Mr. Biggs gave this annual Richard W. Couper Lecture to the Phi Beta Kappa Fellows at the Harvard Club in New York City. In his presentation he spoke about Andrew Carnegie and J.P. Morgan as founders of two pension systems. One system was to provide retirement income for professors and the other for Episcopalian clergy.
Mr. Biggs draws from his personal experience and ties to both systems and cites that it has been fascinating to see the similarities and differences between the two. He reflects on the significance of the more than 80 years of decisions that had to be made as the two plans successfully adapted to the changes of the 20th Century. In addition, these two plans grew alongside the U.S. social security system, which began two decades after Andrew Carnegie’s and J. P. Morgan’s were established.
