< The 2014 Pension 40: The Battle Is On
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Judy Mares
Deputy Assistant Secretary
Employee Benefits Security Administration
U.S. Department of Labor
PNR
Many longtime pension plan sponsors might envision retirement on a warm beach or at a country home. That was hardly the case with Judy Mares, whose 44-year career in corporate pensions and investment, the last seven as chief investment officer of Alliant Techsystems, led her to the job of deputy assistant secretary at the Employee Benefits Security Administration of the Labor Department in October 2013. “I am bringing the practitioners’ view to a regulatory regime that was created two generations ago,” says Mares, 66, who works with Assistant Secretary Phyllis Borzi (No. 15). She is referring in part to the conflict-of-interest rule on investment advice, which the DoL has been laboring to implement since 2010. The rule would level the playing field between financial advisers, who are held to a high standard of care and fiduciary duty, and broker-dealers offering investment and retirement advice, who aren’t. “I have seen the marketplace evolve through those decades, and the law needs to be reshaped to match,” says Mares, who also served five years as CIO of Ameritech Corp. and as director of benefit finance at General Mills. Mares, who earned a BS in mathematics from Purdue University and an MBA from the University of Illinois, is also working to help 401(k) participants understand the importance of saving and turning those savings into a lifetime income stream. “We need to be looking at millennials, who are just entering the workforce,” she says. “They are not saving nearly as much as they will need in retirement.”
The 2014 Pension 40
| 1 | 2 | 3 | 4 | 5 |
| 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 |
| 6 | 7 | 8 | 9 | 10 |
| Randy DeFrehn National Coordinating Committee for Multiemployer Plans | Damon Silvers AFL-CIO | Laurence Fink BlackRock | Chris Christie New Jersey | Robin Diamonte United Technologies Corp. |
| 11 | 12 | 13 | 14 | 15 |
| 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 |
| 16 | 17 | 18 | 19 | 20 |
| Orrin Hatch Utah | Abigail Johnson Fidelity Investments | Ted Wheeler Oregon | Caitlin Long Morgan Stanley | James Hoffa International Brotherhood of Teamsters |
| 21 | 22 | 23 | 24 | 25 |
| 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 |
| 26 | 27 | 28 | 29 | 30 |
| 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 |
| 31 | 32 | 33 | 34 | 35 |
| 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 |
| 36 | 37 | 38 | 39 | 40 |
| 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 |
