Olivia S. Mitchell, International Foundation of Employee Benefit Plans Professor; Professor of Business Economics and Public Policy; Professor of Insurance and Risk Management; Executive Director, Pension Research Council; Director, Boettner Center for Pensions and Retirement Research; all at the Wharton School of the University of Pennsylvania,Raimond Maurer, Chair of Investment, Portfolio Management, and Pension Finance, Goethe University Frankfurt,J. Michael Orszag, Head of Research, Willis Towers Watson

Dr. Olivia S. Mitchell is the International Foundation of Employee Benefit Plans Professor, Professor of Insurance and Risk Management and Business Economics and Public Policy, Executive Director of the Pension Research Council, and Director of the Boettner Center for Pensions and Retirement Research, all at the Wharton School of the University of Pennsylvania. Dr. Mitchell's main interests are public and private pensions, insurance and risk management, financial literacy, and social insurance. She received her MA and PhD degrees in Economics from the University of Wisconsin-Madison, and her BA in Economics from Harvard University.


Raimond Maurer is the Chair of Investment, Portfolio Management, and Pension Finance at the Finance Department of the Goethe University Frankfurt. His research focuses on asset management, life-time portfolio choice, real estate, and pension finance. 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 he was awarded an honorary doctorate from the State University of Finance and Economics of St. Petersburg.

Michael Orszag is Head of Research at Willis Towers Watson, a global actuarial consulting firm. His research interests include pensions, personnel economics, risk management, and insurance. He is a founding editor of the Journal of Pension Economics and Finance and co-editor of the Oxford Handbook of Pensions and Retirement Income. He earned his PhD from the University of Michigan in economics and his AB from Princeton University in economics.

1. Introduction: Implications of the New Regulatory Order for Retirement System Risk Management, Olivia S. Mitchell, Raimond Maurer, and J. Michael Orszag
I. Global Risk Assessment for Pensions and Annuities
2. The New Insurance Supervisory Landscape: Implications for Insurance and Pensions, Peter A. Fisher
3. Accounting-based Asset Return Smoothing in Participating Life Annuities: Implications for Annuitants, Insurers, and Policymakers, Raimond Maurer, Olivia S. Mitchell, Ralph Rogalla, and Ivonne Siegelin
4. Mark-to-Market Accounting for United States Corporate Pensions: Implementation and Impact, Joseph Busillo, Thomas Harvey, and Bryan Hoffman
5. Risk Disclosure in the European Insurance Industry: Implications for Occupational Pension Funds, Karel Van Hulle
6. Pensions, Risk, and Global Systemically Important Financial Institutions, Brian Reid and Dan Waters
II. Developments in Retirement Saving and Retirement Products
7. Determinants of Saving for Old Age around the World, Asli Demirguc-Kunt, Leora Klapper, and Georgios A. Panos
8. Retirement Replacement Rates: What and How, Andrew G. Biggs
9. Fundamentals of Cost and Risk that Matter to Pension Savers and Life Annuitants, Catherine Donnelly, Montserrat Guillen, and Jens Perch Nielsen
10. Pension Fund Investment in Infrastructure and Global Financial Regulation, Javier Alonso, Alfonso Arellano, and David Tuesta