COLLAPSE ALL
WEDNESDAY, APRIL 17, 2013
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- 12:30 pm - 6:30 pm - Registration
- 4:00 pm - 5:00 pm - Concurrent Sessions
Retirement Perspectives: Consumers and Advisors Weigh In
Matthew Drinkwater, Ph.D., FLMI, AFSI, PCS, Associate Managing Director, Retirement Research, LIMRA
Moderator: Andrew Peterson, FSA, EA, MAAA, FCA, Senior Fellow, Retirement Systems,
Society of Actuaries
Are consumers and advisors on the same page
when it comes to retirement? Do they agree which
services provided by advisors are the most valuable,
and what retirement risks are the most significant?
At this session, hear the latest LIMRA and SOA
research that investigates consumers’ and advisors’
perspectives on the most pressing retirement
challenges they face and the implications for your
company.
Design Thinking: How Innovators Solve Problems
Lance Poole, FSA, MAAA, Vice President, Annuity Product Manager, Protective Life Corporation
Additional Speaker TBD
In this session attendees will be exposed to the
principles of design thinking as taught at the
Design Institute at Stanford. This session will be
interactive. Attendees will walk away understanding
the importance of:
- Using empathy as a starting point for solutions
- Appropriately defining the problem, through
creating a point-of-view statement
- How to leverage this information to brainstorm
and come up with great ideas
- How to quickly prototype the ideas
- How to test the prototype and gain insights
- How to apply all of this to your day job
Fee Disclosure — Singin’ the Blues or Swingin’ to Jazz?
Jason Frain, Vice President, 401(k) Product Development and Management, The Guardian Life Insurance Company
Mary Ann Langevin, Senior Consultant, Retirement Research, Inc.
David Reich, AIF, Executive Vice President, Retirement Platform Development, LPL Financial
Moderator: Cheryl Wilson Maynard, Director, Marketing and Communications, Retirement Services, MassMutual Financial Group
Join our panel of experts for a lively discussion, as we take
a look back at last year’s debut of the much anticipated
regulatory fee disclosures. With disclosure deadlines
approaching, media reports predicted significant reaction
to the new disclosures, and forecasts of vast changes in
the retirement plan landscape dominated the headlines.
We’ll take a look back to examine client reactions and
explore a variety of topics, including whether the
disclosures have influenced plan sponsor or participant
behaviors.
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- 5:30 pm - 6:30 pm - Welcome Reception
THURSDAY, APRIL 18, 2013
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- 7:15 am - 8:15 am - Continental Breakfast
- 8:15 am - 10:00 am - General Session
Robert A. Kerzner, CLU, ChFC, President and Chief Executive Officer, LIMRA, LOMA, and LL Global, Inc.
Senior Executive Panel on Leadership and Retirement Security
Eric S. Henderson, Senior Vice President, Individual Products & Solutions, Nationwide Financial
Charles P. Nelson, President, Great-West Retirement Services, Great-West Life & Annuity Insurance Company
Stig O. Nybo, President, Pension Sales and Distribution, Transamerica Retirement Solutions
Jay Wintrob, President and Chief Executive Officer, AIG Life and Retirement
Moderator: Robert A. Kerzner, CLU, ChFC, President and Chief Executive Officer, LIMRA, LOMA, and LL Global, Inc.
The retirement industry is going through a
period of profound change, and retirement
security seems harder than ever to achieve.
This panel brings together highly accomplished leaders
from the institutional and retail businesses to share their
perspectives on the industry, its challenges, and the future
of retirement. Learn from them as they share their insights
on leading through change and managing uncertainty.
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- 10:00 am - 10:30 am - Networking Break
- 10:30 am - 11:45 am - Concurrent Sessions
The Changing Individual Annuity Market
Joseph E. Montminy, ASA, MAAA, Assistant Vice President, LIMRA
Aaron Sarfatti, Partner, Oliver Wyman Financial Services
This session will provide our outlook for the variable,
indexed, and traditional fixed annuity market. It will assess
sales trends, product design innovations, and address what
is driving individual annuity sales. It will also cover:
- VA and indexed GLB rider election rates
- Utilization of VA GLB riders
- Changing product manufacturing landscape
- Imperatives for success in the next generation of products
- Sales projections
Retirement Readiness — Removing the Barriers
Nevin E. Adams, Director, Education & External Relations, Employee Benefit Research Institute
Paul D’Aiutolo, AIF, PRP, Vice President, Institutional Consultant, Retirement Plan Consultant, UBS Institutional Consulting
Deb Rubin, CFP, AIF, Senior Vice President, National Practice Leader – TPA and RIA Services, Transamerica Retirement Services
Co-Moderators: Karen Betts, Vice President, Retirement Marketing, AXA Equitable; Diana Geraci, Vice President, Product Development Group, Transamerica Retirement Services
In this session, you will hear from industry experts as they
share their thoughts on how we can work together to
overcome barriers to participant retirement readiness.
This important topic has become the focal point of many
industry-related activities. How can we continue to move in
the right direction to make meaningful progress? How can
we do a better job proactively addressing the challenges and
concerns around auto enrollment in the small plan market?
How can we influence younger participants to think about/
plan for retirement earlier rather than later? This panel will
explore and discuss how to make retirement savings part of
the American culture — at any age.
Generating Retirement Income in a LumpSum World
(1.5 EA Non-Core Credit Hours)
Angela Hung, Ph.D., Senior Economist, Director, Center for Financial and Economic Decision Making, RAND Corporation
Steve Vernon, FSA, MAAA, President, Rest-of-Life Communications
Moderator: Andrew Peterson, FSA, EA, MAAA, FCA, Senior Fellow, Retirement Systems, Society of Actuaries
Increasingly, financial planners and individuals acknowledge
a need for generating lifetime income in retirement, yet when
participants are given options between lump sums and
annuities, they often choose the lump sum. This session will
examine this phenomenon in the context of behavioral
finance research and look at the latest trends with respect to
how lifetime income solutions are being developed to better
meet participant needs and overcome objections.
Voice of the Producer — Insights on Annuities
Ronald C. Camet Jr., CLTC, Personal Financial Representative, Allstate
Charles R. Lodriguss, CFP, FIC, Financial Consultant, Thrivent Financial for Lutherans
Grant Simon, Financial Advisor, Simon and Simon International
Moderator: Tim Pfeifer, FSA, MAAA, President, Pfeifer Advisory LLC
The success of an annuity carrier is due to a great extent to
the product attributes and advisors selling their annuity
products. This session will feature producers sharing their
perspective on the state of annuities and the industry as well
as product attributes and processes that enhance the success
of producers to meet the needs of their clients. An actively
moderated discussion will follow the presentation and
provide an opportunity for attendees to hear the voice of
the producer.
- 11:45 am - 1:00 pm - Luncheon / Canadian Issues Luncheon
- Sponsored by CANNEX Financial Exchanges -
This luncheon and interactive session will focus on current
retirement income topics impacting the Canadian market and
is open to all attendees interested in Canadian-specific issues.
(Pre-registration is required for this session.)
- 1:00 pm - 2:15 pm - Concurrent Sessions
The Retirement Road Ahead
Bernie Gacona, FLMI, CMFC, Senior Vice President, Director of Annuities, Wells Fargo
William J. Miller, CLU, ChFC, CFP, CASL, Senior Vice President, Leadership Development, Waddell & Reed
Alex Null, CFP, Senior Vice President, Mutual Funds, Annuities & Retirement Services, SunTrust Investment Services, Inc.
Joseph Toledano, Executive Director, Morgan Stanley
Tina Valenzuela, Vice President, Insurance Services, Charles Schwab & Co., Inc.
Moderator: Ann Farley, Associate Vice President, Product Development, Pacific
Life Insurance Company
We know that there are many challenges that preretirees
and retirees may face on their road to
retirement. Clients look to financial representatives to
help them address the challenges and offer solutions
that will provide for a smooth retirement. Come
listen to a panel of distribution firm executives
describe how their companies help clients navigate
the road to retirement.
Creating Value through Amazing Customer Experiences
Jasmine Green, Vice President, Chief Customer Advocate, Nationwide Financial
Victoria Stennes, Senior Advisor, JetBlue
Moderator: Lance Poole, FSA, MAAA, Vice President, Annuity Product Manager, Protective Life Corporation
With the growing influence social media has on
society, customer advocacy is more important than
ever. Join us to hear from customer experience
experts as they share insights into how their
organizations create amazing customer experiences!
Panelists from inside and outside of the insurance
industry will share some of their success stories and
highlight how a customer-focused culture can create
true value for any organization.
New Options to Purchase Future Income, Today
Roy A. Benjamin, FSA, MAAA, Vice President & Actuary, Fidelity Investments
Dylan W. Huang, FSA, MAAA, Managing Director, Head of Annuity Product Management, New York Life
Ronald Nelson, FSA, MAAA, Assistant Director, Research and Product Development, Northwestern Mutual
Learn how new deferred fixed income annuity
products are being designed to help individuals as
they approach retirement secure guaranteed
lifetime income that begins on a future date that
they select. In addition to covering how and why
these products were designed, you will learn how
the products are being incorporated into income
planning discussions and who is buying this type
of product.
Social Media Communications
Stephen Johnson, Director of Social Media, TIAA-CREF
Stephen F. Selby, Director, Regulatory Services, LL Global Services, Inc.
Be it Facebook, Twitter, LinkedIn, YouTube or
Google, Social Media is arguably the greatest
change in communication in this century. But how
can Social Media be deployed in the retirement
industry to effectively communicate in a compliant
and effective manner? And what are your
customers saying about you in Social Media and
what can you do about it? This session will feature
an overview of the use of Social Media in our
industry with insight into its effective use in the
retirement industry.
- 2:30 pm - 3:30 pm - Concurrent Sessions
All That Jazz - Why Fixed Index Annuity Sales Aren't Singing the Blues
Jack Marrion, President, Advantage Compendium, LTD
Sheryl J. Moore, ACS, AIRC, AIAA, President and CEO, Moore Market Intelligence
Kim O’Brien, CFP, President and CEO, National Association for Fixed Annuities
Moderator: Brian Wilson, Assistant Vice President, Fixed Annuity Product Management, Lincoln Financial Group
Fixed index annuity sales have experienced four
consecutive years of record sales despite a volatile
stock market, historically low interest rates, and a
sluggish economy. What is driving this record
growth? How is the competitive landscape
changing? What does the future of distribution
look like? Industry experts provide their
perspective on these key issues and share their
insights on why fixed index annuities are thriving
in this challenging environment.
De-Risking Pensions and Longevity Transfers — Implications for the Retirement Industry
(1.2 EA Non-Core Credit Hours)
Jennifer Haid, FSA, MAAA, Manager, Ernst & Young
Amy Kessler, Senior Vice President, Pension Risk Management Solutions, Prudential Retirement
Moderator: Andrew Peterson, FSA, EA, MAAA, FCA, Senior Fellow, Retirement Systems,
Society of Actuaries
2012 marked a significant trend as corporate sponsors of
defined benefit pension plans took unprecedented steps to
de-risk and transfer their pension risk. Two large auto
manufacturers, Ford and GM, were the initial newsmakers
with other well-known firms following suit, using an array
of approaches from offering lump sums to former
employees and retirees to purchasing group annuities. This
session will examine these transactions, the future outlook
and implications for the retirement income industry
The Changing Role of the Retirement Plan Fiduciary
Dorann Cafaro, Senior Vice President, Fiduciary Benchmarks
Brock Johnson, President, Retirement Solutions, Morningstar Investment Management
Chuck Rolph, J.D., MSFS, CLU, ChFC, CEBS, CPC, TGPC, Director, Advanced Consulting
Group, Nationwide Financial
Moderator: Hutch Schafer, Associate Vice President, Retirement Plans Product
Development, Nationwide Financial
Understand how fiduciary requirements are changing and
how those changes are impacting the industry and plan
providers. In this session, you will hear from various
Retirement Plan experts and their views on how plan
fiduciary obligations are evolving and what the industry
should think about to prepare.
Guaranteed Income Strategies: DIA vs. Lump Sum
Steven Feinschreiber, Senior Vice President, Fidelity Investments, Global Asset Allocation
Matthew Kenigsberg, CFA, Senior Quantitative Analyst, Fidelity Investments, Global Asset Allocation
Most of us need guaranteed retirement income. The big
question is what is the best way to get it. Discover the
effectiveness of different income purchasing strategies: lump
sum purchases vs. deferred income annuities (DIA) over
time. Learn whether it’s better to make monthly 401(k)
in-service withdrawals to purchase DIA or purchase a SPIA
at retirement. Learn how DIA purchases over time can be
used to manage portfolio risk. Learn how non-qualified DIA
purchases over time can be effectively used for high net
worth investors, including for tax management.
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- 3:30 pm - 4:00 pm - Networking Break
- 4:00 pm - 5:00 pm - General Session
Money for Life: How to Help Your Customers Avoid Going Broke in Retirement
Steve Vernon, FSA, MAAA, President, Rest-of-Life Communications
What can Mr. Spock, Homer Simpson,
Clark Gable, a Ziegfeld Follies girl, and a
marshmallow teach us about planning a
secure retirement? Plenty! This keynote address will
inform and entertain you about one of the most critical
issues in the retirement industry today — how to use
retirement savings to generate a reliable, lifetime
retirement income.
CBS columnist, author, and consulting actuary Steve
Vernon shares effective, realistic strategies for these critical
issues. He’ll summarize the main points from his latest
book, Money for Life: Turn Your IRA and 401(k) Into a
Lifetime Retirement Paycheck, and cover the critical topic
of how retirement professionals frame the decisions that
individuals must make and how to focus their attention on
the most significant issues.
FRIDAY, APRIL 19, 2013
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- 7:00 am - 8:00 am - Continental Breakfast
- 8:00 am - 9:00 am - General Session
The Economic Outlook: Driving In Low Gear
Beth Ann Bovino, Ph.D., U.S. Deputy Chief Economist, Standard & Poors
Where is the U.S. economy heading?
The answer is critically important as the
retirement industry tries to navigate
through challenging economic conditions, including
the low interest rate environment. While the recovery has
improved, headwinds remain. The road to economic safety
is a slow one and continues to be fraught with potholes
four years into the recovery. Whatever the outcome from
U.S. debt negotiations, cutbacks in government spending
and new taxes will slow growth. The U.S. could fall back
into recession if Europe or the U.S. government debt
negotiations deteriorate more. Beth Ann Bovino will share
her insight and forecasts and discuss the leading economic
benchmarks, growth prospects, and financial headwinds
that will keep the recovery slow and fragile. Bovino
develops S&P’s U.S. economic forecasts and authors the
monthly
U.S. Economic Forecast, the quarterly
U.S. Risks
To The Forecast, the weekly
Financial Notes and the
Weekly Economics Call.
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- 9:00 am - 9:30 am - Networking & Exhibitor Raffle
- 9:30 am - 10:30 am - Concurrent Sessions
Annuitants, Owners and Beneficiaries...OH MY! Be Aware of the Pitfalls of Incorrectly Designated Non-Qualified Annuities
David Boekeloo, J.D., MST, CFP, CLU, ChFC, Advanced Planning Attorney, LPL Financial
Robert Hopkins, J.D., CFP, CLU, ChFC, Senior Corporate Counsel, TIAA-CREF
Moderator: John Wesley, CFP, Director, Product Management, TIAA-CREF
This session explores the potential pitfalls of incorrectly
designating a non-qualified annuity contract. What are
the implications of trust ownership and joint ownership?
Is your client aware of what happens upon death of the
annuitant or owner? What are the possible federal income
and estate tax traps? Come find out how to prevent bad
outcomes.
Annuity Risk Management: Trends and New Techniques
Scott Dunn, CLU, Vice President, Prudential Annuities Research
Kenneth P. Mungan, FSA, MAAA, Principal, Milliman, Inc.
The annuity industry has faced many challenges over the
past several years in managing risks associated with living
benefits. Companies have addressed these issues in a
number of different ways, including:
- Adding volatility based VA subaccounts
- Using preset contract-based formulas
- Lowering guarantees
- Developing new types of annuities
- Addressing in-force guarantees
- Reducing sales goals
Hear industry experts discuss changes to new and
in-force business and how these changes are impacting
the industry.
Defining Success for Your Retirement Plan: Income is the Outcome
(1.2 EA Non-Core Credit Hours)
Rick Ayers, Vice President, Securian Retirement
Mark Fortier, CFA, Head of Product and Partner Strategy, AllianceBernstein
The focus of defined contribution plans is shifting from
the supplemental accumulation of retirement savings to
building better outcomes in retirement. Increasingly,
plan sponsors recognize that generating greater saving,
planning and certainty are the keys to building better
outcomes in retirement. Sponsors also recognize that
defining the risks and objectives for their plan are
critical components. Hear how different income
solutions can address the behavioral challenges that
participants face — both to and through retirement —
that currently preclude a confident “on-time”
retirement. Understanding which income solution is
best for your plan participants starts with
understanding your participants and the objective of
your plan.
The Middle Market — How Do We Help?
Sarah Simoneaux, CPC, Retirement Services Industry Consultant, Simoneaux & Stroud Consulting Services
Scott Thoma, CFA, Principal, Clients Needs Research, Edward Jones
Moderator: David Hanzlik, FSA, MAAA, Director, Product Management, CUNA Mutual Group
Traditionally, retail organizations have focused the
attention of their retirement businesses on the mass
affluent, affluent and high net worth market segments,
leaving the current and future needs of others to
company and government retirement safety nets.
Participate in a discussion of past successes and failures
as well as future strategies that retirement plan and
retail oriented organizations are using to shape the
retirement space for the middle market and low net
worth market segments.
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- 10:30 am - 10:45 am - Break
- 10:45 am - 11:45 am - Concurrent Sessions
CDAs: The Future of Retirement Income?
Noel J. Abkemeier, FSA, MAAA, Consulting Actuary & Principal, Milliman, Inc.
Elizabeth K. DietrichFSA, CERA, MAAA, Director & Actuary, Prudential Annuities
Moderator: Timothy E. Bennett, FSA, MAAA, Vice President & Actuary, Transamerica Life Insurance Company
Contingent Deferred Annuities or Standalone
Living Benefits have received increased attention as
the industry determines where CDAs fit in the
regulatory landscape. Listen to industry experts
provide an overview of CDAs and why it offers a
compelling solution to our retirement income
needs. The speakers will recap CDAs regulatory
history, review CDAs available today, and discuss
risk management/administrative considerations.
Retirement Security and Lifetime Income: An "Inside the Beltway" View of Public Policy Considerations
(1.2 EA Non-Core Credit Hours)
Kent A. Mason, J.D., Partner, Davis & Harman, LLP
Moderator: Toni Griffin, AVP, Industry Strategies, Corporate Benefit Funding, MetLife
With the re-election of President Obama, whose
administration has shown great interest in
retirement security, there is much speculation
about what the next four years may hold from a
public policy standpoint. Join us for an “Inside the
Beltway” perspective about tax reform, deficit
reduction and lifetime income, including
retirement tax incentives, the barriers that are
standing in the way of more widespread adoption
of retirement income products and the
implications of the Treasury Department guidance
designed to expand lifetime income options.
Mitigating Risk to Ensure Lifetime Retirement Income
(1.2 EA Non-Core Credit Hours)
Vickie Bajtelsmit, Ph.D., J.D., Professor of Finance, Colorado State University
Moderator: Andrew Peterson, FSA, EA, MAAA, FCA, Senior Fellow, Retirement Systems, Society of Actuaries
Although much research has addressed the impact
that investment risk has on retirement income,
retirees are subject to several other risks that can
derail their retirement. A new Society of Actuaries
research report investigates the combined effects of
investment, longevity, health, and long term care
risks on retirement income adequacy. Various risk
mitigating strategies are investigated using a
stochastic simulation model. Come find out which
strategies will best help your clients’ income last a
lifetime.
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- 11:45 am - Conference Adjourns