Welcoming Remarks
NCPERS President, Robert Podgomy

Good morning and welcome to the 2005 Annual Legislative Conference. My name is Bob Podgorny, President of NCPERS. I want to personally thank each of you for making a special effort to attend this year's conference.

Our pension funds are facing critical times. The challenges we face here in the nation's capitol are compounded by the challenges we are facing in our states and local areas. Ask anyone from California about the attack on our pension benefits. You will hear more about what's happening in California later in our program. We know there are rumblings in other places and we must be prepared to meet those challenges and defeat those who want to destroy our pension plans.

It is important that your elected representatives in Washington, DC hear from you about our pension concerns and why they are important. As trustees and administrators, you have an excellent opportunity to share your knowledge and insight with the members of Congress and their staffs. You are their experts on public pension issues. I know you are up to the challenge and will represent your funds effectively today and tomorrow on Capitol Hill.

I believe this joint legislative conference is the largest in our history, with over 270 in attendance. We have an excellent program —one that focuses on the challenges facing our funds today. I hope that what you learn today you will share with your elected representatives, other trustees and administrators and those who support our pension funds.

There are some old issues that are surfacing once again. However, there are many new issues that we have to learn about that could impact our funds and their members. I know you are up to the challenge and are looking forward to the expert presentations that will be made by our speakers.

I also want to extend a special invitation to each of you to attend our annual trustee educational seminar May 6-7 and our annual conference May 8-12 in Las Vegas at the Mandalay Bay Hotel. We have planned an excellent program tailored to the needs of our trustees and administrators.

Welcoming Remarks
Robert Podgorny
President of NCPERS

Legislative Overview of the 109th Congress
Fred Nesbitt
NCPERS Executive Director

2004 Elections and Their Impact on the 109th Congress
Stuart Rothenberg
Editor and Publisher of The Rothenberg Political Report

Fiscal Policy and the Economic Outlook in 2005
Eugene Steuerle, Ph.D.
Co-director of the Urban-Brookings Tax Policy Center, President of the National Tax Association

Social Security: The Debate Over Privatization
Olivia S. Mitchell, Ph.D.
International Foundation of Employee Benefit Plans Professor of Insurance and Risk Management

J. Mark Iwry, J.D.
Nonresident senior fellow at the Brookings Institution, Senior Adviser to the Retirement Security Project

Saving Our DB Plans: The Battle in California
Fred Nesbitt

Outlook on Administration's Pension Activities for 2005
William Bortz, J.D., Ph.D.
Associate benefits tax counsel for the Treasury Department

Health Care in the 109th Congress
John O'Neill, J.D
Tax and Pension Counsel to the U.S. Senate Committee on Finance, Majority Staff

Patricia Schoeni
National Coalition on Health Care Executive Director

Hank Kim, J.D
NCPERS Director of Governmental Relations and Counsel

Agenda of the Congressional Leadership
Rohit Kumar
Republican Leader's office

J. Scott DeFife
Senior Advisor to Rep. Steny Hoyer (D-MD)

Outlook on Pension Legislation in 2005-2006
Rep. Ben Cardin (D-MD)
Serving his 10th term in the House of Representatives

Senator Urges Citizen Lobbying
Senator Patty Murray (D-WA)
Senior Senator from Washington