Remarks: Olivia S. Mitchell, The Wharton School

Session I: Regulatory and Accounting Changes: Objectives, Dangers, and Opportunities

  • “Factors that Impact on Pension Fund Investments in Infrastructure under the Current Global Financial Regulation”
    Javier Alonso, Alfonso Arellano, and David Tuesta, BBVA
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  • “The New Insurance Supervisory Landscape: Implications for Insurance and Pensions”
    Peter A. Fisher, Tapestry Networks
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Discussant: Fredrik Axsater, State Street Global Advisors

  • “Mark-to-Market Accounting for United States Corporate Pensions: Implementation and Impact”
    Joseph Busillo, Thomas Harvey, and Bryan Hoffman, SEI
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  • “Risk Disclosure in the European Insurance Industry: Implications for Occupational Pension Funds”
    Karel Van Hulle, ICIR
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Discussant: Amy Kessler, Prudential
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Keynote Speaker: Lady Barbara Judge, UK Pension Protection Fund

Session II: Changing Supply and Demand for Retirement Products

  • “Accounting and Actuarial Smoothing of Retirement Payouts in Participating Life Annuities”
    Raimond Maurer, Goethe University Frankfurt
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  • “Fundamentals of Cost and Risk that Matter to Pension Savers and Life Annuitants”
    Montserrat Guillen, University of Barcelona; Catherine Donnelly, Heriot-Watt University; and Jens Perch Nielsen, Cass Business School
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Discussant: Emily Kessler, Society of Actuaries
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Discussant: David Blitzstein, Blitzstein Consulting

Keynote Speaker: Franklin Allen, Wharton School

Friday, May 1, 2015

Session III: Global Risk Assessment for Pensions and Other Non-Bank Financial Institutions

Discussant: Mike Orszag, Towers Watson

Session VI: Roundtable

Jeannine Markoe Raymond, NASRA – Moderator
Kevin Hanney, UTC
Hazel Bateman, UNSW
Michael J. Gordon, BNY Mellon Retirement & Strategic Solutions