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Agenda

PRELIMINARY AGENDA
as of September 18, 2012 (subject to change)

7:30 – 8:30 am
Registration and Breakfast

8:30 – 8:45 am
Opening remarks


Speaker: Ross Bremen [Conference Moderator]
Partner
NEPC

8:45 – 9:15 am
PRESENTATION: Are We There Yet?

Sponsors are driving towards better retirement outcomes via plan re-enrollments and custom targetdate funds. Solutions focused on guarantees of post retirement income adequacy may be the next step in the defined contribution evolution.

Sponsors are asking for education. Fiduciary issues, systems limitations, costs, and participant communications questions are gradually being addressed. With sponsors beginning to add products and the possibility of regulatory assistance, are we on the cusp of a migration to lifetime income products? This session looks at the products available and current state of the marketplace.

Speaker: Kevin Cress
Principal
NEPC

9:15 – 9:55 am
WORKSHOP: A New Target Income Solution for Retirement

The defined contribution industry is seeking out new retirement solutions to give participants a better retirement planning experience. Such solutions will need to be cutting-edge in terms of financial engineering as well as outcomes-based in order to target sufficient income for retirement.

Motivated to come up with the next generation in retirement planning, an innovative target income solution is now available that focuses on managing participant outcomes. It’s designed to ensure thatplan participants have a reasonably high probability of achieving the income they need, even if they never actively participate in their retirement planning. This workshop demonstrates how this target income solution dynamically manages high-impact risks, narrows outcomes and seeks to improve the probability that participants can realize their income goals in retirement.

Speaker: Robert C. Merton
Sloan School of Management Distinguished Professor
Massachusetts Institute of Technology

9:55 – 10:40 am
PANEL DISCUSSION: Investment Considerations and Solutions

When it comes to retirement income, it is necessary to consider not only the consequences of the choices made at retirement, but also those long before retirement. This panel will consider how the retirement income solution can fit best within a DC plan, not only from the point of view of fiduciary considerations, but also importantly investment ones. How does the retirement income solution work alongside asset allocation options, particularly target-date funds with glidepaths that may have more of a ‘to-retirement focus’ as opposed to a ‘through-retirement focus’.

Speakers: Michael Clarfeld
Managing Director, Portfolio Manager
Clearbridge Advisors

Mark Ruloff
Director of Asset Allocation
Towers Watson

Kevin J. Vandolder, CFA (Chicago)
Partner
Hewitt EnnisKnupp

Diane Improta (New York)
Senior Investment Consultant
AonHewitt

10:40 – 11:00 am
Networking Break

11:00 – 11:40 am
WORKSHOP: How Does Regulators' Thinking Impact Embedded Retirement Solutions in DCPlans

Plan sponsors considering adding lifetime income options to their plan are fi nding themselves grappling with an intersection of regulatory issues. This session will provide attendees with the information they need to navigate through these complex, changing regulations and legal issues by including an experienced ERISA attorney in the discussion.

Speaker: Drew Carrington
Managing Director
UBS Global Asset Management

11:40 am – 12:20 pm
PRESENTATION: United Technologies and Lifetime Income

Earlier this year, United Technologies Corporation became the first large American company to incorporate a lifetime income solution into its DC plan. Their Lifetime Income Strategy was adopted as the plan's QDIA and combines the simplicity of a target-date portfolio with the security of lifetime income. This presentation will walk through the decision to adopt the new benefit, its reception by participants and the implementation challenges.

Speaker: Kevin Hanney
Director, U.S. and Non-U.S. Savings Plans
United Technologies Corporation

12:20 – 1:30 pm
Networking Luncheon

1:30 – 2:10 pm
CHICAGO PRESENTATION: Aging, Work and Retirement: A Psychological Perspective


Speaker: Werner deBondt
Professor
Driehaus School of Business
DePaul University

NEW YORK PRESENTATION: The Behavior of DC Plan Participants and the Next Challenge: Roth Accounts
Status quo and inertia are closely related drivers of behavior. We’ll review their manifestations in DC participants’ choices. We’ll give examples of participants leaving money on the table. We’ll compare participation and deferral rates in traditional and newer automatic enrollment plans. Underutilization of Roth plans and of conversions into Roth accounts could also be due to inertia. We’ll argue that Roth conversion may be a good move for participants, and a business opportunity for those who service them consultants and money managers.

Speaker: Gur Huberman
Robert G. Kirby Professor of Behavioral Finance
Columbia Business School

2:10 – 2:50 pm
WORKSHOP: The New Alternative: A Compelling Case for Building Growth and Income through U.S. Equities

Investors have endured volatility in the past twelve months, but point to point U.S. equity markets are unchanged. Meanwhile, the reasons to allocate toward equity income have solidified.

Speaker: Michael Clarfeld
Managing Director, Portfolio Manager
Clearbridge Advisors

2:50 – 3:35 pm
PANEL DISCUSSION: The Challenge of Implementation

When it comes to considering lifetime income solutions, many sponsors balk at the perceived difficulties in implementation. But recordkeepers are rising to this challenge. It appears that the industry is moving fast toward agreeing baseline technical guidelines that will make implementation relatively easy and portability possible. This panel will discuss implementation theory and practice, including communications issues.

Speakers: Bill Marshall
Senior Product Director
AllianceBernstein Defined Contribution Investments

Drew Carrington
Managing Director
UBS Global Asset Management

Timothy Atkinson
Trustee
City of Austin Police Retirement System

Donald Stone
Managing Partner and CIO
Plan Sponsor Advisors

Chris Lyon
Partner
Rocaton Investment Advisors

3:35 – 3:55 pm
Networking Break

3:55 – 4:35 pm
WORKSHOP: Designing a Retirement Plan for Retirement

The focus of defined contribution plans is shifting from the supplemental accumulation of retirement savings to building better outcomes in retirement. Consequently, plan sponsors increasingly want to find ways to generate greater saving, planning and certainty. Sponsors also recognize that lacking a plan that allows participants to retire confidently can have lasting negative consequences for their organizations' effectiveness. While all lifetime income solutions are designed to decrease the risk of outliving one's retirement savings, hear how different solutions can address the behavioral challenges that participants face--both to and through retirement--that currently preclude a confident "on-time" retirement. Understanding which solution is best for your plan participants starts with understanding your participants and the objective of your plan.

Speaker: Mark Fortier
Head, Product & Partner Strategy
AllianceBernstein Defined Contribution Investments

4:35 – 5:20 pm
PANEL DISCUSSION: Innovation and Retirement Income

With defined contribution plans fast becoming the main retirement vehicle for U.S. workers, what needs to change to make plan sponsors comfortable with the idea of adding a retirement income solution to their lineup? This panel will consider what needs to happen next, from product innovation to the outstanding legal, fiduciary and regulatory issues.

Speakers: Michael Lane
CEO, Dimensional Retirement and Office of the Chairman
Dimensional Fund Advisors


Neil Lloyd
Principal
Mercer


Jimmy Veneruso, CFA (Chicago)
Vice President
Callan Associates


Lori Lucas (New York)
Vice President
Callan Associates

5:20 – 6:30 pm
Closing Cocktail Reception

Sponsors