Actuarial Perspectives and Solutions for Strengthening the U.S. Retirement System 

(1:50 to 2:35 p.m.)

Without congressional action, the Social Security trust funds will be depleted in less than ten years, resulting in consequential benefit reductions. The future of Social Security will be an important topic in the 2028 and/or 2032 presidential election campaign. An expert panel discussed what positions might be taken, what will be the most likely policy outcomes and how they will impact the current balance between social adequacy and individual equity, as well as what can and should be done in the meantime.

Moderator: Sam Gutterman, MAAA, FCA, FCAS, FSA, Chairperson, Social Security Committee, American Academy of Actuaries

Speakers:

• Kathleen Romig, Director of Social Security and Disability Policy, Center on Budget and Policy Priorities
• Charles Blahous, J. Fish and Lillian F. Smith Chair, Mercatus Center at George Mason University; Former Public Trustee, Social Security and Medicare

(2:40 to 3:25 p.m.)

Few American workers outside the public sector have access to a defined benefit pension plan, thus left to rely on Social Security, employer-sponsored savings plans, and their own savings as potential sources for income during retirement years. A changing American workforce that is becoming less connected to employers adds additional challenges, leaving many without any employer-provided benefits to help them prepare for retirement. The panel discussed ways the current retirement system can be strengthened to provide individuals with better access to retirement savings accounts, more meaningful accumulation of savings, and improved options for sustainable lifetime retirement income.

Moderator: Tonya Manning, MAAA, EA, FCA, FSA; Member, Pension Committee, American Academy of Actuaries

Speakers:

• Ali Khawar, Former Principal Deputy Assistant Secretary, Employee Benefits Security Administration, U.S. Department of Labor
• Michael Sinacore, Pensions Policy Director, Senate Health, Education, Labor, and Pensions Committee
• Connie Rydberg, MAAA, EA, FSA; Vice Chairperson, Retirement Policy and Design Evaluation Committee, American Academy of Actuaries

(3:30 to 4:15 p.m.)

Retirement plans can be an effective tool for providing retirement income through risk pooling. Over the last quarter century, however, private sector employers have moved away from traditional defined benefit pension plans, embracing the defined contrition model. The panel discussed alternative plan designs and possible reforms that could encourage employers to play a greater role in efficiently providing secure lifetime retirement income to their employees.

Moderator: Grace Lattyak, MAAA, EA, FCA, FSA, Chairperson, Pension Committee, American Academy of Actuaries

Speakers: 

• Bruce Cadenhead, MAAA, EA, FCA, FSA, Incoming Vice President, Retirement Practice Council, American Academy of Actuaries
• Lee Gold, MAAA, ASA, EA, FCA, Chairperson, Retirement Policy and Design Evaluation Committee, American Academy of Actuaries
• Spencer Look, MAAA, FSA, Vice Chairperson, Defined Contribution Subcommittee, American Academy of Actuaries

(4:20 to 4:45 p.m.)

The closing session featured a roundtable discussion with Congressional staff from both parties.

Moderator: Linda K. Stone, MAAA, FSA, Senior Retirement Fellow, American Academy of Actuaries

Speakers:

• Sam Conchuratt, Senior Policy Advisor, Senate Committee on Finance
• Richard Phillips, Pensions and Tax Policy Director, Senate Health, Education, Labor, and Pensions Committee
• Michael Sinacore, Pensions Policy Director, Senate Health, Education, Labor, and Pensions Committee

(4:45 to 6 p.m.)