The 2014 Pension 40: David Draine

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< The 2014 Pension 40: The Battle Is On

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David Draine
Senior Researcher
Pew Charitable Trusts
PNR

In 2007 the Pew Charitable Trusts published “Promises with a Price,” the first of a series of reports on the state of public pension plans in the U.S. The situation Pew described was ugly, with a number of states struggling with underfunded plans. But it got much worse after the 2008 financial crisis. Pew tracked the growing problem in a series of reports and gradually shifted from data collection to active participation with lawmakers and other stakeholders to achieve change. One of the key figures: David Draine, 32, who started at Pew in 2007, working as an intern on the first pension report. Today, Draine, who has a BA in art history from Princeton University and an MA in public policy from Johns Hopkins University, is a senior researcher at Pew and the principal investigator on pensions. An important focus of Pew’s work is analyzing different models for public pensions. “What we have seen in a number of states is a growing interest in different hybrid approaches” combining defined benefit and defined contribution funds, Draine says. One of Pew’s biggest successes is Kentucky, which passed legislation in 2013 to implement a hybrid public pension plan. In Kentucky and elsewhere Pew has partnered with the Laura and John Arnold Foundation (No. 2), infuriating some groups, particularly in organized labor, which see the apolitical Pew lending legitimacy to the newer, more contentious foundation. Pew’s work is not solely focused on reform, however. The trust has also begun looking into investment performance and pension governance. “We are trying to better understand what are the variations in performance among the states and to what can we attribute the difference,” Draine says.


The 2014 Pension 40

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Bruce Rauner
Illinois
John and
Laura Arnold

Laura and John
Arnold Foundation
Randi Weingarten
American Federation of Teachers
Rahm Emanuel
Chicago
David Boies
Boies, Schiller & Flexner
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Randy DeFrehn
National Coordinating Committee for Multiemployer Plans
Damon Silvers
AFL-CIO
Laurence Fink
BlackRock
Chris Christie
New Jersey
Robin Diamonte
United Technologies Corp.
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Ted Eliopoulos
California Public Employees’ Retirement System
John Kline
Minnesota
J. Mark Iwry
U.S. Treasury Department
Gina Raimondo
Rhode Island
Phyllis Borzi
U.S. Labor Department
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Orrin Hatch
Utah
Abigail Johnson
Fidelity Investments
Ted Wheeler
Oregon
Caitlin Long
Morgan Stanley
James Hoffa
International Brotherhood of Teamsters
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Amy Kessler
Prudential Financial
Alejandro
García Padilla

Puerto Rico
Christopher Klein
U.S. Bankruptcy Court for the Eastern District of Caifornia
Steven Rhodes
Bankruptcy Court for the Eastern District of Michigan
Kevin de León
California
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David Draine
Pew Charitable Trusts
Jordan Marks
National Public Pension Coalition
Sam Liccardo
California
Joshua Rauh
Stanford Graduate School of Business
Karen Ferguson and Karen Friedman
Pension Rights Center
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Timothy Blake
Moody’s Investors Service
Kathleen Kennedy Townsend
Center for Retirement Initiatives, Georgetown University
Edward (Ted) Siedle
Benchmark Financial Services
Daniel Loeb
Third Point
Judy Mares
Employee Benefits Security Administration, U.S. Labor Department
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Andrew Biggs
American Enterprise Institute
Andy Stern
Columbia University
Kenneth Mehlman
KKR & Co.
Teresa Ghilarducci
New School for Social Research
A. Melissa Moye
U.S. Treasury Department

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