Full 25th Anniversary Event Program Book

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S E P T E M B E R 19 , 2 0 0 3
WA L D O R F – A S TO R I A H OT E L
“EBRI has set itself apart as one of the most respected research organizations
“I rely on the top-notch
in Washington. The Institute’s publications, briefings, and knowledgeable staff
research that EBRI produces
provide vital information on a variety of cutting-edge policy issues.”
on employee benefit issues.
Sen. Charles Grassley (R-IA), Chairman, Senate Finance Committee, 1998
…it is critical to be able to
“Under Dallas Salisbury, EBRI has performed a valuable service
to the nation’s debate over Social Security.”
John Mueller, Sr. Vice President & Chief Economist,
Lehrman Bell Mueller Cannon, Inc., 1999
“For members and staff on Capitol
“Adds…John Erlenborn, one of
Hill, the EBRI name is synonymous
ERISA’s fathers, ‘In many ways EBRI’s
with expertise and reliability.
influence in the benefits area is
…simply put, EBRI is an invaluable
unparalleled.’ ”
resource when it comes to retire-
like EBRI, with a long-
Rep. Nancy Johnson (R-CT)
Chair, House Ways and Means
Subcommittee, 1998
“Their mission is to get the facts out
ily well,”…. “One of the great
have to have a Ph.D.”
curve and well-informed.”
“Under Dallas Salisbury…
of EBRI since its inception in
1978, EBRI has become the
authority on retirement plans.”
Pensions & Investments, 2003
data, and analysis. The Institute
“What Salisbury and EBRI have done
for a quarter century now is help the
media, legislators, and regulators
understand both the importance and
the fragility of the framework that
supports how Americans retire.”
Rep. Donald M. Payne (D-NJ)
U.S. House of Representatives, 1998
Late Harvest Tomato Relish Timbale
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Tournedo of Beef with Port Wine Sauce
Plan Sponsor, 2003
Robert Reynolds
Vice-chairman, Fidelity Investments
Melange of Asparagus Tips, Grape Tomatoes
and Chanterelles
******************************
E B R I P RO G R A M A N D M E N U
“EBRI is always ahead of the
relevant information.’ ”
Menu
Dauphinoise Potatoes
sible. It’s timely and you don’t
founded on sound, objective,
Entertainment—The Capitol Steps
unbiased data-gathering.”
William G. Gale
The Brookings Institution,
Pensions & Investments, 2003
understood manner. It’s acces-
successful unless they are
■
standing tradition of sound,
for putting out very honest numbers.”
and presenting it in an easily
policy initiatives cannot ‘…be
Dinner and a Salute to EBRI’s Mission
and usable. They have a reputation
thesizing government data
is guided by the tenet that
■
depend on an organization
numbers out, their numbers are right
“EBRI’s strength lies in syn-
invaluable objective research,
Reception
virtues of EBRI is that when they put
Rep. Earl Pomeroy (D-ND)
member, U.S. House Ways and Means
Committee, 1998
“EBRI has provided me with
■
there, and they do that extraordinarBusiness Insurance, 1985
ment and health policy.”
Richard Hinz, Department of Labor
pension office research and economic
analysis director, Pensions &
Investments, 1998
Evening Program
Apple Cranberry Crumb Tart
Served with Cinnamon Crème Anglaise
“The National Summit on
Retirement Savings produced
******************************
a range of ideas relating to how
Americans can be encouraged
Coffee, Tea, Decaffeinated Coffee
to save more for retirement.
...we always appreciate having
******************************
the benefit of [EBRI’s] expertise in the area of retirement
Waldorf-Astoria Petit Fours
policy.”
Sen. John Breaux (D-LA)
member, Senate Finance Committee,
1998
1
Thank you for making
EBRI possible!
As we celebrate the 25th anniversary of the Employee Benefit
and rationing savings to last a lifetime, is now as real for those
Research Institute, we can take pride in the accomplishments
with employee benefit programs as it has always been for
that have brought EBRI to its current pre-eminence. EBRI
those without them. In the future very few Americans will
began in 1978 because a few people believed that the country
achieve economic security throughout retirement without
needed an objective, professional, reliable resource that
careful planning.
would focus on employee benefits and related economic
security issues. It has evolved into an authoritative and
EBRI is uniquely positioned to help individuals and institutions
highly respected research organization, and is looked to
understand the implications of these forces of change. EBRI’s
internationally by those who want the best information
research and education agenda will continue to be driven
about the United States’ economic security system.
by the goals of anticipating emerging trends, providing data
I extend warm thanks to the founders and to all who have
helping individuals and organizations look over the horizon
worked with the Institute over the past 25 years. Every
to achieve economic security. The Internet broadens our
constituency of EBRI has played a role in its success. Without
ability to touch every interested individual and organization
their time, imagination, commitment, expertise, coverage,
with information and education. Through www.ebri.org and
research creation and usage, and financial support, EBRI
www.choosetosave.org they can now access our 25 years of
would not have evolved from an idea to an institution.
research, which is presented to you on our commemorative
CD: 25 Years of EBRI Research and Education: Illuminating
Employee benefits and related economic security programs,
Economic Security Issues.
with a special emphasis on employee financial literacy and
total-life planning education, are of greater importance to the
Thank you for making EBRI possible!
nation and its citizens today than ever before. The aging of
PRESIDENT’S LETTER
PRESIDENT’S LETTER
and analyses to help evaluate alternative responses, and
the work force, the dramatic growth of the retired population
that will occur over the next 25 years, shifting family and
Dallas L. Salisbury
work-force patterns, and changing domestic and global
President and CEO
competitive dynamics have profound consequences for the
nation’s health, welfare, and income security programs; the
economy; and the economic security of workers, retirees,
and their families.
EBRI has documented a profound shift in the nature of
employee benefit programs over its 25 years. There have
been some differences in what we have seen for public-sector
and private-sector workers, and for union and nonunion
workers. Overall, however, the necessity for all individuals
to become educated about saving, investing, medical costs,
2
3
The Employee Benefit Research Institute (EBRI) was conceived
in 1977 and founded in 1978. It has since grown into the
most authoritative research organization in the nation on
issues of employee benefits and economic security. It has, as
intended, made a major contribution to the development of
soundly conceived and administered employee benefit plans.
The Beginning
June: A meeting was held in
alternatives and to establish various committees.
A number of equally important committees were
as public and private employment-based voluntary programs.
• Recommended EBRI’s name;
Three representatives of consulting firms met
effects on consulting firms. These men were:
Peter E. Friedes, Chief Executive Officer, Hewitt Associates
Robert D. Paul, Vice Chairman, Martin E. Segal Company
Quentin I. Smith, Jr., Chairman & CEO, Towers, Perrin,
Forster & Crosby, Inc.
• Signed the Articles of Incorporation; and
1978
1978
August: A pre-incorporation meeting
was held at which Arnold & Porter was retained
as Counsel.
September: The Institute was
incorporated, had its first Board meeting, and
elected its first slate of officers:
important was the inability of any one firm to educate
Quentin I. Smith, Jr.,
Washington. The new members of the group were:
William N. Bret, A.S. Hansen, Inc.
John A. Connors, Kwasha Lipton
President and Chairman (1978–1981)
John A. Connors, Vice Chairman
Clifford R. Simms, Secretary
Clifford R. Simms, The Wyatt Company
that time:
1978
May: This group of nine met to begin
planning how to form an organization that could serve as
an educational entity. Later that month, invitations were
extended to four other firms to join in this planning. The
individuals and their firms were:
Joseph J. Stahl II (Joe), 1982–1983,
Executive Vice President, Alexander & Alexander
Robert D. Paul (Bob), 1984–1985,
Vice-Chairman, Martin E. Segal Company
John K. Kittredge (Jack), 1986–1987,
Executive Vice President, The Prudential
A.J.C. Smith (Ian), 1988–1989,
President, Marsh & McLennan
Donald P. Harrington (Don), 1990–1991
William A. Ferguson, Tillinghast, Nelson & Warren, Inc.
Kenneth K. Keene, Johnson & Higgins
A.J.C. Smith, William M. Mercer, Inc.
Joseph J. Stahl, II, Alexander & Alexander
Senior Vice President, TIAA-CREF
Howard Fluhr, 2001–2002
President & CEO, The Segal Company
Dale Gifford, 2003
Chairman & CEO, Hewitt Associates
■
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An Organization Is Born
1978
1978
October: An Executive Director
Recruitment Subcommittee was formed which
hired Dallas Salisbury, effective December 4, 1978.
November: The original Planning
Committee, plus the officers of EBRI, met in
Atlanta. This group decided that EBRI needed
to expand its horizons and its membership in
order to:
• Assure money to finance EBRI’s goals;
EBRI has had 12 additional chairmen since
George B. Swick, Buck Consultants, Inc.
John McCormack, 2000
William A. Ferguson, Treasurer
James A. Curtis, Milliman & Robertson, Inc.
Douglas D. Stegner, Meidinger, Inc.
Senior Vice President, Marsh & McLennan
• Recommended the first slate of officers for EBRI.
April: As the scope of issues grew, the most
legislators or impact the changes proposed from
Francis Bonsignore (Fran), 1998–1999
E B R I ’ S H I S TO RY
1978
Executive Vice President, Capital Guardian
formed, including a Planning Committee. The
Studies have covered Social Security and Medicare, as well
1977
John H. Seiter, 1996–1997
Washington, DC, on June 21, 1978, to discuss
Planning Committee:
to discuss newly created ERISA responsibilities and their
E B R I ’ S H I S TO RY
1978
Vice President, AT&T
David Skovron (Dave), 1992–1993
Chief Executive Partner, Kwasha Lipton
William Link (Bill), 1994–1995
• Establish broad geographic and industry
support so that EBRI could inform national
policy; and
• Clearly demonstrate EBRI’s openness and
nonexclusivity.
A second Board meeting was held and Dallas
Salisbury was introduced to the Board. On
December 4, 1978, Salisbury began work as
the executive director and took charge of turning
the principles and purposes into action. The
Institute’s first full year of operations moved
it beyond the first year expectations of the
founders—helped in no small part by press
attention generated by the President's Commission
on Pension Policy.
Executive Vice President, Prudential Insurance Co.
4
5
6
American Express Company, Tom Pavey
Aon Consulting, David Maslen
Association of American Medical Colleges, Robert Dickler
AT&T, Christopher O'Flinn
Barclays Global Investors, NA, Peter Landin
BellSouth Corporation, Kimberle Fellows
Blue Cross Blue Shield Association, Mary Nell Lehnhard
Boeing Company, Pamela French
Buck Consultants, Inc., Howard Fine
Capital Guardian Trust, Clive Gershon
CIGNA Retirement & Investment Services, John Kalamarides
Deere & Company, Mertroe Hornbuckle
Delta Air Lines, Inc., Leon Piper
Deutsche Asset Management, Deutsche Bank, Scott B. David
Diversified Investment Advisors, Mark Mullin
Dresdner RCM Global Investors, LLC, TJ Deutz
Ernst & Young LLP, William Arnone
Fidelity Institutional Retirement Services Co., Peter Smail
Hewitt Associates, Inc., Dale L. Gifford
IBM Corporation, Martin J. Sepulveda, MD
Investment Company Institute, John D. Rea
J.P. Morgan Chase & Co., Edward L. McGann
Kaiser Permanente, Robert Crane
Marsh & McLennan Companies, Inc., Francis N. Bonsignore
Mercer Human Resource Consulting, Harry J. Conaway, Esq.
Merrill Lynch & Company, Inc., Stephen Pennacchio
Metropolitan Life Insurance Companies, Nicholas D. Latrenta
Milbank Memorial Fund, Daniel M. Fox
Milliman USA, Inc., Thomas K. Custis
National Education Association, Lynn Ohman
National Rural Electric Cooperative Association, Scott Spencer
Pacific Maritime Association, Joe Miniace
PricewaterhouseCoopers LLP, Elaine Church
Principal Financial Group, Larry Zimpleman
Prudential Financial, Scott Sleyster
Putnam Investments, John M. Brown
State Street Corporation, Maureen S. Bateman, Esq.
The Segal Company, Howard Fluhr
TIAA-CREF, Fran Nolan
Towers Perrin, James K. Foreman
Union Labor Life Insurance Company, Edward Grebow
University of Missouri, R. Kenneth Hutchinson
Vanguard Group, F. William McNabb
Visteon Corporation, Barbara A. Quilty
Watson Wyatt Worldwide, John J. Haley
EBRI Sponsors
EBRI would like to take this opportunity to thank all those who have sponsored our work.
3M
401(k) Forum
A. Foster Higgins
A.G. Edwards
A.S. Hansen, Inc.
AAIM Management Association
AARP
Abbott Laboratories
Abogado
ABT Associates
Aerojet-General Corp.
Aetna
Agency for Health Research and Quality
Aid Association for Lutherans
Airline Pilots Association
ALCOA
Aldrich, Eastman & Waltch
Alexander & Alexander, Inc.
Alexander Brown & Sons
Alliance Capital Management Corp.
Allied Signal Inc.
American Academy of Actuaries
American Association of Health Plans
American Association of Medical Colleges
American Bankers Association
American Benefits Council
American Can Association
American Capital Management
American Century Investments
American Compensation Association
American Council of Life Insurers
American Express Company
American Express Retirement Services
American Federation of State, County,
and Municipal Employees
American General Corp.
American General Financial Group
American Hospital Association
American International Group, Inc.
American Medical Association
American Newspaper Publishers
American Paper Institute, Inc.
American Payroll Association
American Society of Pension Actuaries
American Standard, Inc.
Ameritech
Ameritus Life
AMS, Inc.
Anthem Blue Cross/Blue Shield
Aon Consulting
Apple Computer
Arizona Public Service Co.
ARMCO
Arnold & Porter
Arthur Andersen & Company
Arthur D. Little
ASA
Ascension Health
AT&T
Atlantic Information Services
Atlantic Richfield Company
Automatic Data Processing, Inc.
Avaya, Inc.
Aventis
Avon
Bakery & Confectionary Union
Bank of America
Bank of California
Bank One
Bankers Life
Bankers Life, Nebraska
Barclays Global
BASF
Basin Electric Power Coop.
Batterymarch Financial Management Corp.
BATUS, Inc.
Baxter Medical
BEA Associates
Bear Stearns Co.
Beatrice Companies
Becton, Dickinson & Co.
Bell Atlantic
Bell Communications
Bellcore
BellSouth
Bemis Company
Black & Decker
Blue Cross of CA
Blue Cross of Western PA
Blue Cross/Blue Shield Association
Blue Cross/Blue Shield of Indiana
Blue Cross/Blue Shield of Minnesota
Blue Cross/Blue Shield of North Carolina
Blue Cross/Blue Shield of the
Rochester Area
Blue Shield of California
Bluefinch Corporation
Blumenthal, Ostroff & Markham
Boatman's Trust
Boehringer Ingelheim
Boeing Co.
Boise Cascade
Booke & Co.
Boots Pharmaceuticals
Booz Allen & Hamilton
Boston Company
BP
Brinson Partners, Inc.
Bristol-Meyers Squibb Co.
Brown & Williamson Tobacco
Brown Brothers & Harriman
Brown Group, Inc.
Bryan, Pendelton, Swats, & McAllister
Buck Consultants, Inc.
Burlington Northern, Inc.
California Healthcare
California Public Employee Retirement
System
California State Teachers Retirement
System
Callan Investments Institute
Campbell Soup
Capital Guardian Trust
Carter-Wallace
CBS, Inc.
Celanese Corp. (Hoechst Celanese)
Central Bank of the South
Central Pension Fund, International
Union of Operating Engineers
& Participating Employers
Central Services Org.
Centrist Group
Certified Financial Planner Board
of Standards
Chancellor Capital Management
Charles D. Spencer & Associates, Inc.
Chemical Bank
Chevron Corp.
Chrysler Corp.
Chubb Life
CIGNA
Cincinnati Bell
Citibank
Citistreet
City of Kalamazoo, MI
CNA
Coca Cola
Combustion Engineering, Inc.
Commodities Corp.
Connecticut Mutual Life Insurance
Company
Connecticut National Bank
Consolidated Edison of NY
Consolidated Healthcare
Consortium Health Plans, Inc.
Consumer Federation of America
Foundation
Continental Bank
Continental Can
Continental Group, Inc.
Copley Real Estate
Council of State Governments
CPC International
Credit Suisse
Crocker National Bank
Crozier
CUNA Mutual
Dai-ichi Life
Daiwa Institute of Research America, Inc.
Daytona Beach Community College
Debt Counselors of America, Inc.
Deere & Company
Del Monte Corp.
Delaware Investments
Deloitte & Touche
Deloitte Consulting
Delta Airlines
Deseret Mutual Benefit Administrators
Deutsche Bank
DIA-ICHI SEIMEI
Digital Equipment
Diversified Investment Advisors
Dow Chemical Corp.
Dresdener RCM Global Investors
Dreyfus
Duquesne University
E.F. Hutton
E.I. DuPont
E.M. Warburg, Pincus & Co.
Eager & Associates
Eastman Kodak
Economic Security 2000
Edelman Financial Services
Edison Brothers Stores
Educational Employees Retirement
System of Fairfax County
EFI Associates
EL ISSSTE
Eli Lilly & Co.
Ennis, Knupp
Enterprise Communications
EBRI SPONSORS
E B R I S U S TA I N I N G M E M B E R S / B O A R D O F T R U S T E E S
2003 Sustaining Members/
Board of Trustees
7
EBRI SPONSORS
Howard Johnson & Co.
Humana, Inc.
Hutchison & Associates, Inc.
Iameter
IBM Corporation
ICMA Retirement Corporation
InCharge Institute
Independence Investment Associates
ING Direct
ING
Institute of Electrical and Electronics
Engineers
Internal Revenue Service Library
International Brotherhood of Teamsters
International Foundation of Employee
Benefit Plans
International Health Awareness
International Paper
INTRA Corporation
INVESCO
Investment Company Institute
Investment Counselors of Maryland
Investors' Press
IRSA
Irving Trust Co.
IU International Management Corp.
J.C. Penney
J.P. Morgan
J.P. Morgan Chase
J.R. Simplot
James River Corp.
Janus
Japan Pension Welfare Service Public Corp.
JETRO
John Fluke Manufacturing Co.
John Hancock
Johnson & Higgins
Johnson & Johnson
Jones, Day, Reavis & Progue
Joseph E. Seagram & Sons
JRT Research
Kaiser Aluminum Salaried Retirees
Association
Kaiser Permenente
Keidenren
Kibble & Prentice
KM Consulting Group
KPA Advisory Services
KPMG
Kraft
Kwasha Lipton
L3 Communications
Laventhol & Horwath
Levi Strauss
Lexecon, Inc.
Liberty Life Assurance Co. of Boston
Liberty Life Insurance
Liberty Mutual Life
Liberty National Bank & Trust Co.
of Louisville
Liberty National Life Ins. Co.
Lincoln Capital Management
Lincoln National Life
Lincoln National Pension Insurance Co.
Lockheed Corp
Loomis-Sayles & Co.
Lord Abbott & Co.
Louis Kravitz & Associates
Lowe's Co.
Lucent Technology
Lutheran Medical Center
MacKay-Shields Financial Corp.
Manufacturers Hanover Trust Co.
Manufacturers Life
Manville Corp.
Marsh & McLennan
Massachusetts Fiduciary Advisors
MassMutual
Mathew Greenwald & Associates
McDonald & Co.
McDonalds
McGinn Associates
Mcorp
Mead
Meidinger & Associates, Inc.
Mellon Bank
Mercer, Inc.
Merck
Meridan Mgmt. Co.
Meridian Medical Technologies Corporation
Meridian Oil
Merrill Lynch
MESA Petroleum Co.
METRAhealth
Metropolitan Life Insurance Companies
MFS Retirement Services
Michigan Consolidated Gas
Michigan Higher Education
Michigan National Bank
Michigan State University
MIG Associates
Milbank Memorial Fund
Miller Mason & Dickson
Miller, Anderson and Sherred
Milliman USA
Missouri State Employees' Retirement
System
Mitsubishi Trust and Banking Co.
Mobil Oil Corp.
Money Market Directories, Inc.
Monsanto
Morgan Grenfell, Inc.
Morgan Stanley & Co.
Morgan Stanley Dean Witter
Morley Capital Management
Morningstar
Morrison-Knudsen
Mutual Benefit Life
Mutual Life Ins. Co. of NY
Mutual of America
Mutual of Omaha
Nabisco
NACOLAH Holding Co.
NASAA
National Association of Convenience Stores
National Association of Federal
Credit Unions
National Association of Government
Defined Contribution Administrators
National Council on Teacher Retirement
National Education Association
National Endowment for Financial
Education
National Federation of Independent
Businesses
National Foundation for Credit Counseling
National Institute for Consumer
Education
National Intergroup, Inc.
National Restaurant Association
National Rural Electric Cooperative
Association
NationsBank
Nationwide Insurance
Naval Personnel Command Library
Navistar
NEMA
New Directions for Policy
New England Mutual Life Insurance
Company
New York Life Insurance Company
New York State & Local Retirement System
New York State Common Retirement Fund
New York State Teachers' Retirement
System
New York Stock Exchange
New York Times Company
Nikko Research Center
NISSAY BUNKEN Library
NLI International
Nomura Research Institute
Norfolk & Southern
North American Company for Life
& Health Insurance
Northern Trust Co.
Northwestern National Life Insurance
Company
Norton Co.
Norwest Bank
Novartis
Nyhart Co., Inc.
NYNEX
Occidental Petroleum Services, Inc.
Odyssey, Inc.
O'Melveny & Myers
Opinion Research Corp.
Oppenheimer Capital
Oppenheimer Funds
Oregon Public Employees Retirement
System
Otsuka America Pharmaceuticals
PACCAR, Inc.
Pacific Investment Management
Pacific Maritime
Pacific Mutual
Pacific Telesis
Paine Webber
Palmer Cay Consulting Group
Partners Health Care System
Pennsylvania Blue Shield
Pennzoil Co.
Pension Fund Association of Japan
Pension Portfolio Advisors
Pepsico
Pfizer
Pharmaceutical Research & Manufacturers
of America
Philadelphia American Life Insurance
Company
Philbro Energy
Phillip Morris
Phillips Petroleum
Pillsbury
PMSCO Healthcare Consulting
Price Waterhouse
PriceWaterhouseCoopers
Primark
Principal Financial
Printing Industries of America
Proctor & Gamble Company
Professional Plan Administrators, Inc.
Profit Sharing/401(k) Council of America
Prudential Financial
Prudential Health Research Center
Prudential Securities
Prudential-Bache Securities
PSFS
Public Employee Retirement Association
of Colorado
Public Service Enterprise Group
Putnam Investments
Quaker Oats Co.
Quantum Chemical
Qwest
Railroad Retirement Reform Commission
Ralston Purina
RCM Capital Management
Recognition Equipment
Reliastar Financial Corporation
Retirement Policy Institute
Retirement Programs Marketing
RJR Nabisco, Inc.
Robert Wood Johnson Foundation
RogersCasey
S.C. Johnson & Sons, Inc.
Salomon Brothers
San Francisco City Employees' Retirement
System
SBC Communications
Schering-Plough Corp.
Schindler Elevator Corporation
Schroders
Schwab Retirement Plan Services
Scitor Corporation
SCM Corp.
Scott Paper Co.
Scudder Kemper Investments
Scudder, Steves, & Clark
Seal & Lohse
Securities Industry Association
SEI Corporation
Service Employees International
Sharpe-Russell
Shefsky
Shell Oil
Sherwin-Williams
Simpson Thacker & Bartlett
Singer Co.
Smith Richardson Foundation
SmithKline Beckman
Society for Human Resource Management
South Carolina National Bank
Southern Co. Services
Southern New England Telecommunications
Southland Corp.
Southwest Airlines
Sprint
Squibb Corp.
St. Jude's Medical
St. Louis Children's Hospital
Stanford University
State Farm Insurance Companies
State Mutual Companies
State Street Bank & Trust
State Street Corporation
State Street Research
State Teachers Retirement System of Ohio
Stein, Roe, and Farmham
Strong Retirement Plan
Sun Co., Inc.
Super Value Stores, Inc.
Swinerton, Inc.
Swiss Re
Synapse
T. Rowe Price
Teachers Insurance & Annuity Association
Teachers Retirement System of Texas
Tektronix, Inc.
Tenneco, Inc.
Texas Commerce Bankshares
The Commonwealth Fund
The GAP
The Robert Wood Johnson Foundation
The Segal Co.
The Travelers Insurance Companies
Thomson Corp.
TIAA-CREF
Tillinghast, Nelson, & Warren, Inc.
Towers Perrin
Transamerica
TRI-AD
Trust Co. Bank
Trust Services of America
TRW, Inc.
Twentieth Century Fund
U.S. Chamber of Commerce
U.S. Department of Health &
Human Services
U.S. Department of Labor
U.S. Facilities
U.S. Steel & Carnegie Pension Fund
U.S. Trust Co.
UBS Corp
UBS PaineWebber, Inc.
Union Bank of CA
Union Labor Life Insurance Company
United Asset Management
United Capital Management
United Food & Commercial Workers
United Health Care
United Medical Resources
United Steelworkers
United Technologies
University of Chicago
University of Missouri
University of Virginia Law School
UNUM
Upjohn Co.
VALIC
Vanguard Group
Verizon
Vision Service Plan
Visteon
Volkman and Associates
W.K. Kellogg Foundation
W.R. Grace & Co.
Wachovia
Walt Disney World
Warburg, Pincus Counselors, Inc.
Warner-Lambert
Watkins Ross & Co.
Watson Waytt Co.
Wellington Management Co.
Wells Fargo
Wertheim Asset Management Services, Inc.
Westinghouse Electric Corp.
Weyerhaeuser Co.
White Consolidated Industries
William A. Dreher & Associates
William M. Lowery
Williams & Jensen
Willis
Willkie Farr & Gallagher
World Bank
WorldatWork
Xerox Corp.
Zurich Scudder Investments, Inc.
EBRI SPONSORS
8
Equicor, Inc.
Equifax, Inc.
Equitable Life
Ernst & Young
Facciani & Co.
Fannie Mae Foundation
Fayes Sarofim & Co.
Federal Employee Association
of America
Federal Mogul, Corp.
Federal Reserve Benefit System
Federal Reserve Board
Fidelity Investments
Financial Engines
Financial Planning Association
First American Bankshares
First Chicago Corp.
First Interstate Bancorp.
First Kentucky Trust Co.
First Manhattan Consulting
First National Bank of Dallas
First National Bank of Atlanta
First Trust Co.
First Union National Bank
Florida Hospital Association
Forstmann-Leff Association
Frank Russell Co.
Fred S. James & Co.
GenCorp
Genentech
General American Life
General Cinema Corp.
General Electric
General Foods Corp.
General Mills
General Motors Corp.
Georgia-Pacific
Giovanni Palladino
Gold Toe Brands, Inc.
Goldman, Sachs, & Co.
Goodyear Tire & Rubber Co.
Grace Washington Inc.
Great West Life
Greenbaum Doll & McDonald
GTE Service Corp.
Guarantee Mutual
Guardian Life
Gulf & Western Industries, Inc.
Gulf States Utility
Hand & Associates
Harris Trust
Harris, Couch, Long
Hartford Life
Hartland & Co.
Harvard University
Hay Associates
Hay Huggins
HCA Foundation
Health Benefits & Pension Funds
Health Industry Manufacturers
HealthPlus of Michigan, Inc.
Heitman Advisory Corporation
Henry Ford Health System
Hershy Foods
Hewitt Associates
Hewlett-Packard
Highmark
Holy Cross Shared Services
Honeywell
Hospital Corporation of American
Foundation
Hotchkis & Wiley
9
EBRI by the Numbers
The Vision of the Founders has far exceeded
their original expectations. A brief synopsis
E B R I F O U N D E R ’ S A N D C H A I R M E N – 19 8 8
of EBRI’s accomplishments follows:
Dallas Salisbury,
President and CEO
10
Joseph J. Stahl, II,
Founder and Chairman
William A. Ferguson,
Founder
13
45
13
200
44
45
339
140
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Board of Trustee Members as of 2003
Policy Forums (Roundtable discussions
to examine public policy issues)
EBRI Surveys
EBRI Original Membership in 1978
EBRI Notes Published
Washington Bulletins (Summarizes
Washington’s debate on benefit issues)
EBRI Membership as of 2003
EBRI Issue Briefs Published
Testimonies
Paul S. Berger,
Counsel
William N. Brett, Jr.,
Founder
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Board of Trustee Members in 1978
James A. Curtis,
John J. Kittredge,
Quentin I. Smith, Jr.,
Founder
Trustee and Chairman Founder and Chairman
David A. Skovran,
Trustee and Chairman
Donald P. Harrington,
Trustee and Chairman
Kenneth K. Keene,
Founder
A.J.C. Smith, Founder
and Chairman
Clifford R. Simms,
Founder
Douglas P. Stegnor,
Founder
George B. Swick,
Founder
Peter E. Friedes,
Founder
Robert D. Paul,
Founder and Chairman
John A. Connors,
Founder (not shown)
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Your values are our values.
Milliman USA extends its congratulations and
best wishes to EBRI on the occasion of its 25th anniversary.
commitment to credible, reliable and objective research and
Over the last quarter century EBRI has effectively and
analysis is one we share and are proud to support.
successfully fulfilled its mission of advancing the public's,
the media's and policymakers' knowledge and understanding
Mercer Human Resource Consulting is a global consulting
of employee benefits and their importance to our nation's
firm that advises on all aspects of strategic and operational
economy. EBRI has firmly established its credentials as the
human resource consulting and implementation. Areas of
objective, unbiased provider of data, policy research and
particular expertise include retirement services, health care
educational services in the employee benefits arena.
and group benefits, employee benefits, compensation,
communication, and actuarial services. Our professionals
We are proud of EBRI’s accomplishments as well as the
also advise on risk management and investment issues.
substantial role our firm has played in EBRI’s development—
F O U N D E RS ’ C I RC L E
F O U N D E RS ’ C I RC L E
Mercer is a founding member of EBRI. Why? Because EBRI’s
as a founding member and as a continuing participant.
Mercer is a subsidiary of Marsh & McLennan Companies
(MMC), a global professional services firm with annual
revenues exceeding $10 billion. Founded in 1871, today
MMC has some 60,000 employees who provide analysis,
advice, and transactional capabilities to clients in over
100 countries.
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Celebrating its 25th Anniversary this year,
EBRI has been committed to developing sound employee
benefit programs and public policy providing people with
opportunities to achieve financial security. AIG would like
to congratulate Dallas Salisbury and his team at EBRI on
achieving this milestone and for providing a foundation
for the future. AIG. We Know Money.
As a Founders’ Circle Sponsor, Prudential
Financial is proud to congratulate the Employee Benefit
Research Institute on twenty-five years of dedication to the
development of public and private policies that improve
government officials, and the media have a better understanding
of employee benefits and their importance to the nation’s
economy. Your unwavering dedication and objectivity on this
topic have distinguished you as the foremost authority on
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this topic.
Prudential Financial is proud to partner with you in improving
C H A I R M A N ’ S C I RC L E
F O U N D E RS ’ C I RC L E
employee benefits. Through your efforts, the public,
the economic security of all employees.
Here’s To 25 Years Of Telling It Like It Is
Buck Consultants congratulates EBRI on its Silver Anniversary.
We salute your dependable, unbiased delivery of “the facts”
about employee benefits—and their importance to our
nation’s economy. EBRI is an organization that “tells it like it
is.” Your contributions to the development of sound employee
benefit and public policy programs are first class.
Buck, a subsidiary of Mellon Financial Corporation and a
leading global HR consulting firm, appreciates the work of
EBRI. Here’s to 25 more years of success as you continue
to deliver insightful information that shapes the employee
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benefits arena.
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Celebrating 25 years!
Employee Benefit Research Institute as it celebrates a quarter
Towers Perrin proudly salutes EBRI’s 25 years of unwavering
century of success in helping to shape effective employee
dedication to providing objective and unbiased employee
benefit programs and thoughtful public policy.
benefit research and education.
As a provider of retirement, human resources, and benefits
Congratulations on this momentous achievement, and
solutions to more than 14 million workers, Fidelity recognizes
heartfelt thanks for the invaluable service you provide.
the value of EBRI’s efforts, and we look forward to working
together in the years to come.
"Information is the currency of democracy." — Thomas Jefferson
C H A I R M A N ’ S C I RC L E
Fidelity Investments congratulates the
C H A I R M A N ’ S C I RC L E
www.towersperrin.com
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Celebrating 25 Years of Excellence
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WJLA-TV/ABC 7 congratulates EBRI on
your 25th Anniversary.
Institute (EBRI) for 25 years of honesty, integrity and
We are proud to partner with you on Choose to Save.®
excellence. Its pioneering efforts in the field of employee
benefits research and education have provided an invaluable
service to its members and to our society.
As a long-standing member of the organization, IBM has
We look forward to the next 25 years together.
B E N E FA C T O RS ’ C I R C L E
IBM is proud to honor the Employee Benefit Research
regularly relied on EBRI’s ability to provide thoughtful,
thorough and objective research. We appreciate and
support EBRI’s continued commitment to addressing
today’s critical benefits issues.
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American Express extends its congratulations
Capital Guardian is proud to support EBRI
to EBRI on the occasion of its 25th anniversary. American
on its 25th Anniversary.
Express is proud to have been a member of EBRI since 1987
and enjoys the honor of having had five colleagues sit on
EBRI’s Board of Trustees now and in the past. Best wishes
that the next 25 years will be equally successful.
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Aon salutes EBRI, its staff and Dallas
CIGNA Retirement & Investment Services
Salisbury for 25 years of exceptional, dedicated, and
congratulates EBRI on 25 years of providing objective
objective service to the employee benefits community.
research and education that advances sound public policy
Your unique research has guided us and our policy makers
and promotes the value of comprehensive employee benefits
to make stronger and more informed decisions—thereby
programs. As a Sustaining Member, we are proud to honor
helping millions of employees and employee benefit plan
your achievements and support your continued good work.
participants.
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Aventis Pharmaceuticals Is proud to support
25 years of “telling it like it is.”
EBRI’s 25th Anniversary Celebration
Congratulations to our friends at EBRI for staying true to
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B E N E FA C T O RS ’ C I R C L E
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your mission of advancing the public’s, the media’s, and
policymakers’ knowledge and understanding of employee
benefits and their importance to our nation’s economy. From
a company that has supported you from the start—Hewitt.
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Congratulations to the Employee Benefit
Congratulations to EBRI on 25 years of
Research Institute on successfully executing 25 years of
outstanding contributions to the field of employee benefits.
objective thought leadership, with special thanks to Dallas
Salisbury for his continued dedication and tireless efforts
on behalf of EBRI since its inception.
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MetLife congratulates EBRI on 25 years of
TIAA-CREF Congratulates EBRI on its
helping people gain a better understanding of their benefits.
25th Anniversary.
As a result, more people get more from their benefits every
TIAA-CREF, the nation's leading retirement system for higher
education and research employees, congratulates EBRI on
its Silver Anniversary. Accept our best wishes for many more
years of development of sound employee benefit programs
and public policy. To learn more about TIAA-CREF, please
visit us online at www.tiaa-cref.org or call 1-800-842-2776.
day. And that's a mission shared by MetLife, a leading provider
of employee benefits. With over 130 years of expertise, MetLife
is also working hard to make benefits easier for employees
and employers.
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The Pacific Maritime Association, on behalf
Congratulations!
of its member companies, congratulates EBRI for twenty-five
from your friends at Verizon
years of credible, objective and unbiased facts in the area
. . .on behalf of all the employees and retirees who
of employee benefits. We look forward to EBRI’s continued
benefit from your outstanding work.
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success.
We look forward to the next 25 years.
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Congratulations from The Principal®.
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Congratulations—and thanks—to EBRI
®
The Principal Financial Group is proud of EBRI and its long
for 25 years…
history of helping people get more out of work, by getting
…shining the light of knowledge on employee benefits…
more out of their benefits. We share this goal. As the nation's
B E N E FA C T O RS ’ C I R C L E
B E N E FA C T O RS ’ C I R C L E
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informing the industry and policymakers…and ultimately
401(k) leader, we have been proud to be a long-time sponsor
improving the lives of millions of workers.
of EBRI's efforts. We look forward to working with EBRI
for years to come, helping Americans with their retirement
Wachovia looks forward to another 25 years of EBRI’s success.
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The Segal Company congratulates EBRI on
this milestone anniversary. As founding members, our firm has
always believed in EBRI’s mission. We are proud to have
supported EBRI, including the service of two former EBRI
chairmen, Robert D. Paul and Howard Fluhr. We are confident
that EBRI will continue to make profound contributions far
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into the future.
Design: Designsmith, Inc., Arlington, VA www.design-smith.com
investing needs.
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EBRI wishes to thank BP for its donation of a Benefactors’ Circle Table.
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Patrons’ Circle
Individual Seats
AT&T
Arnold & Porter
Dallas L. Salisbury and Stephanie Ross
Financial Engines
Mathew Greenwald & Associates, Inc.
Milbank Memorial Fund
T. Rowe Price
American Benefits Council
CHEIRON, Inc.
EFI Actuaries
Fluor Corporation
InCharge Institute of
America, Inc.
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Investment Company Institute
Kaiser Permanente
National Rural Electric
Cooperative Foundation
Pension and Benefit Power
Pentegra Group
Putnam Investments
Douglas D. Stegner
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Established in 1978, the Employee Benefit
Research Institute (EBRI) is the only
independent nonprofit, nonpartisan
organization committed exclusively to data
dissemination, research, and education on
economic security and employee benefits.
The Institute seeks to advance the public’s,
the media’s and policymakers’ knowledge
and understanding of employee benefits and
their importance to our nation’s economy.
EBRI’s mission is to contribute to, to
encourage, and to enhance the development
of sound employee benefit programs and
sound public policy through objective
research and education.
EBRI has earned widespread regard as an
organization that “tells it like it is,” based
on the facts. As the Bylaws state: “In all
its activities, the Institute shall function
strictly in an objective and unbiased manner and not as an advocate or opponent
of any position.”
www.ebri.org