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The 2014 Pension 40: J. Mark Iwry

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J. Mark Iwry
Senior Adviser to the Secretary and Deputy Assistant Secretary
U.S. Treasury Department
Last year: 27

On October 24, J. Mark Iwry reached an important milestone in his five years at the U.S. Treasury. That was the day the agency, along with the Internal Revenue Service, issued guidance that a 401(k) retirement savings plan can offer income annuities in target date funds as a qualified default option. “We’re trying to get the DB into the DC — DB-ify our 401(k) system,” says Iwry, a pioneer in incorporating automatic enrollment in savings plans. Securing retirement income for the American workforce has been a guiding theme for Iwry, 64, a graduate of Harvard College, Harvard Law School and Harvard’s John F. Kennedy School of Government. His career includes stints in government — at Treasury in the Clinton and Obama administrations — and in academia, at Georgetown University. In July he had issued guidance approving qualified longevity annuities for company-sponsored plans and individual retirement accounts. “This is the first time the $13 trillion market for 401(k)s and IRAs has been open to this kind of product,” he says. “We wanted to make it an option many Americans, including middle-income folks, could have access to.” Iwry has shaped regulations to allow sponsors to offer cash balance plans and more easily accept rollovers. He is looking forward to the year-end rollout of myRA (My Retirement Account), which he proposed and helped design, a simplified Roth IRA without fees that is invested in savings bonds for workers lacking access to retirement plans at their jobs. It’s a starter plan to turn nonsavers into new savers, Iwry 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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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.
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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
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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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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
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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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