Senior Vice President, Retirement Income

The Defined Contribution SymposiumSeptember 10-11, 2007 ~ Fairmont Hotel ~ San Francisco

In the US, 55 million Americans are covered by private sector retirement plans, with assets now in excess of $3.7 trillion. Yet the types of issues faced by defined contribution plan sponsors are increasingly variable according to the size of the company and its contribution plan as well as the needs of its employees. This Symposium will bring to light how plan sponsors from firms of different sizes and with different needs should react to changing dynamics in the market, including new regulations, cost control and manager selection.

Do plan providers from medium-sized to smaller funds need more customized services from consultants? Do their needs and abilities to safeguard their employees’ financial interests differ all that much from those of the larger funds? Are there too many costs associated with customized materials? The Pension Protection Act of 2006 has affected the way many plan sponsors manage automatic enrollment procedures, discrimination testing, contribution limits and the company match for plan providers. Following the Act, are increasing numbers of plan providers switching to automatic enrollment? What are the benefits and obstacles presented by this new legislation?

What are the real world, actual implications of the PPA, and what does this mean in practice for plans of various sizes?

Some contribution plan sponsors are moving away from mutual funds to CITs, SMAs or other investment vehicles. Are CITs still viewed as being too complicated and expensive? Are plan sponsors of all sizes moving into exotic or alternative investments? Or are these the reserve of the larger, more resource-heavy plans? What are the key issues plan sponsors should consider when evaluating and selecting life cycle investment funds? What assumptions should you be asking your employees to make about their retirement goals? How will legislative reform affect employee benefits?

In answer to these questions, the Defined Contribution Symposium will highlight how defined contribution plan sponsors of all sizes should manage their plans and balance the needs of their participants. High-profile speakers will debate the key issues affecting the industry and provide a unique insight into the best approaches to managing contribution plans effectively and efficiently. Participants will receive the answers and the solutions they need.

Advisory Board

Cathleen deOrnelasFinancial Benefits ManagerApple Inc.

Shirlayne KofuTreasury Benefits AnalystCisco Systems, Inc.

Jon LaraDirector of Benefit Financing

DirectvStuart OdellDirector of Retirement InvestmentsIntel Corporation

Bernie KnobbeSr. Director, Global BenefitsHilton Hotels Corp.

William D. Lee

Institutional Investor’s Defined Contribution SymposiumSeptember 10-11, 2007 ~ Fairmont Hotel, San Francisco

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Vice President, Pensions and Investments Kaiser PermanenteAdvisory Board Continued

Donald ButtVice President, Operations and Financial PlanningQwest Asset Management Company

Sponsoring Organizations

AllianceBernstein Barclays Global InvestorsBlackRock, IncCapital Guardian Trust CompanyDimensional Fund Advisors, IncThe HartfordJanusINTECH Institutional Asset Management

JPMorgan Retirement Plan ServicesLazard Asset ManagementMercer HR ServicesPrudential Retirement Russell Investment GroupVanguardUBS Global Asset Management

Preliminary Program as of August 27, 2007

Monday, September 10

7:30 – 8.10 am Registration and Continental Breakfast Loggia Room

8.10 – 8.15 am Welcome Remarks and Symposium ChairmanVenetian Room

Charles KrusenChief Investment OfficerKrusen Family Partners

8.15 – 9.15 am Panel Session: Meeting Change with Transformation: Ensuring Your DC Plan is CompetitiveVenetian Room

Chaired by:Stuart OdellDirector of Retirement InvestmentsIntel Corporation

Panelists:Kristi MitchemHead of US Defined ContributionManaging DirectorBarclays Global Investors

George CastineirasSenior Vice President, Retirement IncomePrudential Retirement


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Additional panelist to be confirmedPlan sponsors are facing dramatic changes and varying needs. Demographics are shifting, participant needs and desires differ, and resources, policy and legislation are in flux. The only constant in the altered landscape of defined contribution is the need for effective plan design and simplified implementation and delivery. This panel will highlight emerging trends and best practices in the DC marketplace and how plan sponsors can remain nimble in a constantly changing world. What are the key considerations for ensuring that your DC plan is attractive to employees? Which factors are different for plans of various sizes, and which the same? What can sponsors do to plan for an uncertain future? What collaborative efforts can the industry take to drive future innovation?

9.15 – 10.00 am Workshop Series I

Workshop A: Target-Date Retirement Funds: A Blueprint for Effective Portfolio ConstructionEmpire Room

Speaker:Thomas J. FontaineSenior Portfolio Manager AllianceBernstein Blend Strategies

Target-date retirement funds are quickly gaining popularity and acceptance with plan sponsors and participants, but not all target-date funds are created equal. A well-designed fund can dramatically increase the chance of a participant enjoying a comfortable retirement. This session addresses the key determinants of effective asset allocation; the appropriate equity exposure and asset classes to be used; the identification and management of risks, and the definition and measurement of success.

Workshop B: DC is not the Soft Fiduciary OptionGreen Room

Speaker: Robert CollieDirector of Investment Strategy Russell Investment Group

Now that Defined Contribution (DC) plans have become a primary vehicle for providing post-retirement income in the private sector, it's timely to review the role and the practices of investment fiduciaries in DC plans. This presentation will cover three main points in regards to a fiduciary's role in a DC plan. First, we will make the case that DC is not the soft fiduciary option, it is a serious and important responsibility. Second, that there is no reason why Defined Benefit (DB) fiduciary practices should not be extended to DC, in fact, it is dangerous not to do so. And third, that the adoption of best fiduciary practices will strongly influence the design of DC options. This will make the case that your role as a fiduciary doesn't end at record keeping. In fact, this is where your role begins.

10.00 – 10.45 am Workshop Series II

Workshop C: Putting the Pieces TogetherEmpire Room


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Speaker: Diane GallagherVice PresidentJPMorgan Retirement Plan Services

Plan sponsors struggle to offer well-structured, diverse investment line-ups, but are still missing a critical piece--the appropriate advisory tools for communicating strategically to employees. How do you put all that together? Learn how to build a strong core investment line-up, provide a suite of advisory services for your participants' different investing styles, and communicate effectively with each interaction.

Workshop D: Lines in the Sand – Key Questions to Consider Before Selecting an Asset Allocation Approach or a Provider for a Plan’s QDIA. Green Room

Speaker:Brian Roberts, CFAVice President, Defined Contribution Investment SpecialistCapital Guardian Trust Company

The session addresses participant factors, plan sponsor priorities, equity allocation decisions and withdrawal phase risks that plan sponsors should consider before determining an appropriate course of action for their participants. Plan sponsors who are looking for research and/or decision-paths to share with 401k committee members will find this session helpful.

10.45 – 11.05 am Coffee BreakFoyer of Empire and Green Rooms

11.05 – 11.50 am Workshop Series III

Workshop E: Changing Demographics and Legislative Reform: Creating Efficient Retirement ProgramsEmpire Room

Speakers: Marc PesterSenior Vice PresidentPrudential Retirement

Brent WalderSenior Vice President, Institutional Income InnovationsPrudential Retirement

Mark FoleyVice President Institutional Income Innovations Prudential Retirement

Our nation's demographic changes and the legislative/regulatory landscape surrounding pensions are both changing at a dramatic pace. Longer life expectancies are placing an increasing burden


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on defined benefit retirement plans such as traditional corporate pensions and the Social Security system. How can CFOs managing capital allocation turn these challenges into opportunities for more efficient retirement programs and increased employee satisfaction and retention?

Workshop F: Finding Opportunities: Five Global ThemesGreen Room

Speaker: Adam Schor, CFAClient Portfolio ManagerJanusINTECH Institutional Asset Management

Global opportunities have been expanding at both ends of the economic spectrum. This environment, which has yielded an emerging middle class in developing markets and an expanding universe of affluent individuals in developed ones, creates greater options for investors willing to go abroad to seek the most compelling investments.

11.50 am – 12.35 pm Workshop Series IV

Workshop G: The Use of Exchange Traded Funds (ETFs) for Plan SponsorsEmpire Room

Speaker: David R. Cleary, CFAManaging DirectorLazard Asset Management LLC

The adoption of ETFs can answer many of the questions remaining concerning the use of target date funds with differing - and often wide-ranging - glide paths in 401(k) plans. ETFs can provide the needed diversification, low cost and alternative asset classes that, coupled with the appropriate model and regular rebalancing, can provide a superior investment solution to the one currently offered by most fund companies. This will session will focus on the use of ETFs and show how they can ultimately lead to better results for 401(k) plan participants.

Workshop H: Get ready. Get set. Enroll! Green Room

Speakers: Fredrik AxsaterHead of Defined Contribution Investment Strategy and SalesBarclays Global Investors

Robert Gain Defined Contribution Client Engagement ManagerBarclays Global Investors

In this interactive workshop you’ll learn how to use the latest findings in behavioral finance to your advantage. With PPA and QDIA informing plan sponsors, changes to plan designs such as auto-enrollment and default investments can be optimally achieved with strategic enrollment


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practices. And plan sponsors are more likely than ever to consider enrollment strategies to improve their plans, yet many sponsors are also feeling the burden of how to best implement change. You’ll walk away from this workshop more at ease with the knowledge and tools to evaluate, devise and implement the most effective strategy when it comes to an enrollment—from total reenrollment and targeted partial reenrollment to painless quick enrollment programs. You’ll also get tips on best-practice communication plans and insight on the best approach to mapping assets.

12.35 – 2.00 pm LunchPavilion Room

2.00pm – 3.00pm Panel Session: Achieving the Necessary Returns: What are the Investment Options?Venetian Room

Chaired by:Donald GainesVice President of Finance and TreasurerPuget Sound Energy Inc.

Panelists:David PolakVice President, Investment SpecialistCapital Guardian Trust Company

Edward Y. Ng, CFA Managing Director BlackRock, Inc

Kenneth McCullumSenior Vice PresidentInstitutional Investment ProductsThe Hartford

The panel will bring to light the investment strategies plan sponsors should be adopting in order to allow employees to have their desired income in retirement. How can guaranteed income options enable employees to obtain a secure retirement? What are the advantages and costs associated with such plans? Hedge funds, alternative investments and emerging market funds are increasingly popular with many of the larger plan sponsors and are often central to achieving high investment return goals. Should DC plans be increasing their exposure to such funds? What other investment strategies should DC plans consider adopting and what is the ideal mix of investment strategies? With a stock market providing good returns are participants ready to risk new investment strategies? With a volatile stock market, are participants ready to risk new investment strategies?

3.00 – 3.45 pm Workshop Series V

Workshop I: DC Plan Structure - The Total Benefits PerspectiveEmpire Room

Speaker:


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Mary TinebraWorldwide Partner, Head of Global Sales Relationship Management & AlliancesMercer HR Services

This workshop will highlight important factors plan sponsors should consider when integrating their DC plan into a total benefits solution. What are the business problems employers are trying to solve? What are the advantages to employers and employees? What is the optimal DC/benefits structure given the specific needs of your employee population? What are the administration, integration and communication implications of a total benefits offering? How should employers evaluate potential partners? This session is intended to help HR leaders begin to think through the critical strategic decisions necessary to begin to implement a total benefits strategy.

Workshop J: Continuous Innovation: Requirements for delivering better Participant Outcomes Green Room

Speaker: Drew Carrington Head of Defined Contribution & Retirement Solutions UBS Global Asset Management

This workshop will discuss the key elements of innovation required to evolve the investment solutions supported by the Pension Protection Act of 2006 to deliver better DC participant outcomes. The session will cover critical issues underpinning glide path innovation, the dangers inherent in a “one-size fits all” approach, and investment approaches to address the four key risks that all participants face. Included among these will be discussions around the use of alternative strategies and derivatives to enhance participant outcomes, de-risking into TIPS versus nominal bonds to address inflation risks as participants approach retirement, and adding essential longevity and income features that move participants beyond simply the accumulation of assets. The workshop will also challenge how we collectively measure success as plan sponsors, investment managers, and as an industry.

3.45 – 4.00 pm Coffee BreakFoyer of Empire and Green Rooms

4.00 – 4.45 pm Workshop Series VI

Workshop K: Tax Diversification and the Roth 401(k)Empire Room

Speaker: Jean YoungResearch AnalystVanguard

Learn three basics you need to know about this new retirement savings option: It's not an option just for the highly paid; it offers opportunities for tax diversification; and Effective communication can overcome the Roth's added complexity that might otherwise discourage retirement savings.


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Workshop L: Ensuring Your DC Plan is Truly a Retirement Plan; Not Just an Investment VehicleGreen Room

Speakers: Eric Weber Managing DirectorThe Hartford

Joseph EckVice President, Institutional Solutions Group The Hartford

Employees today face many risks in planning for a secure retirement. Three primary challenges are market volatility, declining traditional sources of guaranteed lifetime income and longevity. These risks have resulted in a new retirement planning landscape with the defined contribution plan as the focus point. Rather than being a source to supplement income from Social Security and pension plans, defined contribution plans are now the primary means for a secure retirement for a majority of employees. This session will provide a detailed overview of the concept of an in-plan annuity versus traditional defined contribution investment options.

4.45 – 5.30 pm Panel Session: Changing Regulation: Implications for Plan SponsorsVenetian Room

Chaired by:Kevin WilcoxSenior ManagerAmgen

Panelists:Lynn DudleyVice President of Retirement Policy American Benefits Council

Robert HolcombVice PresidentJPMorgan Retirement Plan Services

Stephen McCaffreySenior Counsel for PlansKeySpan Corporation

Recent legislation changed the way that many plan sponsors view auto enrollment and investment procedures. Many of the best approaches to acting on recent legislation in the Pension Protection Act are yet to be seen. How should plan sponsors be interpreting the legislation? How can plan sponsors benefit from recent regulatory changes? What are the real world, actual implications of the PPA, and what does this mean in practice for plans of various sizes?

5.30-6.00 pm Guest Presentation: Fiduciary Litigation: Managing Risk for Plan SponsorsVenetian Room


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Fred ReishPartnerReish Luftman Reicher & Cohen

The keynote will address private sector litigation issues for plan sponsors and the highly influential role of the Department of Labor. The session will focus on the recent emphasis on litigation concerning fees, expenses and revenue sharing, as well as highlight what employers should be doing to avoid litigation in the future.

6.00-7.00 pm Cocktail ReceptionThe Penthouse, 8th Floor (Main Building: Use Private Elevator across from the French Room)

Tuesday, September 11

07:30 – 08:30 Breakfast Session: Only Open to Plan SponsorsFrench Room

Chaired by:Charles KrusenChief Investment OfficerKrusen Family Partners

Over a private breakfast, plan sponsors will be able to discuss how best to manage their plans and achieve investment goals. Only open to plan sponsors, this breakfast session will provide participants with a unique opportunity to compare industry perspectives and share expertise.

08:30 – 09.15 am Panel Session: “Firing Line” Panel Session: An Active Debate on the Hottest IssuesVenetian Room

Chaired by:Bernie KnobbeSr. Director, Global BenefitsHilton Hotels Corp.

Panelists:Mitchell FieldingSenior Product ManagerJanusINTECH Institutional Asset Management

Phillip EnochsDirector, Institutional Defined Contribution ServicesRussell Retirement Services

This session will provide delegates with the opportunity to fire questions at the DC panel experts about the most pressing issues they are face as plan sponsors. The DC panel experts will debate the conventional wisdom on a variety of issues as wide ranging as adopting new investment strategies (like target date funds, ETFs and managed accounts), modifying existing plan features,


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defining the limits fiduciary responsibility, selecting default options, streamlining costs, etc. – to identify the “best” solution for both the plan and its participants.

09.15 – 10.15 am Panel Session: Evolving Trends in Default OptionsVenetian Room

Panelists:David R. Cleary, CFAManaging DirectorLazard Asset Management LLC

Thomas J. FontaineSenior Portfolio Manager AllianceBernstein Blend Strategies

Drew Carrington Head of Defined Contribution & Retirement Solutions UBS Global Asset Management

Scott DonaldsonInvestment Counseling and ResearchVanguard

The array of default options available to DC plan sponsors is changing rapidly. It is important plan sponsors act wisely as the level of risk for both the participant and plan sponsor may vary significantly according to the default option chosen. How is fiduciary responsibility influencing trends in default options? How are default options changing to meet the needs of participants? Should DC plans implement target date funds as their default option? Is there such a thing as a passive target date fund? Is target date better than target risk or managed account solutions? What should the spectrum of glide path offerings be?

10.15 – 10.30 am Coffee Break Foyer of Empire and Green Rooms

10.30 – 11.15 am Workshop Series VII

Workshop M: Customized Investment Solutions for a Diverse Labor ForceEmpire Room

Speaker: Eduardo RepettoChief Investment OfficerDimensional Fund Advisors, Inc.

One of the most popular solutions in the defined-contribution arena has been the development of target maturity, or lifecycle, funds. While those funds are a step in the right direction, they can be overly simplistic, as they fail to take into account the heterogeneity of plan participants. A complete solution for the defined-contribution market should retain the simplicity of the lifecycle approach while allowing plan participants to customize their asset allocations to better reflect their risk tolerance and individual circumstances.


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Workshop N: Implications of Auto Enrollment, Default Options, and Escalating ContributionsGreen Room

Speakers: Douglas L. DuMondManaging DirectorBlackRock, Inc

Randolf H. HardockPartnerDavis & Harman LLP

What may well prove to be one of the most important components of the PPA is the package of changes designed to expand the use of automatic enrollment and auto escalation, as well as changes to default investment options. These strategies are focused on increasing participation and savings levels in 401(k) plans dramatically. This session will compare and expand on each of these important components and address issues/implications that plan sponsors should be considering.

11.15am – 12:15pm Panel Session: Fee Transparency: Controlling Costs Venetian Room

Chaired by:Cathleen deOrnelasFinancial Benefits ManagerApple Inc.

Panelists:Patrick CarterVice PresidentDimensional Fund Advisors, Inc.

Eric LevyHead of Retirement BusinessMercer HR Services

Jon LaraDirector, Benefit FinanceDirectv

Speakers will debate the best approaches for plan sponsors to manage defined contribution plans while controlling costs effectively. What are the variables that drive fee costs? How should plan sponsors communicate fees to participants? Is outsourcing always worth the cost? What are the best ways to manage recordkeeping cost efficiently?

12.15 – 1.30 pm Lunch with Guest Presentation: The Next Round of Congressional Retirement Policy InitiativesPavilion Room


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Jamey DelaplanePartnerDavis & Harman LLP

The Pension Protection Act 2006 has caused plan sponsors to reassess the way their plans are managed. What further policy initiatives can plan sponsors expect in the near future? How should plan sponsors be preparing themselves for new policy initiatives?

1.30 pm Symposium Concludes


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Documents

Senior Vice President, Retirement Income