How Persistent Low Returns Will Shape Saving and Retirement

Olivia S. Mitchell is the International Foundation of Employee Benefit Plans Professor, as well as Professor of Insurance/Risk Management and Business Economics/Policy; Executive Director of the Pension Research Council; and Director of the Boettner Center on Pensions and Retirement Research; all at the Wharton School of the University of Pennsylvania. Concurrently Dr. Mitchell serves as a Research Associate at the NBER; Independent Director on the Wells Fargo FundBoards; Co-Investigator for the Health and Retirement Study at the University of Michigan; Member of the Executive Board for the Michigan Retirement Research Center; and Senior Scholar at the Singapore Management University. She also advises the Centre for Pensions and Superannuation UNSW and isFaculty Affiliate of the Wharton Public Policy Initiative. She received her MA and PhD degrees in Economics from the University of Wisconsin-Madison, and her BA in Economics from Harvard University.Robert Clark is Stephen Zelnak Professor of Economics and Professor of Management, Innovation and Entrepreneurship in the Poole College of Management, North Carolina State University. He is also Research Associate at the National Bureau of Economic Research and a member of the Advisory Board of the Pension Research Council. His research examines retirement decisions, the choice between defined benefit and defined contribution plans, the impact of pension conversions to defined contribution andcash balance plans, the role of information and communications on 401(k) contributions, and government regulation of pensions. He has also evaluated employer-provided financial literacy and retirement planning programs and how these plans affect worker decisions, as well as state and local pensionsand retiree health plans. He earned his M.S. and PhD from Duke University, and his BA from Millsaps College in economics.Raimond Maurer is the Chair of Investment, Portfolio Management, and Pension Finance at the Finance Department of the Goethe University of Frankfurt. He is also Dean of the Faculty of Economics and Business Administration. His research focuses on asset management, life-time portfolio choice, real estate, and pension finance. Previously he visited the Wharton School as a Metzler Vising Professor, and he serves in several professional capacities including the Union Real Estate Investment group,the Society of Actuaries (academic chairman of AFIR), the Association of Certified International Investment Analysts (academic director and member of the International Examination Committee). He earned his Habilitation, PhD, and Diploma in business administration from Mannheim University, and hereceived an honorary doctorate from the State University of Finance and Economics of St. Petersburg.