Moderator: Mark Abbott, Guardian Life
Panelists: Bud Haslett, CFA Institute; Henry T.C. Hu, University of Texas law School, Michael Peskin, Hudson Pilot LLC, Ron Ryan, Ryan ALM, Inc., Zvi Bodie, Boston University School of Management

Panelists share their views and insights regarding the current investment environment and potential retirement investment strategies. Is there a pension crisis in the U.S.? What is it and how will it end? Risk-free versus risky investments? Demographic pressures. Globalization. Retirement security. Market turbulence. Is it possible to align corporate governance, shareholders and retirees?

Moderator: Mark Abbott, Guardian Life
Presenter: Zvi Bodie, Boston University School of Management

Actuaries, economists, investment managers and financial engineers face a common challenge to find efficient solutions to the pension problems caused by aging populations around the world. Fortunately, there is a rigorous conceptual framework that can unify all of these professionals in their search for better solutions. This presentation will outline its key elements.

Noncore EA Credit: 75 Minutes

Moderator: Michael Schmitz, Milliman
Presenters: Andrew Davidson, Andrew Davidson & Co., Rich Owens, Kamakura Corporation, Sean Klein, Kamakura Corporation

Quantitative credit models have been used by a wide variety of market participants to analyze individual credits, as well as portfolios. Models have been used for many purposes and by many participants including pricing and valulation of portfolio credits as well as trading strategies and risk management programs. This session will provide some specific examples of such models and highlight some of their strengths and weaknesses in practice.

Moderator: Mark Abbott, Guardian Life
Presenters: Paul Skinner, Wellington Management; Torsten Slok, Deutsche Bank Securities

The European sovereign debt crisis continues to have a significant impact on global economics and financial markets. Record levels of budget deficits, borrowing levels and borrowing costs, as well as political turmoil in numerous EU member countries, have continued to contribute to high levels of market volatility. This session discusses recent developments and macroeconomic issues in the Eurozone and their impact on global economics and financial markets.

Moderator: TBD
Presenters: Marc Carhart, Kepos Capital LP, Radu Gabudean, Barclays Capital

The traditional asset allocation approach to portfolio construction is increasingly coming under the microscope. We will explore alternative frameworks to portfolio construction using risk or strategy buckets, assessing strengths and weaknesses in relation to the traditional approach whether used as a replacement or as a supplement.

Moderator/Presenter: Chris Foote, CNO Inc
Presenters: Lance Berthiaume, Towers Watson; John Dieck, Towers Watson

Accounting rules often create basis risk in insurance companies' financial statements. This risk arises when a company underwrites or manages an economic risk on a basis different than the accounting valuation basis, or when accounting rules apply different approaches to the two sides of the balance sheet. Accounting basis risk results in increased volatility in earnings/equity or in some instances depressed ROE. Some anticipate an increase in the significance of accounting basis risk under IFRS and the proposed changes to US GAAP and with statutory PBA. This session will examine situations that give rise to this risk under various accounting regimes, how companies react to this risk and areas of concern under proposed accounting rules.

Moderator: Ed Martin, Dwight Asset Management
Presenters: Chad Hueffmeier, Buck Global Investment Advisors

Chad Hueffmeier, CIO of Buck Global Investment Advisors will introduce the theory and practice of dynamic de-risking for Pension Plans. Many pension plan sponsors desire to de-risk their plans but are underfunded or reluctant to extend duration in an environment of extremely low yields. Sponsors are looking to better manage their risk exposure and funding volatility. Dynamic de-risking is a systematic way to change asset allocation over time to meet plan objectives, by reducing unwanted investment risks as the plan approaches full funding.

This session covers:

• The theory of dynamic de-risking and cutting edge developments in this area

Moderator: David Chang, Pacific Life Insurance Company
Presenters: Bruce Rosner, Ernst & Young LLP; Trevor Howes, GGY AXIS; Avi Freedman, Milliman

The insurance industry has to deal with more and more complex models with the growth of complex products, the demand by the regulators with the principles-based valuations and the desire for more robust risk management practices in volatile capital markets. What are some of the model efficiency techniques and technology solutions that are promising? What are the pros and cons of different approaches?

Moderator/Presenter: Allan Levin, Deutsche Bank
Presenters: Elliott Noma, Garret Asset Management; Steve Mickle, iShares

The number and variety of exchange-traded products, as well as their uses, seem to be ever expanding. This session is intended to cover developments over the last year as well as innovations related to obtaining specific regulatory treatment and market value exposure. The session will tend to focus more on Fixed Income ETFs, including a broad overview of the Fixed Income ETP universe, recent innovative products and GAAP/STAT accounting treatment from an insurance company's perspective.

Moderator: Tracy Labonte, CIGNA Investment Management
Presenters: Edward Toy, NAIC Capital Markets Bureau

Bond credit ratings affect markets and investing in a variety of ways, including their role in determining required capital and permitted investments for regulated financial entities, the potential impact of rating changes on market value and liquidity and their use in portfolio analytics and risk assessment. This session will explore topics such as economic and regulatory issues associated with their role in financial markets, their economic relevance across different markets, and existing and potential changes in their use by regulators resulting from events of recent years.