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The 2015 Pension 40: The Long Climb

我们的养老金40强排行榜是美国养老金领域最具影响力的参与者,它反映了改革努力的持续斗争、充满希望的新理念和绝望的政治战的结合。

The struggle over the fate of defined benefit pensions continues to dominate亚博赞助欧冠’s annual ranking of the 40 most important people in pensions. After the election year of 2014, 2015 seemed quieter, but that may be deceptive. InII’s third annual Pension 40 ranking, there are 15 new names, less than last year’s 22 but emblematic of a rapidly evolving situation. The U.S. presidential election will be held in 2016, with a change in administrations that will almost certainly sweep new names to the fore. In any event, the Obama administration appears to recognize that the finish line is in sight: Stalwarts of defined benefit pension plans, like Phyllis Borzi and Judy Mares at the Department of Labor (No. 5 and 40, respectively) and J. Mark Iwry at the Treasury Department (No. 12), are finally getting traction on long-debated ideas such as fiduciary duties for financial advisers.

但这条路从来都不容易。2014年末,国会罕见地通过了《克林-米勒多雇主养老金改革法案》(Kline-Miller multi-employer Pension Reform Act),这使得塔夫脱-哈特利(Taft-Hartley)的计划在明显失败时可以进行重组。(第21号托马斯尼汉(Thomas Nyhan)管理的国际卡车司机兄弟会(International Brotherhood of Teamsters)中部各州东南和西南地区养老基金会(International Brotherhood of thecentral States southerast and southern area Pension Fund)成为克林米勒(Kline Miller)领导下第一个重组的机构)这项立法可能是必要的,但它仍然是对1974年以来的基础性联邦立法《雇员退休收入保障。2015年末,美国劳工部(Department of Labor)就各州如何为缺乏养老金福利的公司员工制定退休储蓄计划提供了指导。这代表了另一个转变:这些计划是由加州参议员凯文·德莱昂(第6位)、华盛顿州参议员马克·穆勒(第17位)和俄勒冈州财政部长特德·惠勒(第20位)等州官员推动的。它们是储蓄计划,不是固定收益计划。

But for all the hope these plans provide, decision makers in states and cities saddled with underfunded public pension plans dominate the top of the ranking. And that’s not good. Illinois Governor Bruce Rauner (No. 1), New Jersey Governor and GOP presidential candidate Chris Christie (No. 3), Puerto Rican Governor Alejandro García Padilla (No. 7) and Chicago Mayor Rahm Emanuel (No. 9) are all sinking in fiscal quicksand. Rauner was elected in 2014 on the promise to fix Illinois’ pension mess, but the courts will probably block change that involves a reduction in benefits. And these plans are unlikely to be bailed out by the markets. As hedge funder Raymond Dalio of Bridgewater Associates (No. 19) warns, the longer-term view looks grim: an aging economic recovery and the prospect of lower returns over the next decade. Dalio offers some paths to stability, but solutions are neither easy nor fast. Profiles of Dalio and other members of the Pension 40 who don’t make the top ten can be found here.

The Pension 40 was completed under the direction of Senior Contributing Editor Robert Teitelman. Individual profiles were written by Editor Michael Peltz; Associate Editor Kaitlin Ugolik; Content Editor Anne Szustek; Senior Writers Frances Denmark, Imogen Rose-Smith and Julie Segal; and Research Staff Writers Jess Delaney and Georgina Hurst.

The 2015 Pension 40
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