The processes and technology platforms that undergird our current retirement savings system could use an upgrade. There is very little connectivity between the platforms of the various industry players, many of which were developed in the 1980s and 1990s, leading to manual processes and other systemwide inefficiencies. These outdated systems also hamstring retirement savings innovators who seek to develop better products and provide more meaningful and engaging participant experiences that could increase participation and savings rates and decrease leakage in the form of premature retirement plan cash-outs.
What must we accomplish with operations and administrative technology to modernize and evolve our retirement system — and what’s at stake if we don’t?
The Aspen Institute Financial Security Program and the Future of Work Initiative’s virtual discussion explored:
- How technologies like automation, artificial intelligence, machine learning, and blockchain could change our retirement savings system — and how this transformation could lead to greater access, portability, security, and equity
- The investments we must make — and the incentives we must create — to accelerate digital transformation that can drive better savings outcomes
- How to ensure that emerging digital technologies help to create a more inclusive savings system
- Why upgrading operations technology is critical to transforming our current savings system to a multi-purpose financial security platform
Michael Davis, Head of Defined Contribution Plan Specialists, T. Rowe Price
Michael Davis is the head of defined contribution plan specialists for the Americas division of T. Rowe Price, the organization responsible for the firm’s institutional business in North America. He also is a member of the Americas leadership team and plays a key role in guiding the division’s U.S. defined contribution investment-only (DCIO) strategy. Michael is a member of the T. Rowe Price Trust Company Board of Directors. He also is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price Investment Services, Inc.
Meera Krishnamurthy, Global Head of Insurance Business Unit, Cognizant
Meera Krishnamurthy is Cognizant’s Global Head – Insurance Business Unit. She is focused on setting the Insurance unit’s business goals, investment priorities, strategy and client relationships. She joined Cognizant in 2005 and has held several key roles in Cognizant’s Insurance practice around the world. Meera has over 26 years of experience in the financial services and insurance industries. Meera is a founding member of the board of directors of the Cognizant U.S. Foundation and is actively involved in a variety of Cognizant outreach and diversity programs. She is the regional leader of Cognizant’s Women Empowered business resource group in Connecticut and board member at MAKERS, a media brand built to accelerate the women’s movement through stories of real-life experiences that ignite passion and action. She regularly champions the cause of STEM (science, technology, engineering and math) initiatives in the greater Hartford area, where she speaks and participates in several outreach events. Meera earned her bachelor’s degree from the University of Madras with a specialization in computer science and mathematics.
Anne Lester, Media commentator, author, and speaker
Media commentator, author, and speaker Anne Lester is on a mission to help Americans of all walks of life to help all Americans achieve a safe and secure retirement.
Hailed as a “pioneer and innovator” by the esteemed financial services company Morningstar, Anne has worked on all aspects of retirement for the past 28 years. Most recently, she spent 20 years as Head of Retirement Solutions for JPMorgan Asset Management. Anne holds patents for her progressive design to automate and simplify the retirement planning process. She is a regular contributor on an array of retirement issues for industry as well as public policy. Coverage includes CNBC, Bloomberg TV, The Wall Street Journal, New York Times, and countless industry publications; Barron’s featured Anne on their cover for her outstanding work. Anne’s policy-related work includes testifying for the US DOL and SEC. In partnership with AARP, she has founded the Aspen Leadership Forum on Retirement Savings whose goal is to find breakthrough solutions to Americans’ far-reaching problem of inadequate savings.
Anne is a graduate of The John Hopkins University, School of Advanced International Studies and Princeton University. She was awarded a Fulbright Graduate Research Fellowship. Anne is married to a Baby Boomer and has two sons–a Gen Z-er and a Millennial
Tim Rouse, Executive Director, SPARK Institute Inc.
Tim has over thirty-five years of experience in the financial services industry mainly within retirement services of large mutual fund companies. For the past thirty years Tim has worked with major plan sponsors in state and local governments, corporations, Taft-Hartley plans, nonprofit hospitals, colleges, and universities. Over his career Tim has worked with Voya Financial, Fidelity Investments, ICMA Retirement Corporation and The Vanguard Group.
Tim is a former President of the National Association of Government Defined Contribution Administrators’ Industry Board and a graduate of Villanova University.