A Global Finance Thematic Group event
A commonly-accepted retirement goal for a healthy pension to sustain the relatively higher standard-of-living of the latter part of one’s working life throughout retirement (increasingly through private pensions). A successful innovation, implemented by Brazil in January 2023, might provide a solution to the pension challenges faced by India (and all countries), and, more importantly, satisfy the key goals of retirement security, funding infrastructure, debt management, capital market development, self-reliance, and financial inclusion. We recommend India (or any other country) create and issue an innovative new bond: – Inflation-linked, Deferred-Income, Annuity-like Securities (InDIAs), known previously as SeLFIES (in work with Nobel Laureate Bob Merton). SeLFIES/InDIAs is a single, simple, liquid, low-cost, relatively low-risk (government-issued) instrument that is easy to understand for even the most financially unsophisticated individual because it matches the desired real retirement income profile of individuals and embeds accumulation, decumulation, compounding, and inflation-adjustments. It is easily shown to be a good deal for governments too.
Speaker: Arun Muralidhar, is Co-Founder of Mcube Investment Technologies LLC, Client CIO of AlphaEngine Global Investment Solutions and Adjunct Professor of Finance at Georgetown University. He designed two award-winning bond innovations for retirement and a child’s education that Brazil issued in 2023. Arun has written extensively on and won numerous awards for papers and books on pension reform, asset allocation/pricing, and portfolio/currency management. His books include Rethinking Pension Reform (2004), co-authored with Franco Modigliani (Nobel Prize winner), “Fifty States of Grey: An Innovative Approach to the DC Retirement Crisis,” (2018), “A Nobel Retirement: 3 Nobels, 3 Pillars and 3 Facets of Investments” (2024), A SMART Approach to Portfolio Management (2011), Innovations in Pension Fund Management (2001), “Investment Theory and Practice – It’s All ‘Realative” (2024), and “GBI – Gimme Better Instruments or Goals-based Investing” (2025). He has a PhD from MIT Sloan School and a BA from Wabash College.
Discussant: Hermann von Gersdorff Tromel, Senior economist with a Master ‘s-level education from the University of Cologne and the University of Chicago, and more than three decades of experience in public finance, pension reform, social protection, and private-sector development. Held senior management and chief economist roles at the World Bank across Latin America, Europe, Central Asia, and the Caribbean, and later served in top policy and coordination roles at Chile’s Ministry of Finance. Extensive experience leading multidisciplinary teams, managing relations with international financial institutions, and designing reforms in pensions, labor markets, public administration, and fiscal policy.
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