agenda Sunday, June 22, 2014 Monday, June 23, 2014 June 22-24, 2014 New York City The Waldorf Astoria

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1 Sunday, June 22, :00 pm 7:00 pm Registration 5:00 pm 7:00 pm Welcome Reception Monday, June 23, :30 am - 8:30 am Registration and Networking Breakfast 8:30 am 8:40 am Welcome & Opening Remarks Speaker: Christopher J. Battaglia (United States) Vice President and Group Publisher / Business Insurance As of June 18, :40 am 9:45 am KEYNOTE: How Global Demographics and Monetary Policies are Affecting the World s Retirement Systems Quantitative easing has harmed some of the world s pension systems by keeping bond yields and pension returns low in recent years. Meanwhile, people are living longer, which puts added pressure on pension systems initially designed when life spans, and retirements, were much shorter. When those two scenarios combine, it creates a perfect storm for pension plans. This opening session kicks off with one of the world s leading demographers, who will show how the world s population is growing and shifting. From there, we ll move to a Nobel Prize expert on interest rate risk, who will show us how government policies are impacting retirement funding. Please join this discussion about how these seemingly unrelated issues combine to form significant challenges for retirement plans around the globe. L. Stephen Coles, M.D., Ph.D. (United States) Executive Director Los Angeles Gerontology Research Group Robert C. Merton, Nobel Laureate in Economic Sciences (United States) School of Management Distinguished Professor of Finance MIT Sloan School of Management 9:45 am - 11:00 am ROUND-TABLE DISCUSSION: The Endgame - Retiring with Dignity Compare strategies of several systems from around the world that successfully provide replacement income when people no longer work. Focus on what each does differently and what we can all learn from the variety of approaches. Pablo Antolín-Nicolás (France) Principal Economist, Head Private Pension Unit, Financial Affairs Division Organization for Economic Co-Operation & Development (OECD) Sadayuki Horie (Japan) Senior Researcher and Deputy Chairman, Investment Committee - Government Pension Investment Fund (GPIF) Nomura Research Institute (NRI), Tokyo Kathleen Kennedy Townsend (United States) Former Lieutenant Governor of Maryland Founder, Center for Retirement Initiatives, McCourt School of Public Policy Georgetown University Jim Leech, ICD.D (Canada) Retired President and Chief Executive Officer Ontario Teachers Pension Plan; Chancellor-designate, Queen s University Ole Settergren (Sweden) Director of Research, Swedish Pensions Agency and Member of AP2 Board Second Swedish National Pension Fund (AP2)

2 11:00 am 11:25 am Morning Networking Break CONCURRENT DIALOGUES: 11:25 am 12:15 pm DIALOGUE 1: What Happens When You Retire? Given the option, DB retirees tend to choose a lump sum over the standard annuity. In DC plans, very few buy annuities. If annuities have so many benefits, why aren t more people taking advantage of them? This discussion will cover the following topics: What are the goals retirees are aiming to achieve? Why don t annuities fit their needs better? What alternative designs might work better? Are the needs of retirees consistent with the sponsor s perspective? Don Ezra (Canada) Global Director Emeritus, Investment Strategy Russell Investments Worldwide Dallas L. Salisbury (United States) President and Chief Executive Officer Employee Benefit Research Institute (EBRI) 11:25 am 12:15 pm DIALOGUE 2: Mitigating Risk in Your Portfolio The financial crisis of 2008 exposed limitations on risk management tools and the way they predict risk. Chief investment officers and investment strategists discuss ways to mitigate risk in portfolios including agent-behavior analysis, network analysis, extreme value theory, expected shortfall risk, multi-horizon anaylsis, leverage risk, counterparty risk, risks associated with funded status attribution and monitoring, and how best to predict from where the next risks are coming. Also will look at risk budgeting and how investing based on risk, rather than capital allocation, may be the future of portfolios. Christine Williamson (United States) Senior Reporter David Iverson (New Zealand) Head of Asset Allocation New Zealand Superannuation Fund Charles Van Vleet (United States) Assistant Treasurer and Chief Investment Officer Textron Inc. William Kinlaw, CFA (United States) Senior Managing Director and Head of Portfolio and Risk Management Research 12:15 pm 1:35 pm LUNCHEON KEYNOTE: P&I Chat - 20th Century Investment Leaders Join us for this enlightening discussion with an industry icon offering his approach to investing and retirement. Speaker: John Clifton Jack Bogle (United States) Founder and Retired CEO Vanguard Interviewed by: Barbara G. Novick (United States) Vice Chairman BlackRock

3 1:45 pm 2:40 pm ROUND-TABLE DISCUSSION: Global Trends of DB and DC Plans Statistics show more plan sponsors leaning toward defined contribution plans in recent years. Will this trend continue? Or will the retirement plans evolve into more of a hybrid that combines parts of both defined contribution and defined benefit plans? Some of the world s top industry experts weigh in on what s working and what the future holds for plan design. Amy Resnick (United States) Executive Editor George Castineiras (United States) Senior Vice President, Total Retirement Solutions Prudential Retirement Stuart H. Leckie, O.B.E., J.P., F.I.A., F.S.A. (China) Chairman Hong Kong Retirement Schemes Association Dennis Simmons (United States) Principal- Global Retirement Savings, Legal Vanguard Paul Todd (United Kingdom) Assistant Director of Investment National Employment Savings Trust (NEST) CONCURRENT DIALOGUES: 2:45 pm 3:35 pm DIALOGUE 1: Sponsors Perspectives on Designing World Class Retirement Plans What is the future of company-provided retirement benefits? This lively discussion includes the perspectives of two leading plan sponsors on the corporate plan of tomorrow and the key attributes such a plan might have. Nancy K. Webman (United States) Editor Raymond Kanner (United States) Managing Director & Chief Investment Officer IBM Retirement Funds Colin J. Kerwin (United States) Global Pension Fund Manager ExxonMobil *Please Note: This session will be off the record. Media invited to attend, but may not report on content shared during session.

4 2:45 pm 3:35 pm DIALOGUE 2: Global Investment Trends in Asset Allocation Discover the cutting-edge investment trends aimed at improving retirement outcomes, and the topics CIOs and strategists are considering as they work to grow portfolios. Absolute-return strategies Alternatives to traditional fixed income Capacity constraints on strategies from floating-rate debt to emerging markets The importance of investment horizons (are there truly long-term investors?) How significant is the illiquidity premium? The risks of investing in higher-fee strategies political/headline/career New behavioral finance approaches in portfolio management. Is there a behavioral capital asset pricing model? 3:35 pm 4:00 pm Afternoon Networking Break Roger Urwin (United Kingdom) Global Head of Investment Content Towers Watson Christopher Ailman, CFP (United States) Chief Investment Officer California State Teachers Retirement System, (CalSTRS) Roger Aliaga-Diaz (United States) Principal and Senior Economist Vanguard Gregory T. Williamson (United States) Director, Trust Investments, Chief Investment Officer and Executive Vice President BP America Inc. 4:00 pm 4:50 pm CLOSING KEYNOTE DAY ONE: P&I Chat - Planting Financial Literacy Seeds Across the Globe One surefire way to improve retirement outcomes is for individuals to save more and to start saving at an earlier age. Knowing the ins and outs of investing can also reap the benefits of finding the best way to diversify one s portfolio. But how can we collectively bring about such positive change? Should a child s education include a financial curriculum? How much financial literacy is needed to make a difference What tools are needed? Where can a young person go to get educated? What are the qualities of a good financial teacher? What does everyone need to learn about improving retirement outcomes? Ariel Investment President Mellody Hobson sits down in a P&I Chat to interview the United States Secretary of Education, Arne Duncan to get his insights on spreading the importance of financial education to our global youth in order to build awareness on the responsibility of meeting one s own retirement goals. Interviewed by: Arne Duncan (United States) Secretary of Education United States Government Mellody Hobson (United States) President Ariel Investments 4:50 pm 5:00 pm Day One: Closing Remarks / Preview Day Two Speaker: Christopher J. Battaglia (United States) Vice President and Group Publisher / Business Insurance 5:00 pm 6:00 pm Networking Cocktail Reception

5 Tuesday, June 24, :30 am Registration Opens 8:30 am 9:20 am Morning Investment Innovation Workshops with Breakfast Choose one of the three simultaneous investment strategy workshops over breakfast exclusively for plan sponsor and asset manager attendees. 8:30 am 9:20 am WORKSHOP 1: The Future of Target-Date Funds (TDFs) - for plan sponsors only One of the industry s leading asset managers will address customization and the reach for yield in this interactive discussion. Plan sponsors will learn how best to identify a number of TDF features which must be consider ed in the selection and ongoing due-diligence of TDF offerings. Speaker: Matthew Brancato, CFA, CPA (United States) Target Retirement Fund Product Manager Vanguard 8:30 am 9:20 am WORKSHOP 2: New Research Highlights the Importance of Taking a Behavioral Approach to Investing with Target Date Funds - for plan sponsors only With Americans living longer, workplace retirement plans face new pressures to deliver a source of lasting retirement income and engage plan participants more effectively to motivate them to take action. Typical target date solutions are not enough. This session will examine the need in the retirement plan market for approaches that match insightful investment principles with participants needs and time horizon. Marc Pester (United States) Senior Vice President Prudential Retirement Michael Rosenberg (United States) Executive Vice President Prudential Investments 8:30 am 9:20 am WORKSHOP 3: A Frontline Revolution for Asset Managers - for all attendees The competitive landscape for asset managers has changed dramatically. s new global survey of asset managers, conducted by FT Remark, sets out a three-step plan for success in this new environment. Meredith Kaplan (United States) Vice President Jane Mancini (United States) Senior Vice President and Head of Asset Manager Solutions, North America Martin J. Sullivan (United States) Senior Vice President and Head of Asset Owner Solutions, North America Michael Talbot (United States) Executive Vice President Alpha Financial Markets Consulting

6 9:30 am 10:30 am Plan Design Innovations Around the Globe Discover some of the world s leading innovative investment strategies for improving retirement outcomes. Aaron Cunningham (United States) Director of Research & Analytics Solange Berstein, Ph.D. (Chile) Former Pension Supervisory Authority, Government of Chile President, Novaster - Latin America Tomas Franzén (Sweden) Chief Investment Strategist Second Swedish National Pension Fund (AP2) David Schneider, FIA, FIAA (Australia) Head of Research and Quant Methods UniSuper Management Pty Ltd 10:30 am 10:55 am Morning Networking Break CONCURRENT DIALOGUES: 10:55 am 11:45 am DIALOGUE 1: Participants on the Right Path Discover plan design trends used in the U.S. and internationally that are making a difference in improving retirement outcomes. Arleen Jacobius (United States) Senior Reporter Jeanne Denz (United States) Director, Global Employee Benefits General Mills, Inc. Todd M. Hassler (United States) Retirement Plan Manager Reading Health System John Hickey, FCA, ASA, EA (United States) Vice President, Global Benefits Alcatel-Lucent Ari Jacobs (United States) Global Retirement Solutions Leader, Senior Partner Aon Hewitt Lori Lucas (United States) Executive Vice President, DC Practice Leader Callan Associates

7 10:55 am 11:45 am DIALOGUE 2: Derisking Trends Across the Globe More companies are considering ways to reduce their pension liabilities. Some are looking to purchase annuities for participants, some are considering lump-sum payments. How are global corporations meeting their pension liabilities and what are the pros and cons of these kinds of risk transfers? Sophie Baker, Ph.D. (United Kingdom) London Bureau Chief Peter S. Austin (United States) Head of Fixed Income Solutions T. Rowe Price Group Dylan Tyson, CFA (United States) Senior Vice President Prudential Retirement Carolyn Wood (United States) Director of Retirement Bimbo Bakeries, USA CONCURRENT DIALOGUES: 11:50 am 12:40 pm DIALOGUE 1: Global Plan Governance Plan governance is front and center in the international debate about the efficacy of defined benefit and defined contribution plans. The modern world requires swift, nimble decision-making by chief investment officers and their staffs to capture fleeting global investment opportunities. At the same time, superior fiduciary oversight of assets and operations by defined benefit and defined contribution plan trustees and investment committees is more important than ever. The panel of plan executives and industry experts will discuss best governance practices from around the world to keep plans optimally invested, managed and funded, and in regulatory compliance. Hazel Bradford (United States) Reporter Jonathan Boersma, CFA (United States) Executive Director, Global Investment Performance Standards (GIPSR) and Head of Professional Standards CFA Institute Ian D. Lanoff (United States) Principal Groom Law Group Martin J. Sullivan (United States) Senior Vice President and Head of Asset Owner Solutions, Americas

8 11:50 am 12:40 pm DIALOGUE 2: Uncovering Global Investment Insights and Participant Perspectives with The Retirement Equation In this session, panelists will explore global trends in investing and the evolution of investment practices that are shaping defined contribution plans. MFS will also share proprietary participant research that highlights disconnects between participant perceptions, behavior and reality, and generational differences and attitudes. A global panel will then present their experiences addressing these issues though innovative investment design, communication and positioning. MFS will then summarize the discussion with the concept of the Retirement Equation, which distills a myriad of issues down to three key factors that are critical to building successful retirement outcomes for the audience to contemplate. Kevin T. Hanney, CFA (United States) Director, Non-US and Savings Plans United Technologies Corporation (UTC) Liana Magner, CFA (United States) Partner, US Leader for Delegated DC Mercer Investment Consulting Ravi B. Venkataraman, CFA (United States) Senior Managing Director MFS Investment Management 12:40 pm 2:00 pm LUNCHEON KEYNOTE: Changing the Pensions Game - What Wil it Take? Effective pension systems deliver adequate lifetime retirement income at an affordable cost to all. Two changes in current behavior will be required to achieve this ambition: 1. Changing the conversations we have about pension reform, and 2. Changing the conversations we have about the goals and strategies of investing retirement savings. Keith will offer his views on how both conversations can in fact be changed, and on how the two topics are intimately related to each other. He will demonstrate the power of these changes in behavior by actually engaging the audience in a conversation about rethinking pension design and investments. Speaker: Keith Ambachtsheer (Canada) Director Emeritus, Rotman - ICPM Board Effectiveness Program at the Rotman School of Management University of Toronto 2:10 pm 3:00 pm CLOSING DISCUSSION: Future of Retirement Solutions Industry leaders from around the globe discuss options governments and companies are considering to reduce the cost of retirement to them. The options under review include: Raising the age of retirement Tax harmonization Financial education Customized communications and technology Karen Friedman (United States) Executive Vice President & Policy Director Pension Rights Center (PRC) Gordon Clark (United Kingdom) Professor and Director of the Smith School of Enterprise and the Environment University of Oxford Ash Williams (United States) Executive Director and Chief Investment Officer Florida State Board of Administration Andreas Hilka (Germany) Managing Director - Head of Pensions Allianz Global Investors Europe GmbH 3:00 PM CLOSING REMARKS/Conference Concludes

agenda Sunday, June 22, 2014 Monday, June 23, 2014 June 22-24, 2014 New York City The Waldorf Astoria

agenda Sunday, June 22, 2014 Monday, June 23, 2014 June 22-24, 2014 New York City The Waldorf Astoria As of March 20, 2014 Sunday, June 22, 2014 2:00 pm 7:00 pm Registration 5:00 pm 7:00 pm Welcome Reception Monday, June 23, 2014 7:30 am - 8:30 am Registration and Networking Breakfast 8:30 am 8:40 am Welcome