2010 Pension Conference: Today’s Challenges
Date:Wednesday, May 26, 8:30 am– 4:00 pm
Reception: 4:15 - 5:00 pm - Rooms A/B/C/D
Location:The Toronto Board of Trade
First Canadian Place, 4th Floor
Function Type: Full Day Conference
Eligible for 6 CFA Institute CE Credits,IIROC CE CreditsApplied for
Overview
Numerous challenges are facing pension funds and the credit crisis has made these issues even more critical. With plans in deficit, corporate sponsors are questioning their affordability. Many are now closed to new members, even more are considering the DC option and changes to accounting rules are leading sponsors to look at changing the risk profile of their assets.
Do the options being considered make sense? What are pitfalls and solutions? Our thought leaders in the pension industry will provide insightful perspectives on today’s challenges and how they can be addressed.
8:00 – 8:35 am / Registration & Networking Breakfast8:35 – 8:45 am / Opening Remarks
Peter S. Jarvis, CFA, Executive Director
Toronto CFA Society
8:45 – 9:45 am / High Noon for Pension Reform: From Debates to Decisions
After years of study and debate, Canada's political leaders are about to make important decisions on the future of Canada's retirement income system. Pension expert Keith Ambachtsheer offers a concise summary of the pension challenges facing Canadians, and how they should be addressed.
Keith Ambachtsheer, Director
Rotman International Centre for Pension Management
Rotman School of Management, University of Toronto
Bio:
Keith Ambachtsheer isDirector of the Rotman International Centre for Pension Management, anAdjunctProfessor ofFinance at the Rotman School of Management, and publisher and editor of the Rotman International Journal of Pension Management. His firm, KPA Advisory Services Ltd, provides strategic advice on governance, finance, and investment matters to governments, industry associations, pension-plan sponsors, foundations, and other institutional investors around the world since 1985. He is also a co-founder of CEM Benchmarking Inc which monitors the organizational performance of 300 pension plans around the world. The author of three books on pension management has received industry awards in Europe, the USA, and Canada. He is currently Board Chair of the Princess Margaret Hospital Foundation and sits on two corporate boards.
9:45 – 10:45 am / Pension Law and Regulatory Change and the Wind-up of Funds thatFail
Larry Swartz, CFA, Principal, Morneau Sobeco
This session will explore current rules, developments and changes in pension laws. More specifically the speaker will address regulatory and funding issues and the unwinding of underfunded plans that have collapsed.
Bio:
A lawyer, CFA Charterholder and a Principal of Morneau Sobeco, Larry has practiced law for 25 years in the field of pensions and benefits and related taxes. He has expertise with insolvent pension funds, plan design and restructuring, corporate transactions, and advising clients and government. He holds several financial designations, is a past Chair of the Ontario Bar Association (OBA) Pensions and Benefits Law Section, Chair of Advocacy & Government Relations for the Canadian Bar Association Pensions and Benefits Law Section and a member of the CFA Institute’s Disciplinary Review Committee and CFA Magazine Editorial Advisory Team. Larry is a member of the Toronto CFA Society, an Executive of the OBA Insolvency Law Section and a member of the Canadian Association of Pension Supervisory Authorities’ Prudent Funding and Investment Industry Advisory Group.
10:45 – 11:00 am / Networking Break
11:00 – 12:00noon / Which Way for Canada’s Retirement System?
Malcolm Hamilton, Pension Consultant, Mercer
Canada’s retirement system, one of the best in the world, is under pressure. Low interest rates, high levels of economic uncertainty and increasing longevity have all taken a toll on our retirement system.
Employers in the private sector are gradually disengaging, leaving employees to fend for themselves in an uncertain world. The public sector is moving in the opposite direction, promising large, safe, affordable pensions starting at a young age, backed by innovative risk taking, imaginative risk sharing and the confidence that flows from a proximity to government.
So who has it right? And what should be done for the unfortunate majority working in the private sector?
Bio:
Malcolm Hamiltonis a Senior Partner of Mercer. He specializes in the design and funding of employee benefit plans in both the private and public sectors, with particular emphasis on registered pension and savings plans, unregistered pension plans, and retirement compensation arrangements. His clients include the Colleges of Applied Arts and Technology, the Ontario Teachers’ Pension Plan, Hydro One, Ontario Power Generation, the Bank of Montreal and Manulife.
Malcolm graduated from Queens University in 1972 as the Gold Medalist in Mathematics. He attended McGill as a National Research Council scholar, receiving his M.Sc. in 1975. He became a Fellow of the Canadian Institute of Actuaries and a Fellow of the Society of Actuaries in 1977. He is a frequent speaker at pension conferences, and has had papers published by the Canadian Investment Review, Benefits Canada and the Canadian Tax Foundation.
12:00 – 12:45 pm / Networking Buffet Lunch
12:45 – 1:45 pm / Beyond Behavioural Finance
Richard Nason, Ph.D, CFA, Consultant and Founding Partner
RSD Solutions Inc.
Since Markowitz portfolio theory, the rise of behavioural finance has been the major development in investment theory and practice. The recent crisis has shown that things are more complex and there is a call for new ways of thinking. This session goes beyond behavioural finance and explores new areas for investment and risk analysis. Rick will revisit the Keynesianbeauty contest, new axioms for risk analysis and sociology and investment best practices.
Bio:
Dr. Rick Nason is an Associate Professor of Finance at Dalhousie University and is an award winning educator with extensive experience in the practical application of Derivatives and Risk Management. He holds a BSc in Math and Chemistry from McMurry University, an MSc in Physics from The University of Pittsburgh and a MBA and PhD from the Richard Ivey School of Business at the University of Western Ontario. As an author his books, articles and blogs are followed by senior industry professionals. Dr. Nason is a CFA Charter holder.
1:45 – 2:45 pm / The Past, The Present and the Future" of DC plans
Brian L. Smith, Assistant Deputy Minister, Saskatchewan Finance
Division of Public Employees Benefits Agency (PEBA)
For those that don’t have defined benefit plans (DB), there aredefined contribution plans (DC). Brian will address developments with regards to DC plans, but more importantly the significant changes facing DC plans in the future.
Bio:
Brian L. Smith is Assistant Deputy Minister, Saskatchewan Finance, in the division of Public Employees Benefits Agency (PEBA), Canada's largest Defined Contribution pension plan. He joined PEBA in 1986. Prior to that, Brian held various positions with Co-operators Life Insurance Company for 17 years. He is current Chair of Public Service Superannuation Plan Board, member of Saskatchewan Teachers Superannuation Commission. He was Past Chair of Public Employees Pension Plan Board, Municipal Employees' Pension Commission, Past President of Canadian Pension and Benefits Institute (CPBI), and Past Board Member of Greystone Capital Management and Co-operators Investment Company Ltd.
In recognition of his contributions, Brian was awarded Honorary Life Member of CPBI.
Brian holds Masters in Environmental Studies (Strategic Planning) from York University and Bachelor of Arts (Mathematics) from University of Saskatchewan.
2:45 – 3:00 pm / Break
3:00 – 4:00 pm / Ontario Teachers' Approach to Today's Pension Challenges
Barbara Zvan, Senior Vice President, Asset Mix & Risk and Chief Investment Risk Officer, Ontario Teachers' Pension Plan
Barbara will offer asummary of the challenges facing Ontario working and retired teachers, and how the Plan and its Sponsors are working together to address them.She will also provide an overview of the risk management approach found at Teachers.
Bio:
Barbara Zvan and her team of investment professionals oversee the development of the fund’s long-term investment strategy based on economic outlooks, asset and liability matching, and risk analysis. The Asset Mix and Risk team plays a leading role in researching and assessing new products for possible integration into the investment strategy. Ms. Zvan also oversees the development of the annual active management risk budget, economic analysis, benchmarks, investment guidelines and the design of the internal enterprise-wide risk system.
Ms. Zvan joined Teachers' in 1995 as an assistant portfolio manager. She has risen steadily through positions of increasing authority. Ms. Zvan is a Fellow of both the Society of Actuaries and the Canadian Institute of Actuaries, a Certified Enterprise Risk Analyst from Society of Actuaries and received her Masters in Mathematics from the University of Waterloo.
4:00 – 5:00 pm / Closing Remarks and
Networking Reception – Rooms A/B/C/D
Who Should Attend
This conference should be of interest to Pension Plan Fund Sponsors, Investment Managers, Pension Consultants and other stakeholders in the pension industry.
Registration Fee includes: A copy of course material will be provided
Cancellation Policy: Toronto CFA Society reserves the right to cancel a course that does not meet the minimum enrollment. In the event a course is cancelled all registrants will be contacted and 100% of your tuition will be refunded.
Withdrawals/refunds:
Advanced written cancellation notice is required. Refund amount is based on when notice is received.
Before May 12(inclusive) - 100% refund will be issued.
From May 13-19 - An administrative fee of $200.00 will be incurred for cancellation or transfers.
After May19- No refunds or transfers will be allowed.
All refunds and fees are subject to 5% GST
Cancellation notices may be emailed to or faxed to 416-366-6716.
Toronto CFA Society would like to thank Horizons ETFs and FactSetResearch Systems Inc. for their
support of the 2010 Pension Conference.
Page 1