American Enterprise Institute (AEI) adjunct scholar Mark J. Warshawsky is a former director of retirement research at Towers Watson, a global human capital consulting firm, where he oversaw research on employer-sponsored retirement programs, including analysis of retirement plan funding, investments, payments, and plan design. Warshawsky also studies developments in labor markets and retirement trends, compensation, investment products, retirement distribution strategies, financial planning, and health and long-term care insurance. At AEI, his work focuses on retirement policy and long-term care insurance. He is also president of ReLIAS LLC, a retirement solutions design firm.
Warshawsky was a member of the Social Security Advisory Board from December 2006 to September 2012. He was vice chairman of the federal Commission on Long-Term Care in 2013. From 2004 to 2006, Warshawsky served as assistant secretary for economic policy at the US Department of the Treasury, playing a key role in the development of the Pension Protection Act of 2006. He has also held senior-level positions at the Federal Reserve Board, the Internal Revenue Service, and TIAA-CREF.
His books include “Retirement Income: Risks and Strategies” (MIT Press, 2012), “Fundamentals of Private Pensions” (coauthor, Ninth Edition, Oxford University Press, 2010), “The Role of Annuity Markets in Financing Retirement” (coauthor, MIT Press, 2001), and “The Uncertain Promise of Retiree Health Benefits: An Evaluation of Corporate Obligations” (AEI Press, 1992).
Warshawsky has a B.A. from Northwestern University and a Ph.D. in economics from Harvard University.
America has recently experienced a wave of municipal bankruptcies significantly fueled by underfunded pension and retiree health obligations to retired city workers, including policemen, firemen and teachers
The typical current glide path for a TDF starts at a high equity share (over 90 percent) and ends with a low share (averaging about 30 percent). The initial equity share has not changed much over the most recent business cycle, but the ending share has been lowered considerably.
Statement of Mark J Warshawsky, Vice Chairman of the Federal Commission on Long-term Care delivered at the final public meeting of the Federal Long-term Care Commission in the Dirksen Senate Office Building. The statement focuses on financing the system of long-term services and supports (LTSS).