Not Your Father's Pension Plan

Defined Benefit Pensions:  A Balancing Act of Financial, Regulatory, Fiduciary, and Public Trust Considerations

Registration
Pensions 2014 Presentations

 October 31, 2014

Pyle Center on Langdon Street (Park in the Lake Street Ramp)

Presented by

Wisconsin Council on Economic Education, Inc. and the Wisconsin Public Utility Institute

Registration is required

Pension plans and responsibilities for pension plans have changed over the past years.  No longer is it the “savings account” for retired employees.  This pension seminar will review the interests of involved parties and the responsibilities assigned to the various regulatory bodies at federal and state level. The interactions and potentially conflicting objectives among the various interested parties will be considered.

A special discussion seminar with Enrique Bacalao, Economics Wisconsin President and Chief Executive Officer

Guest speakers:

Tom Kilkenny, Partner, Deloitte & Touche

Wesley Smyth, Vice President – Senior Accounting Analyst. Moody’s Investors Service

Timothy Jennings, Managing Director and Head of Origination, Pacific Global Advisors

Registration is required, attendance will be limited to 25.  Please use the link below to register.

https://uw.ungerboeck.com/prod/emc00/register.aspx?OrgCode=10&EvtID=18008&AppCode=REG&REGTYPE=3100-103,3100-101,3100-102

 

9:30 – 9:45 Registration
9:45 – 10:00 Introductions Cara Lee Mahany Braithwait, Director, WPUI
10:00 – 10:15 Framing the Issues Enrique BacalaoPresidentWisconsin Council on Economic Education, Inc. We will frame the issues that will be addressed at this meeting and will suggest a desired outcome for the session, with the participants’ help.  This presentation will review the interests of the various parties and the responsibilities assigned to the various regulatory bodies at federal and state level. The interactions and potentially conflicting objectives among the various interested parties will be considered. This presentation sets out to provide a framework for the subsequent presentations and discussions.
10:15 – 11:00 A Legal Perspective Emory IrelandPartnerFoley & Lardner(to be confirmed) In this session we will discuss the nature of the defined benefit pension plan’s obligations and the sponsors’ fiduciary responsibility to its employees, retirees, and stockholders, balanced against the duties to the customers, other commercial stakeholders, and the general public. The last 15 minutes of this session will be available for discussion.
11:00 – Noon An Accounting Perspective Tom KilkennyPartnerDeloitte & Touche In this session we will discuss the rules followed to measure and report on our defined benefit pension plans’ obligations and assets according to U.S. GAAP, as well as the determination of any given defined benefit plan’s net funding status, and the impact of these rules on the various financial statements. The last 15 minutes of this session will be available for discussion.
Noon- 12: 30 Box Lunches and a Break
12:30 – 1:30 A Credit Rating Agency’s  Perspective Wesley SmythVice President – Senior Accounting AnalystMoody’s Investors Service In this session we will discuss how one major credit rating agency evaluates the management of defined benefit pension plans, and how alternative pension plan management strategies and outcomes affect the plan sponsor’s credit strength and credit ratings. The last 15 minutes of this session will be available for discussion.
1:30 – 1:45 Break
1:45 – 3:15 What Can We Do? Timothy JenningsManaging Director and Head of OriginationPacific Global Advisors Given the current positions of public utility companies, the regulatory framework faced in this area, and current market conditions, are there better ways to reduce risk and lower the costs of meeting defined benefit pension plans? If so, what are the main characteristics of these alternatives? Within the regulatory framework, what encourages or discourages plan sponsors to make the right decisions?  How can we be sure of any proposed changes actually improving matters? The last 30 minutes of this session will be available for discussion.
3:15 Adjourn
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