Round table introduction

Pensions & Investments hosted a March 12 round table in Washington on which is better, defined benefit plans or defined contribution plans. The often contentious discussion not only touched on the broad question, but also covered specific areas of debate, including the effect a change to defined contribution plans from defined benefit plans would have on the capital markets.

Participating in the discussion were:

• Keith Brainard, research director for the National Association of State Retirement Administrators;

• Daniel Clifton, executive director, American Shareholders Association;

• Roderick B. Crane, director, institutional client services at TIAA-CREF;

• Ed Ferrigno, vice president of Washington affairs for the Profit Sharing/401(k) Council of America;

• Damon Silvers, associate general counsel, AFL-CIO; and

• Kurt Winkelmann, managing director of global investment strategies of Goldman Sachs Investment Management.

The moderator was Nancy K. Webman, editor of P&I; Washington Bureau Chief Doug Halonen also attended.

What appears on this page is an excerpt from the edited transcript. The full edited transcript is available at