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

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1 As of March 20, 2014 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 8:40 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 an expert on monetary policy, who will show us where things stand today. 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 Prize Winner (United States) 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) Ole Settergren (Sweden) Member of the Board Second National Swedish Pension Fund Jim Leech (Canada) Retiring Chief Executive Officer Ontario Teachers Pension Plan

2 11:00 am 11:25 am Morning Networking Break 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) Co-Chair, Global Consulting Russell Investments Worldwide Dallas L. Salisbury (United States) President and CEO 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, the 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 Senior Reporter Pensions & Investments David Iverson Head of Asset Allocation New Zealand Superannuation Fund 12:15 pm 1:45 pm LUNCHEON KEYNOTE: P&I Chat - 20th Century Investment Leaders Join us for this enlightening discussion with industry icons discussing their approach to investing and retirement. Speaker: John Clifton Jack Bogle (United States) Founder and Retired CEO Vanguard Group, Inc.

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 solution 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 Executive Editor Pensions & Investments Paul Todd (United Kingdom) Director Investment National Employment Savings Trust (NEST) 2:45 pm 3:35 pm DIALOGUE 1: Investing a Plan s Assets to Meet its Financial Obligations What is the future of company-provided retirement benefits from an investment perspective? This lively discussion includes alternate plan sponsor views of the corporate plan of tomorrow. Nancy K. Webman Editor Pensions & Investments Colin J. Kerwin (United States) Global Pension Fund Manager ExxonMobil 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? Roger Urwin (United Kingdom) Global Head of Investment Content Towers Watson Chris Ailman (United States) Chief Investment Officer California State Teachers Retirement System, (CalSTRS) Eduard van Gelderen, CFA FRM (Netherlands) Statutory Board Member & Chief Investment Officer APG Asset Management Greg Williamson (United States) Director, Trust Investments, Chief Investment Officer and Vice President BP America

4 3:35 pm 4:00 pm Afternoon Networking Break 4:00 pm 5:00 pm CLOSING KEYNOTE DAY ONE: Influencing Positive Change Asset management firms have profited off the industry of retirement, and some people in the industry are working to give back as well. This session will examine work by individuals and companies aimed at improving retirement outcomes. Speaker to be Announced 5:00 pm 6:00 pm Networking Cocktail Reception Tuesday, June 24, :30 am Registration Opens 8:30 am 9:30 am Morning Investment Innovation Workshops with Breakfast P&I will host three simultaneous investment strategy workshops over breakfast exclusively for plan sponsor attendees Closed Door Lead Sponsor Speaker Sessions - Topics to be Announced Vanguard, Prudential & TBD 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 10:30 am 10:55 am Morning Networking Break To be Announced Tomas Franzén (Sweden) Chief Investment Strategist Second Swedish National Pension Fund (AP2) David Schneider (Australia) Head of Research and Quant Methods UniSuper Management Pty Ltd 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. Lori Lucas Executive Vice President, DC Practice Leader Callan Associates 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? Speakers to be Announced

5 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. Ian D. Lanoff (United States) Principal The Groom Law Group 11:50 am 12:40 pm DIALOGUE 2: Investment Behavior Effects on Plan Participants A leading behavioralist discusses ways to balance risk and reward by determining the maximum percentage of reduction in their standard of living people are willing to accept. One study found that Americans are willing to accept a maximum reduction of approximately 12.5%. Find out how that compares with the rest of the world as the research compares men and women s risk tolerances and what role age plays in one s risk adversity. Speaker to be Announced 12:40 pm 2:00 pm Luncheon Keynote: 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? Speaker: Arne Duncan Secretary of Education United States

6 2:00 pm 3:00 pm 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 University of Oxford Ash Williams (United States) Executive Director and Chief Investment Officer Florida State Board of Administration (SBA) Andreas Hilka (Germany) Managing Director - Head of Pensions Allianz Global Investors Europe 3:00 pm 4:00 pm CLOSING KEYNOTE: Assessing the Current Retirement Funding Paradigm Regardless of the type of plan, three key elements apply: 1) Available benefits are based on eligibility and participation funding by the employer or the individual and investment returns; 2) The level of benefit needed for retirement by an individual is a function of retirement age, longevity and annual consumption requirements; and 3) Inflation and other unknowns, such as an individual s health-related expenses, contribute to a need to have greater retirement assets to protect against financial uncertainties. Hear insights from the leader of the world s largest money management firm on how all nations need to begin working together immediately to a find a more holistic approach so plan sponsors around the globe can help provide lifetime income options and expand portability. Speaker to be Announced 4:00 PM Conference Concludes