Helping Individuals Into and Through Retirement with Confidence

Transcription

1 Helping Individuals Into and Through Retirement with Confidence Co-Organized with Alicia H. Munnell and The Center for Retirement Research at Boston College October 5, 2007 AGENDA 10:30 Non-Financial Aspects of the Retirement Decision Conrad Ciccotello, Director, Personal Financial Planning Program, Georgia State University Neal Cutler, Associate Director, Gerontology Program, University of North Carolina, Greensboro Tay McNamara, The Center on Aging and Workplace Flexibility, Boston College David Richardson, Principal Research Fellow, TIAA-CREF Institute (Moderator) Helping the individual address the non-financial aspects in making the retirement decision Addressing the psychological, emotional and social aspects of the retirement decision/process Providing guidance on how to live in retirement Impact of phased-retirement incentives on individuals 12:30 Lunch Wharton Auditorium South, 17 th Floor, 730 1:30 Next Generation of Products and Services for Retirement Julie Agnew, Professor of Economics and Finance, The College of William & Mary Jeffrey Brown, Professor of Finance and Julian Simon Memorial Faculty Fellow, University of Illinois at Urbana-Champaign Alicia H. Munnell, Director, Center for Retirement Research at Boston College; Peter F. Drucker Professor of Management Sciences, Boston College (Moderator) Anthony Webb, Research Economist, Center for Retirement Research, Boston College The behavioral finance aspects of asset decumulation; providing financial advice for individuals throughout retirement New structures for payout annuity products Products allowing individuals to utilize their housing wealth in retirement 3:30 Reception Atrium, 17 th Floor, 730

2 Helping Individuals Into and Through Retirement with Confidence Co-Organized with Alicia H. Munnell and The Center for Retirement Research at Boston College October 5, 2007 PRESENTER BIOGRAPHIES Julie R. Agnew, Ph.D. Julie Agnew received a Ph.D. in Finance from Boston College in She earned a B.A. degree in Economics (High Honors) and a minor in Mathematics from the College of William and Mary. Prior to pursuing her doctorate, she worked as an analyst in investment banking for Salomon Brothers in New York City and as an equity research associate for Vector Securities International in Chicago. A former Fulbright Scholar to Singapore, she has co-authored a book examining strategic business opportunities in Indonesia, Singapore and Malaysia. Her current position at William and Mary is Assistant Professor of Finance and Economics. She has taught at Boston College and has been awarded numerous teaching awards including Boston College s Donald J. White Teaching Excellence Award, the 2004 Faculty Excellence Award (voted on by the BBA Class of 2004), 2005 Alfred N. Page Undergraduate Teaching Award, the Thomas and Teri Dungan BBA Teaching Fellow and the 2007 Master of Accounting Class Faculty Excellence Award. She is currently the faculty advisor to the Howard J. Busbee Finance Academy. Julie s research and consulting activities focus on how individuals invest in their 401(k) plans. She has presented her research at several national conferences and has published in the American Economic Review, the Journal of Behavioral Finance and the Journal of Financial and Quantitative Analysis. In addition, she has won several nationally competitive research grants. Currently, she is a research associate at Boston College s Center for Retirement Research and a TIAA-CREF Institute Fellow. 1

3 Jeffrey R. Brown, Ph.D. Jeffrey R. Brown is the William Karnes Professor of Finance in the College of Business at the University of Illinois at Urbana-Champaign. He also serves as Director of the College of Business' Center on Business and Public Policy, and as Associate Director of the NBER Retirement Research Center. Prior to joining the Illinois faculty, Dr. Brown was an assistant professor of public policy at Harvard University s John F. Kennedy School of Government. During , he served as Senior Economist at the White House Council of Economic Advisers, where he focused primarily on Social Security, pension reform, and terrorism risk insurance. During 2001 he also served on the staff of the President s Commission to Strengthen Social Security. In 2006, President Bush nominated, and the Senate confirmed, Dr. Brown as a member of the Social Security Advisory Board. Dr. Brown holds a Ph.D. in economics from the Massachusetts Institute of Technology, a Masters of Public Policy from Harvard University, and a B.A. from Miami University. He is a Research Associate of the National Bureau of Economic Research, a Faculty Affiliate of the Institute on Government and Policy Affairs, and a Fellow of the TIAA-CREF Institute, the Employee Benefits Research Institute, and the China Center for Insurance and Social Security Research. Professor Brown is a member of the American Economic Association, the American Risk and Insurance Association, and the National Academy of Social Insurance. Dr. Brown has published extensively on public and private insurance markets, including publications in The American Economic Review, The Journal of Political Economy, The Journal of Public Economics, The Journal of Monetary Economics, The Journal of Risk and Insurance, The National Tax Journal, and numerous books. He is the recipient of the Lumina Award for Outstanding Research in Insurance and E-Commerce. Professor Brown is co-author of the book The Role of Annuities in Financing Retirement from MIT Press, and is co-founder of the Journal of Pension Economics and Finance, published by Cambridge University Press. He has served as a consultant / expert panel member for the Executive Office of the President of the U.S., the General Accounting Office, the U.S. Treasury, the World Bank, and several private firms. Prior to graduate school, he was a Brand Manager at the Procter & Gamble Company. Conrad S. Ciccotello, PhD, JD Conrad Ciccotello is an Associate Professor in the Department of Risk Management and Insurance at Georgia State University. Dr. Ciccotello is also the Faculty Director of the Department's Personal Financial Planning (PFP) Programs, which include the Masters in PFP, the MBA with a PFP major, and the Certificate PFP Program. Consistent with the interdisciplinary nature of these PFP programs, Dr. Ciccotello himself has earned both the J.D. and Ph.D. A graduate of Suffolk Law 2

4 School and a member of both the Pennsylvania and Supreme Court Bars, Dr. Ciccotello obtained his Ph.D. in Finance from the Pennsylvania State University. Dr. Ciccotello is an active researcher, having published over 35 articles in academic and professional journals. His research focuses on law & finance, financial intermediation, and organization & contracting. Professor Ciccotello is a TIAA- CREF Institute Fellow, Editor of Financial Services Review, a journal dedicated to the study of individual financial management, and an Associate Editor of the Journal of Financial Service Professionals. He is a member of the Academy of Financial Services, Financial Management Association, American Finance Association, American Economics Association, and American Risk and Insurance Association. Neal E. Cutler, PhD Neal E. Cutler, PhD, is the Associate Director of the UNCG Gerontology Program at the University of North Carolina at Greensboro. His current teaching and research interests focus on the connections among aging, business, and financial services in the context of generational change and family dynamics. At UNCG, in April 2007, he was organizer of Aging is Good Business: Residential Choices and Boomers Coming of Aging, the second annual UNCG Aging is Good Business summit. Dr. Cutler is also Vice President and Dean of Educational Programs of the American Institute of Financial Gerontology (AIFG), a professional educational partnership with the American Society on Aging and UNCG. AIFG provides specialized gerontological training to qualified financial services professionals through a certification program leading to the Registered Financial Gerontologist (RFG) designation. He is also a TIAA-CREF Institute Fellow. Previously he held the Boettner/Gregg Chair in Financial Gerontology at Widener University in Chester, Pennsylvania, where he was Professor, School of Business Administration, and Professor, School of Human Service Professions. From 1973 to 1989 he held a joint appointment as Professor of Political Science and Professor of Gerontology at the University of Southern California, and was Associate Director of the USC Andrus Gerontology Center s Institute for Advanced Study in Gerontology and Geriatrics. He earned his doctorate in Political Science from Northwestern University. Tay McNamara, Ph.D. Tay McNamara executes studies related to workplace flexibility at the Center on Aging and Work at Boston College. As part of the Center s core staff, she works on developing and disseminating relevant, research-based information about aging and 3

5 work to individuals, businesses, and organizations interested in and affected by such issues. She collaborates on issue briefs and fact sheets related to the Center s areas of interest. She also acts as an internal consultant for the analysis of large datasets such as the Health and Retirement Study, the Current Population Survey, and the American Communities Survey. Her previous work also included analysis related to the efficacy of brief interventions in encouraging healthy lifestyles. Dr. McNamara has a M.A. and Ph.D. in Sociology from Boston College, and a B.A. with Honors from Saint Anselm College. Alicia H. Munnell, Ph.D. Alicia Munnell is the Peter F. Drucker Professor of Management Sciences at Boston College's Carroll School of Management. She also serves as the Director of the Center for Retirement Research at Boston College. Before joining Boston College in 1997, Dr. Munnell was a Member of the President's Council of Economic Advisers ( ) and Assistant Secretary of the Treasury for Economic Policy ( ). Previously, she spent 20 years at the Federal Reserve Bank of Boston ( ), where she became Senior Vice President and Director of Research in She has published many articles, authored numerous books, and edited several volumes on tax policy, Social Security, public and private pensions, and productivity. Dr. Munnell was co-founder and first President of the National Academy of Social Insurance and is currently a member of the American Academy of Arts and Sciences, the Institute of Medicine, and the Pension Research Council at Wharton. She is a member of the Board of The Century Foundation, the National Bureau of Economic Research, and the Pension Rights Center. She is also a TIAA-CREF Institute Fellow. And she was awarded the 2007 International INA Prize for Insurance Sciences by the Italian Accademia Nazionale dei Lincei in Rome. Dr. Munnell earned her B.A. from Wellesley College, an M.A. from Boston University, and her Ph.D. from Harvard University. David P. Richardson, Ph.D. David Richardson is a Principal Research Fellow at the TIAA-CREF Institute. Prior to joining the Institute, he was an assistant professor and the New York Life Chair in Risk Management and Insurance at Georgia State University. During , Dr. Richardson was a Senior Economist at the Council of Economic Advisors, where he had responsibility for the Tax Policy and Retirement Policy portfolios. From , Dr. Richardson worked as a Financial Economist in the Office of Tax Policy at the U.S. Treasury, where he specialized in Social Security and employer 4

6 sponsored retirement plans. In , he was an Assistant Professor in the Department of Economics at Davidson College. Dr. Richardson s research has been published in a number of journals. His research interests focus on the effects of public policy on employer plans and household financial security, including retirement preparedness and the allocation of risk burdens. Dr. Richardson holds a M.A. and a Ph.D. in economics from Boston College, and a B.B.A. from the University of Georgia. He is a research fellow for the China Center for Insurance and Social Security Research and was previously a research fellow at the Center for Risk Management Research and a research associate at the Andrew Young School of Policy Studies. Dr. Richardson is a member of the American Economic Association and the American Risk and Insurance Association. Anthony Webb, Ph.D. Anthony Webb is a Research Economist at the Center for Retirement Research. Previously, he was a Senior Research Analyst at the International Longevity Center in New York. He earned his doctorate in economics from the University of California, San Diego in He holds a B.A. in Industrial Economics from the University of Nottingham (1975) and an M.A. in economics from the University of Manchester (1994). Prior to commencing his doctorate, Dr. Webb was employed as an economic adviser to the British government where he provided policy advice on the taxation of personal savings. Dr. Webb s research interests include the impact of pension type on the age of retirement, the management of the process of asset decumulation, and decision-making within the household. His work has been published in a number of academic journals including the Journal of Pension Economics and Finance, the Journal of Human Resources, and the B.E Journal of Economic Analysis and Policy. He is a past recipient of a Steven H. Sandell grant from the Center for Retirement Research. 5