Anne Lester, former head of retirement solutions for J.P. Morgan Asset Management, was honored with the Lillywhite Award, presented annually by the Employee Benefit Research Institute.
The announcement was made Tuesday by Lori Lucas, president and CEO of EBRI, at the Pensions & Investments Defined Contribution West Hybrid Conference in San Diego.
Named after the late Ray Lillywhite, a pioneer in the pension field, the award is presented to employee benefits professionals for lifetime contributions to Americans' economic security.
Ms. Lester, who retired last year as a managing director, worked for 29 years at J.P. Morgan Asset Management, the last 10 as head of retirement solutions.
Early in her career, Ms. Lester attended "as many defined contribution meetings as I could," an experience she described as "fascinating" in her speech accepting the award. The meetings enabled her to gain better insight into the needs of DC participants.
Learning about consumer behavior helped her develop strategies for improving DC participants' savings and encouraging participants to start saving early, Ms. Lester said.
Now she is "taking this message on the road," encouraging millennials to start saving in their 20s rather than waiting until their 30s and 40s. Ms. Lester said time is the crucial multiplier to building a strong financial foundation.
Ms. Lester has been working on a book to help younger savers understand how to overcome behavioral biases and plan for long-term savings. "You cannot do this on willpower alone," she said in her advice to younger workers. Making a commitment to save and getting professional advice are important ingredients in preparing for a secure financial future.
Ms. Lucas, speaking by video, praised Ms. Lester for her use of data and empirical analysis to enhance the understanding of how participants save for — and spend in — retirement. "Anne Lester has set the standard for innovation and thought leadership in the retirement space," Ms. Lucas said.
