ENGAGING NEW HIRES TO INVEST IN THEIR FINANCIAL SECURITY

Transcription

1 2008 Fellows Symposium ENGAGING NEW HIRES TO INVEST IN THEIR FINANCIAL SECURITY September 26, 2008 The TIAA-CREF Institute invites you to join other higher education thought leaders in a forum addressing the challenge of engaging new hires at colleges and universities to save and plan for retirement. This unique event, co-organized with Professor Olivia Mitchell of The Wharton School at the University of Pennsylvania, will bring together senior-level academic leaders, prominent researchers and TIAA-CREF leadership in a dialogue to deepen understanding of the new hire s environment and where retirement planning fits, explore insights into the decision-making process, and examine strategies to engage new hires in planning for their financial futures. The symposium, the Institute s third of 2008, will feature brief presentations followed by open discussion. All in attendance are encouraged to participate in the dialogue. PRESENTERS INCLUDE: ANDY BRANTLEY, CEO, CUPA-HR DANIEL DENECKE, Program Director, Best Practices, Council of Graduate Schools JAMIE DEPEAU, Senior Vice President, Marketing, TIAA-CREF PUNAM KELLER, Professor of Marketing, Dartmouth College CURTIS LLOYD, Associate Vice Chancellor for Finance and Administration and Chief of Staff Office of the Chancellor, State University of New York CATHERINE MCCABE, Vice President, Field Consulting Group, TIAA-CREF OLIVIA MITCHELL, Professor of Insurance and Risk Management and Business and Public Policy, The Wharton School, University of Pennsylvania ELDAR SHAFIR, Professor of Psychology and Public Affairs, Princeton University TERESA SULLIVAN, Provost and Executive Vice President for Academic Affairs, University of Michigan GAL ZAUBERMAN, Professor of Marketing, The Wharton School, University of Pennsylvania BY INVITATION ONLY TIAA-CREF Wharton Auditorium 730 Third Avenue New York 10:30 a.m. 3:00 p.m. RSVP by Friday, September 5th to Paul Yakoboski at [email protected] CELEBRATING 10 YEARS September marks the 10th anniversary of the TIAA-CREF Institute. We invite you to join our celebration immediately following the symposium.

2 AGENDA 10:30 Welcome Madeleine d Ambrosio, Vice President and Executive Director, TIAA-CREF Institute 10:35 Inside the Mind of a New Hire: Where Does the Retirement Plan Fit? Presenters Teresa Sullivan, Provost and Executive Vice President for Academic Affairs, Professor of Sociology, University of Michigan, TIAA-CREF Institute Fellow Curtis Lloyd, Associate Vice Chancellor for Finance and Administration, and Chief of Staff, Office of the Chancellor, The State University of New York Moderator Michael Noetzel, Managing Director, Institutional Relationships, TIAA-CREF 11:15 Inside the Mind of a New Hire: The Decision-Making Process Presenters Eldar Shafir, Professor of Psychology and Public Affairs, Princeton University, TIAA-CREF Institute Fellow Gal Zauberman, Associate Professor of Marketing, The Wharton School, University of Pennsylvania Moderator Olivia Mitchell, Professor of Insurance and Risk Management and Business and Public Policy, The Wharton School, University of Pennsylvania, TIAA-CREF Institute Fellow 12:15 Lunch

3 1:00 Strategies to Engage New Hires in Retirement Planning Presenters Daniel Denecke, Program Director, Best Practices, Council of Graduate Schools Punam Keller, Charles Henry Jones Third Century Professor of Management, Tuck School of Business at Dartmouth Jamie DePeau, Senior Vice President, Marketing, TIAA-CREF Moderator Paul Yakoboski, Principal Research Fellow, TIAA-CREF Institute 2:30 Implications for Program Design and Future Research Presenters Andy Brantley, Chief Executive Officer, CUPA-HR Catherine McCabe, Vice President, Individual Client Services, TIAA-CREF Olivia Mitchell, Professor of Insurance and Risk Management and Business and Public Policy, The Wharton School, University of Pennsylvania, TIAA-CREF Institute Fellow Moderator Christina Cutlip, Managing Director, Institutional Relationships, TIAA-CREF 3:00 Concluding Remarks and Introduction of the Institute s 10 th Anniversary Celebration Madeleine d Ambrosio, Vice President and Executive Director, TIAA-CREF Institute

4 PRESENTERS Andy Brantley Andy Brantley has served as Chief Executive Officer of CUPA-HR, the higher education human resources association, since July 1, CUPA-HR provides global leadership to the higher education human resources profession and the higher education community by offering essential knowledge, resources and connections that enhance individual and institutional capacity and competitiveness. CUPA-HR represents over 1600 higher education institutions and over 10,000 higher education professionals. Prior to accepting the position at CUPA-HR, Andy served as Associate Vice President and Chief Human Resources Officer at the University of Georgia, Director of Human Resources at Davidson College and Director of Human Resources at the University of North Carolina at Asheville. Andy began his professional career as a Labor Relations Representative for the Chrysler Corporation. Andy received his Bachelor of Business Administration and his Master of Business Administration degrees from the Terry College of Business at The University of Georgia. Christina R. Cutlip Christina Cutlip is Managing Director, Institutional Relationships at TIAA-CREF. Her responsibilities include managing all client relationships for the Primary Segment and a team of consultants nationwide. Prior to her current role, Ms. Cutlip was Vice President, Mid-Atlantic Region of TIAA-CREF, where she managed a team of consultants responsible for all aspects of pension relationships in the region. Since joining TIAA- CREF in 1997, she has held a variety of management positions, including Director and Assistant Vice President, Mid- Atlantic South Region. Prior to joining TIAA-CREF, Ms. Cutlip worked for several major mutual fund companies where she held positions in client management and benefits consulting. She holds the Certified Employee Benefits Specialist (CEBS) designation and is a member of the International Foundation of Employee Benefit Plans. Ms. Cutlip is a registered principal with the National Association of Securities Dealers and holds insurance licenses in accident, health, life and annuities. She has over 19 years of experience in employee benefits. Ms. Cutlip, who is based in TIAA-CREF s Washington, D.C. office, is a graduate of Grinnell College (Iowa.) Madeleine d Ambrosio Madeleine d Ambrosio is founding Executive Director of the TIAA-CREF Institute. She has responsibility for the Institute s strategic goals and objectives and management of its operations including oversight of the Institute s research agenda development and implementation, education and research programs, conferences, partnerships and communications. Ms. d Ambrosio joined TIAA-CREF in She has held varied management positions including Vice President of Institutional Client Services where she was responsible for the design and administration of institutional benefit plans and the counseling and financial education of individual participants. As Vice President of Education and Financial Support Services she had responsibility for the design of financial education seminars, training and the development of financial guidance for participants.

5 Daniel D. Denecke Daniel Denecke is Program Director, Best Practices at the Council of Graduate Schools. He received his Ph.D. from Johns Hopkins and has served as faculty at the University of Maryland-College Park and Georgetown University. He currently directs the Project for Scholarly Integrity, a multi-year initiative to support the creation of model programs that integrate research ethics and scholarly integrity into the structure and climate of the entire graduate school research experience. Dr. Denecke has authored and co-authored numerous publications and contributed significantly across a wide range of CGS initiatives in the best practice domain and in the area of international engagement. He is co-author of Preparing Future Faculty in the Humanities and Social Sciences (2003) and of Ph.D. Attrition and Completion: Policy, Numbers, Leadership and Next Steps (2004), which reviews empirical studies on the topic, discusses the institutional factors that contribute to graduate-degree completion, and outlines salutary interventions and next steps for improving completion rates in graduate education. At CGS, Dr. Denecke has directed the Ph.D. Completion Project, Phase I, a major national initiative to address the underlying factors of students departure from graduate study. Prior to working on these projects, he managed the Preparing Future Faculty (PFF) program at CGS, to promote and institutionalize professional development programs for doctoral students aspiring to faculty positions. Jamie E. DePeau Jamie DePeau is Senior Vice President of Marketing at TIAA-CREF, where she is responsible for all marketingrelated activities. Ms. DePeau joined TIAA-CREF in 2003 after four years as Vice President of Corporate Communications at Medco Health Solutions, a former subsidiary of Merck and Company, where she was also responsible for all of marketing. Previously, she held senior positions in corporate, policy and technology communications for MCI from 1997 to 1999, and, before that, for NYNEX Corporation. During her 11 years with NYNEX she served in a variety of corporate communication and marketing roles of increasing responsibility overseeing everything from trade shows to advertising to media relations. Prior to NYNEX, Ms. DePeau spent five years at Barrister Information Systems Corporation in various marketing capacities. She began her career with Krehbiel Associates in 1981 in public relations. In 2003, Ms. DePeau received the YWCA Twin award, designed to recognize outstanding women leaders. She was also recognized by her alma mater, Canisius College, as the recipient of the Marilyn G.S. Watt award for excellence in the field of Communications. Ms. DePeau earned a Bachelor of Arts degree in Communications from Canisius College, Buffalo, New York, and completed the Harvard Executive Business Program. Punam A. Keller Punam Keller, the Charles Henry Jones Professor of Management at the Tuck School of Business, has held joint appointments in the schools of Business and Medicine at Dartmouth College since Dr. Keller has taught Marketing Strategy and Social Marketing at several business schools including Columbia University, Stanford University and Duke University. Dr. Keller is currently President of the Association for Consumer Research.

6 Dr. Keller s research field is Social Marketing. Her research is based on the marketing principle that communications and well-being programs need to be customized for different target segments. She has developed models to predict the effectiveness of different programs (e.g., employee orientation) and communication formats (e.g., stories) among various employee characteristics (e.g., total number of employees) or individual differences (e.g., race). These models can be used to select target audiences to maximize return on investment on an existing program or communication message, and/or can be used to design more effective programs and communications for an audience. Dr. Keller has applied her research in two contexts, health and financial planning. She has partnered with CDC and NEFE to examine the public policy implications of her research. In addition, she has encouraged other stakeholders who seek to improve the effectiveness of their financial programs by teaching social marketing seminars for FINRA and NASAA. Dr. Keller s research has been supported by the NCI, NEFE, and MSI (Marketing Science Institute). Curtis L. Lloyd Curtis Lloyd currently serves as the Associate Vice Chancellor for Finance and Administration and Chief of Staff for The State University of New York. The State University of New York is the largest comprehensive university system in the United States, educating more than 430,000 students in 7,669 degree and certificate programs on 64 campuses. In Mr. Lloyd s appointment as Chief of Staff, he serves as the Chancellor s liaison with SUNY System Administration and campus administrators and staff. He is responsible for coordinating the operations of the Office of the Chancellor, including briefings, responses to inquiries, facilitation and follow-up on projects and activities involving multiple University areas. As Associate Vice Chancellor for Finance and Administration, Mr. Lloyd has also retained the duties and responsibilities of his previous position as Assistant Vice Chancellor and Chief Human Resources Officer, which he has held since February In addition to his responsibilities for the day-to-day administration and management of the Division of Finance and Business, he supervises the University-wide and System Administration Human Resources Operations, including liaison between SUNY campuses and state agencies for administering benefits programs, maintenance of the university s human resource management system, maintenance of the university s title and position system, university-wide data collection and analysis, administration of union contracts, and the system administration human resource business functions, such as appointments, terminations and departmental support. Prior to that, Lloyd served as assistant director of business affairs at SUNY System Administration from He was responsible for the day-to-day supervision of the accounting, budgeting, purchasing, accounts payable, accounts receivable, contract administration, and payroll and travel functions of the Office of Business Affairs. From he held several positions, increasing in scope and responsibility, at The State University of New York at Albany. Lloyd earned a Bachelor of Science in Business Administration in 1980 and a Masters in Business Administration in 1988 from The State University of New York at Albany.

7 Catherine R. McCabe As head of TIAA-CREF s Field Consulting Group, Vice President for Individual Client Services, Cathy McCabe leads a highly-trained, national team of over 250 noncommissioned financial consultants and client support specialists who provide objective advice and guidance to individual clients to help them grow, protect, preserve and distribute their wealth in a tax efficient way. Previously, as a Regional Vice President in TIAA-CREF s Client Services organization, Cathy managed a team of Institutional Relationship Managers and Individual Consultants dedicated to developing and maintaining expert client service relationships with institutional plan administrators and their employees. Additionally, during her more than 21 years at TIAA-CREF, Cathy has served both institutional and individual clients as the Manager of the Telephone Counseling Center and, as Assistant VP/ Director of the NYC Regional Office Manhattan Team, worked with some of New York City s largest and most prestigious educational institutions. Prior to TIAA-CREF, Cathy was a member of Price Waterhouse s International Tax Department. Cathy holds a B.A. in English from Iona College, where she graduated Summa Cum Laude and, as a FINRA registered representative and principal, holds Series 7, 51, 63, and 24 licenses while maintaining Life, Health and Variable Annuity licenses from the State of New York. Additionally, Cathy has obtained the Certified Employee Benefits Specialist (CEBS) professional designation. Olivia S. Mitchell Olivia Mitchell is Department Chair of the Insurance and Risk Management Department, International Foundation of Employee Benefit Plans Professor of Insurance and Risk Management, 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. She is also a TIAA-CREF Institute Fellow, a Research Associate at the National Bureau of Economic Research and a Co-Investigator for the Health and Retirement Study at the University of Michigan. Her research focuses on private and public insurance, risk management, public finance, and compensation and pensions, and her work on Social Security reform won TIAA-CREF s Paul Samuelson Award for Outstanding Writing on Lifelong Financial Security. She also received the Premio Internazionale Dell'Istituto Nazionale Delle Assicurazioni (INA) from the Accademia Nazionale dei Lincei, Rome, Italy ex aqueo, the 2007 Fidelity Institute Research Prize and the 2008 Roger F Murray 1st Prize from the Institute for Quantitative Research in Finance. She has previously taught at Cornell University, Harvard University, the Goethe University of Frankfurt, Singapore Management University, and the University of New South Wales. She served on President Bush s Commission to Strengthen Social Security, the US Department of Labor s ERISA Advisory Council, and the Advisory Committee of the Central Provident Fund Board of Singapore. She received the B.A. in Economics from Harvard University and the M.A. and Ph.D. degrees in Economics from the University of Wisconsin-Madison.

8 Michael S. Noetzel Michael Noetzel is Managing Director, Institutional Relationships for the Premier client segment, which supports TIAA-CREF s 50 largest plans. Prior to this position, Mike was Regional Vice President responsible for managing TIAA-CREF s Northeast Region. He is based in Boston and has 13 years of financial services experience in relationship management and marketing. He has served as Vice President of Enterprises Marketing for TIAA-CREF where he managed a marketing division dedicated to the college savings business. Prior to joining TIAA-CREF, Mike was Executive Assistant to the Chancellor at the Board of Higher Education in Massachusetts, where he developed higher education policy for the state of Massachusetts and helped implement the state s Optional Retirement Program. Earlier in his career, Mr. Noetzel was Program Manager for the National Association of College and University Business Officers (NACUBO) where he served as staff director for the organization s Benefits and Personnel Committee. He holds a M.A. from Columbia University and a B.A. from Siena College. Eldar Shafir Eldar Shafir is Professor of Psychology and Public Affairs in the Department of Psychology and the Woodrow Wilson School of Public and International Affairs at Princeton University. His research focuses on decision-making and on issues related to behavioral economics, with a special interest in the application of behavioral research to policy. Of particular interest is the tension between normative assumptions and behavioral findings, and the implications for the design of policy. Shafir received his Ph.D. from MIT and was a Postdoctoral Scholar at Stanford University. He has held visiting positions, among others, at The University of Chicago Graduate School of Business, The Kennedy School of Government, The Russell Sage Foundation, The Institute for Advanced Studies of The Hebrew University, and Pompeu Fabra University in Barcelona. He is a TIAA-CREF Institute Fellow, a member of the Russell Sage Foundation Behavioral Economics Roundtable, a faculty associate of the Institute for Quantitative Social Science at Harvard University and a Fellow of the Canadian Institute for Advanced Research. Teresa A. Sullivan Teresa Sullivan became Provost and Executive Vice President for Academic Affairs at the University of Michigan on June 1, She is also Professor of Sociology in the College of Literature, Science, and the Arts. Prior to coming to the University of Michigan, Dr. Sullivan was Executive Vice Chancellor for Academic Affairs for the University of Texas System, a position she held from 2002 until May In that role, she was the chief academic officer for the nine academic campuses within the University of Texas System. Her responsibilities included developing tuition-setting procedures, initiating and supporting educational and research collaborations among the various campuses and developing external collaborations. Dr. Sullivan first joined the University of Texas at Austin in 1975 as an instructor and then assistant professor in the Department of Sociology. From , she was a faculty member at the University of Chicago. Dr. Sullivan returned to Texas in 1981 as a faculty member in Sociology. In 1986 she was named to the Law School faculty as well. Dr. Sullivan also held several administrative positions at Texas including Vice President and Graduate Dean ( ), Vice Provost ( ), Chair of the Department of Sociology ( ), and Director of Women s Studies ( ).

9 Dr. Sullivan s research focuses on labor force demography, with particular emphasis on economic marginality and consumer debt. The author or co-author of six books and more than 50 scholarly articles, her most recent work explores the question of who files for bankruptcy and why. Dr. Sullivan has served as chair of the U.S. Census Advisory Committee. She is past secretary of the American Sociological Association, a fellow of the American Association for the Advancement of Science and a TIAA-CREF Institute Fellow. A graduate of James Madison College at Michigan State University, Dr. Sullivan received her doctoral degree in sociology from the University of Chicago. Paul J. Yakoboski Paul Yakoboski is a Principal Research Fellow with the TIAA-CREF Institute. He conducts and manages research on issues related to retirement income security, including saving and planning for retirement, retirement plan design and managing workforce retirement patterns, and research on issues related to strategic management in higher education. In addition to his research responsibilities, he serves as director of the Institute's Fellows Program and the Institute s Series on Higher Education.Prior to joining the Institute, he held positions as Director of Research for the American Council of Life Insurers, Senior Research Associate with the Employee Benefit Research Institute and Senior Economist with the U.S. General Accounting Office. He is a member of the American Economic Association and the National Academy of Social Insurance, and has served as Director of Research for the American Savings Education Council. He serves on the editorial advisory board of Benefits Quarterly. Yakoboski received his Ph.D. and M.A. in economics from the University of Rochester and his B.S. in economics from Virginia Tech. Gal Zauberman Gal Zauberman is an Associate Professor of Marketing at the University of Pennsylvania s Wharton School. His academic background includes a B.A. with Highest Honors in Psychology and Economics from The University of North Carolina, Chapel-Hill (1994), and a Ph.D. in Marketing from Duke University (2000). Professor Gal Zauberman studies consumer behavior, time in judgment and decision making, and memory for emotions and choice. In his research, Professor Zauberman focuses on factors that affect individuals' evaluations, preferences and choice, with specific interest in the role of time in judgment and decision making. On this topic, Zauberman examines the psychological mechanisms that govern the way people develop preferences for outcomes in the future. He also studies how the pattern of a sequence of outcomes over time affects people's evaluation of a consumption sequence. More recently, he began work on how people evaluate forthcoming activities and how these activities affect their special memories for past events. The key idea is that people choose activities not just because of their immediate enjoyment, but because of how they relate to previous special memories. His research has been published in top-tier academic journals including the Journal of Consumer Research, Journal of Experimental Psychology: General, the Journal of Marketing Research, Management Science, and Psychological Science. His research has received international media coverage, including the New York Times, Scientific American and others. He has won several awards and honors, among them the Young Scholars Program of the Marketing Science Institute and an honorable mention for the Association of Consumer Research's Robert Ferber Award. His teaching interests include courses in Consumer Behavior, Internet Marketing, Marketing Management and Marketing Research.