American Academy of Actuaries
Pension Symposium: The Future of Retirement
Nov. 15, 2023 | 8 a.m. to 2 p.m.
ASAE Conference Center, 1575 I Street, NW, Washington, DC 20005
This one-day, in-person event—following Envision Tomorrow, the Academy’s Annual Meeting—will raise issues in the retirement industry and engage lively stakeholder discussion. Policymakers, plan trustees, and professionals, as well as members of the Academy, will be invited to join us as we review historical trends, discuss the changing retirement landscape, examine DEI issues in retirement, and consider how best to educate plan participants about preparing for their retirements.
An Academy post-event report will be published to educate various public stakeholder groups and to encourage the continuation of this critical discussion on the future of retirement.
Contact education@actuary.org with inquiries.
8 to 8:30 a.m | Registration |
8:30 to 9:15 a.m. |
Session 1: Evolving Three-Legged Stool Historically, the US retirement system has been described as a three-legged stool, meaning sources of income for a retiree would, ideally, come from three sources: Social Security, an employer-provided defined benefit or defined contribution plan, and personal savings either from an employer-sponsored account or a personal account. Does this description still fit? Panelists will examine not only the strength of the three legs but also the changes to what the three legs are actually supporting. |
9:15 to 9:30 a.m. |
Break |
9:30 to 10:45 a.m. |
Session 2: Social Security With the combined Trust Funds reserve depletion date projected to be in 2034, reform options are being proposed in Congress. This session will include a discussion of innovative ideas that have been implemented in social retirement systems of other countries, as well as a discussion on the concepts of individual equity and social adequacy of the benefits provided by Social Security. |
10:45 to 11:00 a.m |
Break |
11 a.m to 12:15 p.m. |
Session 3: Retirement Education Retirement Education is a topic that has been gaining attention over the last several years. While there are many requirements surrounding information to be provided to plan participants under both defined contribution and defined benefit plans, there is no requirement that comprehensive education be provided to participants that would likely help them to secure a reliable income in retirement. The type of education that may be beneficial to participants differs based on plan type, stages in one’s working career, and other relevant factors. Our speakers will discuss some examples of retiree education programs that are currently being used, legislative and regulatory concerns that employers face when providing retirement education, and the challenges and risks that retirees face when de-accumulating defined contribution plan balances and how education and modeling could help in dealing with this challenge. |
12:15 to 12:45 p.m. |
Break |
12:45 to 2 p.m. |
Session 4: DEI in Retirement This session will raise many of the same matters to be covered in the Academy’s Issue Brief on DEI issues for retirement (in development), which considers multiple aspects of retirement policy and plan design from a DEI point of view. An overview of retirement income, retirement plan access, and financial literacy and retirement preparedness across different population segments will be provided. This will be followed by an examination of retirement plan provisions and features from a DEI viewpoint, with emphasis on elements of plan design that can help traditionally disadvantaged groups take fuller advantage of retirement plans. The session will conclude with a discussion of possible future policy changes and research that would foster improved retirement outcomes from a DEI perspective. |