Conference Agenda
Thursday, April 30, 2009
7:00 AM
Registration Opens
7:00 AM
Continental Breakfast in the Exhibit Hall
Sponsored by:
8:00 AM
Conference Welcome
Michael Stanton
Publisher
The Bond Buyer
Conference Chair:
Kym Arnone
Barclays Capital
8:05 AM
Keynote
GAO's Take on the Stimulus Package as It Relates to State and Local Governments
Charles Jeszeck
Assistant Director
GAO
8:40 AM
Inside the Stimulus Package: Build America Bonds and Other Tools to Re-Invigorate the Market
Join us for an extensive discussion of the bond-related provisions in the American Recovery and Reinvestment Act of 2009, and how the new financing structures could re-shape issuers' decision making. The panel will open with an extensive overview of the new financing tools like the expanded tax-credit bonds and the so-called "taxable bond option," and what requirements issuers need to meet to take advantage of them.
Carol Lew
Partner
Stradling Yocca Carlson & Rauth
9:15 AM
Keynote Welcome
Introduction:
Lewis Feldman
Partner
Goodwin Procter LLP
Antonio Villaraigosa
Mayor
City of Los Angeles
9:30 AM
Stimulus 2009: Will It Work?
Significant changes to a century-old financing market cannot happen overnight. Join some of the market's leading issuers, financial advisors, and investment bankers, as they discuss the decision-making process they're following when considering whether the new Build America Bonds meet their needs . . . as well as the new risks that issuers take on when issuing these investments.
Moderator:
Kathleen Brown
Managing Director
Goldman, Sachs & Co.
Jay M. Goldstone
Chief Operating Officer
City of San Diego
Rodney Skidmore
Vice President
U.S. Bank Institutional Trust & Custody
Peter Taylor
CFO
University of California
Mike Kremer
Senior Vice President
First Southwest Company
10:30 AM
Networking Break in the Exhibit Hall
Sponsored by:
10:45 AM
Pensions / OPEBs and Your Budget
- How is the market meltdown impacting current outlays?
- Can you afford to pre-fund OPEB?
- Does a cash shortage make OPEB more marketable?
- Will you have reductions in investment assumptions?
Moderator:
Jim C. Kelly
Executive Director
J.P. Morgan Securities Inc.
Natalie Brill
Chief of Debt Management
City of Los Angeles
Phil Culpepper
Director of Debt Management, OMB
State of Illinois
David Leifer
Managing Director
KNN Public Finance
Jenna Magan
Partner
Orrick, Herrington & Sutcliffe LLP
Douglas Offerman
Senior Director
FitchRatings
12:15 PM
LUNCH
Luncheon Address
Sponsored by:
Steve Westly
CEO
The Westly Group
1:45 PM
Pensions / OPEBs in Context
Governments across the country are facing massive demands on shrinking revenue as the nationwide recession takes hold. We'll take a look at the magnitude of pension/OPEB costs on state and local governments and discuss how it would affect government credit quality.
Moderator:
David Hitchcock
Senior Director
Standard & Poor's Corporation
Jay M. Goldstone
Chief Operating Officer
City of San Diego
Frank Hoadley
Director of Capital Finance
State of Wisconsin
Dr. William Holder
Ernst & Young Professor of Accounting
University of Southern California
Dale Scott
President
Dale Scott & Company
3:00 PM
Taxable Market Conditions and Strategies
Now that the market meltdown increases unfunded pension liabilities, issuing pension obligation and OPEB bonds will become very attractive to governments as a way to improve and rationalize funding levels in the coming year. How is this being tackled? Is there a better way to do this?
Moderator:
Omar Daghestani
Director
Barclays Capital
Jerry Burnett
Deputy Commissioner for Treasury
State of Alaska
Girard Miller
Senior Strategist
PFM Group
Nat Singer
Managing Director
Swap Financial Group
4:15 PM
Networking Break in the Exhibit Hall
Sponsored by:
4:30 PM
A New Look at Real Costs
- How are governments negotiating with their employees and unions to win relief from looming cost increases?
- Can you use OPEB funding as a bargaining chip in benefit negotiations?
- Are current pension / OPEB levels still necessary to attract and retain qualified staff?
- How can various changes to pension plans or OPEB plans provide benefits to the sponsoring entity?
Moderator:
Freda Wang
Vice President
Goldman Sachs Public and Infrastructure Banking
Darlene Green
Comptroller
City of St. Louis
Nancy Kopp
Treasurer
State of Maryland
Jon Savage
Partner
Lewis & Munday
Gary Bayer
Vice President
JPMorgan Compensation and Benefit Strategies
Erin Summers
Financial Reporting Manager
Fairfax County Government
5:30 PM
Cocktail Reception in the Exhibit Hall
Sponsored by:
Friday, May 01, 2009
8:00 AM
Registration Opens
8:00 AM
Continental Breakfast in the Exhibit Hall
9:00 AM
KEYNOTE
The Global Market
A look at overall asset performance in the global market.
John Haugh
Pensions & Endowment Strategist
Banc of America Securities - Merrill Lynch Research
9:30 AM
The Crystal Ball: Adjusting Actuarial Assumptions to Meet the New Reality
As the recession continues to worsen, governments across the nation are forced to reassess their pension funds. As municipal revenues dip, how does forecasting the uncertain future play out? How are the funding levels and investment returns affecting the ARC and actuarial valuation? With salaries frozen or reduced, investments tumbling and our retirees living longer, on what basis do we adjust our pension costs?
Charlie Chittenden
Retirement Director
Buck Consultants, an ACS Company
Ira M. Summer
President
Public Pension Professionals
10:00 AM
Asset Management Panel: What To Do After the Fall?
Will more conservative objectives be the norm? How should asset allocation strategies for pension funds differ from OPEB? Is it time to re-evaluate traditional diversification strategies?
Fredric S. Bayles III, CIMA
Sr. Vice President - Investments
Wachovia Securities LLC
Cindy Mattern
Chief Financial Officer
Self-Insured Schools of California
Charles Stebbins
Managing Director, Head of Public Finance
JPMorgan Asset Management
11:00 AM
OPEB Assets In Focus: How Should Investment Guidelines Differ From Pension Funds?
How will employers come up with money to set up trusts to address OPEB liability? How are retiree benefit structures changing to affect OPEB and pension funding costs? How do rating agencies view these changes to funding strategies?
Sohail Bengali
Managing Director
Stone & Youngberg LLC
Michael Radin
Director, Quantitative Strategies
Deutsche Asset Management
Rita Sallis
Deputy Comptroller/Chief Investment Officer
City of New York