Annual Report to Investors - The American College

Capitol Hill
The College is also engaging in more advocacy efforts. On May
1, 2013, the New York Life Center for Retirement Income at The
American College spearheaded a Forum on Retirement Security
for Americans. The event took place at the Rayburn House on
Capitol Hill and brought together academics, policy experts,
professional groups and legislative staff to discuss the significant
issues impacting retirement security in this country. The group
focused particularly on ways to maximize preparedness among
the most vulnerable populations.
The group heard presentations on three approaches: Security Plus
Annuities from The Aspen Institute; Social Security Plus from The
American College and a consortium of partners; and Retirement
USA, Pooling and Other Platforms as presented by the Pension
Rights Center. Following the presentations, the group worked to
find areas of consensus or guiding principles that will be essential
for any legislative or policymaking approach.
What was most interesting to session participants was the
amount of commonality among the proposals. There are shared,
effective solutions around which a coalition of support can be
constructed. Starting retirement savings early, making plans
simple, providing incentives to contribute, ensuring
longevity and inflation risks are managed at a reasonable price
and using auto enrollment and auto escalation approaches—are all
strategies that will produce results.
The Forum participants reflected on the history of retirement
security being a three-tiered solution: savings, employer pensions
and Social Security. With defined-benefit pension participation
continuing to decline, the balance has tilted toward an overreliance
on individual savings and Social Security. The group
members agreed the time is right to propose a solution with both
public and private roles that effectively replaces the function of
lost defined-benefit pensions in retirement planning.
Presenters at the Forum on Retirement Security for Americans included, from left, Angela Hung, Ph.D., Director, RAND Center for Financial and
Economic Decision Making; Wade Pfau, Ph.D., CFA, Professor of Retirement Income, The American College; Dave Littell, JD, ChFC ® , CFP ® , Professor of
Taxation and Director of the New York Life Center for Retirement Income, The American College; Arie Kapteyn, Ph.D., Director of USC Dornsife Center
for Economic and Social Research; Art Kraus, CLU ® , ChFC ® , Partner, Capital Intelligence Associates; Keith Hickerson, MSM, Executive Vice President,
The American College; Karen Friedman, Executive Vice President and Policy Director, Pension Rights Center; Jamie Hopkins, JD, Assistant Professor of
Taxation, The American College.
2010
ChHC ® Designation: Before Obamacare
The Chartered Healthcare Consultant ® designation keeps advisors on top of the latest legislative changes
in healthcare and the impact on clients. Since the Affordable Care Act was implemented in 2013, this
designation is continually enriched by changes on exchanges, coverage and client management.
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