Tuesday September 17, 2013 1:30 PM - 4:00 PM The Brookings Institution - Saul/Zilkha Rooms 1775 Massachusetts Av., NW, Washington, DC
The Retirement Security Project and the AARP Public Policy Institute invite you to a discussion of what we might learn from retirement savings systems in Australia and Asia.
Australia's mandatory Superannuation Guarantee requires its citizens to save at least 9 percent of their income towards retirement. In many Asian nations, economic growth has spurred reexamination of pension systems to meet the needs of rapidly evolving societies.
Opening speakers include Nick Sherry, who helped shape the Australian system as a cabinet minister and ran a Superannuation fund in the private sector, and Josef Pilger, an advisor on pension reform to both the Malaysian and Hong Kong governments and many industry providers. Our panel of retirement experts from both the United States and the United Kingdom will consider how reforms in Australia and Asia can shape the American debate and whether this country should adopt key features. The conference will explore:
* Whether a mandatory retirement savings plan like Australia's would be more effective the current US voluntary system with automatic enrollment and automatic escalation. * How Asian nations have restructured their pension systems to deal with legacy costs and their experience with establishing retirement savings plans. * What Americans can learn from the way Australia's industry funds use both employer and employee representatives to shape investment choices.
*Nick Sherry, former Australian Minister for Superannuation and Corporate Law * Josef Pilger, Executive Director, Asia Pacific Pension Practice Leader, Ernst & Young Sydney
* Steve Utkus, Principal, Vanguard Center for Retirement Research * David Harris, Managing Director, Tor Financial Consulting, Ltd. * Benjamin Harris, Senior Research Associate, Urban Institute
I am a Resident Scholar at the American Enterprise Institute in Washington, where my work focuses on Social Security policy. Previously I held several positions within the Social Security Administration, including Deputy Commissioner for Policy and principal Deputy Commissioner. Prior to that I was a Social Security Analyst at the Cato Institute. In 2005 I worked on Social Security reform at the White House National Economic Council, and in 2001 I was on the staff of the President's Commission to Strengthen Social Security. My Bachelor's degree is from the Queen's University of Belfast, Northern Ireland. I have Master's degrees from Cambridge University and the University of London and a Ph.D. from the London School of Economics and Political Science. I can be contacted at andrew.biggs @ aei.org.