Session 7: Legacy Costs: Pension and Health Benefits Reform

Previous Session | Program | Next Session

Legacy costs – both pension and health care obligations – are rising at a rapid pace, driven by strong growth in health care costs and more moderate projected returns on pension portfolios. With aging baby boomers tipping the scale between the number workers supporting each retiree, this panel will address how companies and the Federal government will address these challenges. Will they wait until it's too late, making the problems' solution more costly for society?

Session Presentations

Dallas Salisbury slides (PDF)

Links of Interest

• Employee Benefits Research Institute
• Pension Benefit Guaranty Corporation
• Department of Labor -Employee Retirement Income Security Act — ERISA

Speakers

Richard B. Berner, Chief U.S. Economist, Morgan Stanley, presiding

Dallas Salisbury
President and CEO
Employee Benefit Research Institute

Dallas Salisbury is President and CEO of the Employee Benefit Research Institute (EBRI), in Washington, DC. EBRI was founded in 1978 to provide objective, unbiased information regarding the employee benefit system and related economic security issues. The objective: that decisions be made based on verifiable facts. Dallas joined EBRI at its founding in 1978.

EBRI has earned widespread regard as an organization that "tells it like it is." The Institute does not lobby and does not advocate or oppose any policy position. Its mission: “to contribute to, encourage, and enhance the development of sound employee benefit programs and sound public policy through objective research and education.” The Institute provides information that is central to financial and human resources planning and to public policy analysis.

Dallas is also chairman and CEO of the American Savings Education Council (ASEC), and the Consumer Health Education Council (CHEC). Both are partnerships of public- and private-sector institutions that undertake initiatives to raise public awareness regarding what is needed to ensure long-term economic and health security. ASEC and CHEC are part of the EBRI Education and Research Fund.

Dallas is currently a member of a number of commissions, study panels and serves on many editorial advisory boards. Dallas is a Fellow of the National Academy of Human Resources, the recipient of the 1997 Award for Professional Excellence from the Society for Human Resource Management, and the 1998 Keystone Award of “WorldatWork” (formerly the American Compensation Association). He has served on the Secretary of Labor's ERISA Advisory Council, the Presidential PBGC Advisory Committee. He currently serves as a member of the Advisory Committee to the Comptroller to the United States, the 2001 Board of Directors for the Society of Human Resource Management, and on the GAO Advisory Group on Social Security and Retirement. Dallas was one of 39 statutory delegates to the 1998 National Summit on Retirement Savings hosted by the President and Congressional Leaders, where the EBRI/ASEC 'Choose to Save' education campaign was featured. He has written and lectured extensively on economic security topics, including 21 books and over 100 book chapters and articles. His most recent books are “IRA and 401(k) Investing” and “Managing Money in Retirement”, both published in 2001 by Dorling Kindersley, and co-authored with Marc Robinson.

Prior to joining EBRI, Dallas held full-time positions with the Washington State Legislature, the U.S. Department of Justice, the Employee Benefits Security Administration of the U.S. Department of Labor, and the Pension Benefit Guaranty Corporation (PBGC). He holds a B.A. degree in finance from the University of Washington and an M.A. in public administration from the Maxwell School at Syracuse University.

Steven A. Kandarian
Former Executive Director
Pension Benefit Guaranty Corporation

Mr. Kandarian is the former Executive Director of the Pension Benefit Guaranty Corporation (PBGC), a self-financing government corporation that provides insurance for defined benefit pension plans nationwide. The PBGC administers two insurance programs covering more than 44 million workers in just over 31,000 plans.

As Executive Director, Mr. Kandarian was responsible for the Corporation's operations that involve assets of more than $33 billion, benefit payments of more than $2.5 billion, and benefit obligations to some 934,000 workers and retirees in more than 3,200 pension plans.

Prior to joining PBGC, Mr. Kandarian was founder and managing director of Orion Partners, L.P., Wellesley, Mass., where he managed a private equity fund specializing in venture capital and corporate acquisitions. Before establishing Orion Partners, Mr. Kandarian was managing director of Lee Capital Holdings, a private equity firm based in Boston.

Previously, Mr. Kandarian was an investment banker with Rotan Mosle, Inc., Houston, where he specialized in mergers and acquisitions and initial public offerings. Earlier in his career, he served as an economist with the U.S. Civil Aeronautics Board in Washington.

Mr. Kandarian holds a B.A. in Economics from Clark University, a J.D. from the Georgetown University Law Center and an M.B.A. from Harvard Business School.

Britton Harris
Chief Investment Officer
Verizon Investment Manager
Vice Chair, Committee on Investment of Employee Benefit Assets

Britt Harris is president and chief investment officer for Verizon Investment Management Corporation, a registered investment advisor subsidiary of Verizon Communications. Britt and his company are responsible for the management of approximately $60 billion in assets, held for more than twenty separate investment programs. Britt's responsibilities include policy setting, organizational oversight and the Fund's aggregate performance. He oversees a large internal management effort, a global research capability, and an extensive network of investment management relationships, in a company with comprehensive operational and risk management skills.

Britt has received several awards during his 17-year investment career, including a designation as one of 40 younger investors most likely to influence U.S. financial markets in the years ahead. He has also been included on many lists recognizing the world's most respected pension fund sponsors. Britt currently sits on several Board's and advisory committees including the New York Stock Exchange Advisory Committee and Texas A&M's Finance Advisory Board. Britt is also the Vice Chairman of the Council for the Investment of Employee Benefit assets.

Prior to joining Verizon Britt was a Managing Director for Asea, Brown Boveri with responsibility for pension investment programs in more than 20 countries.

Britt graduated from Texas A&M and resides in Ridgefield, Connecticut with his wife and their four children.

National Association for Business Economics
1233 20th Street NW #505
Washington, DC 20036
Phone 202.463.6223 Fax 202.463.6239
nabe@nabe.com
© 2003, NABE®

Conference Home

Download the Conference brochure (PDF, 185K)