Friday, April 29, 2016
Learn more about the experts featured in Retirement Revolution Series®.
Michael J. Astrue
Commissioner of Social Security
>Read Interview: The Status of Social Security Today
Michael J. Astrue was sworn in as Commissioner of Social Security on February 12, 2007. He will serve a six-year term that expires on January 19, 2013. As head of the Social Security Administration, Astrue has responsibility for administering the Social Security programs (retirement, survivors and disability). Commissioner Astrue has a distinguished history of public service. He is a former employee of the Social Security Administration, having served as Counselor to the Commissioner. He served as General Counsel of the U.S. Department of Health and Human Services and as the Acting Deputy Assistant Secretary of Legislation. Astrue also served briefly as Associate Counsel to the President of the United States during parts of both the Reagan and Bush administrations. Before becoming Commissioner, he also served as a senior executive of several biotechnology companies.
Founder, Finish Rich Media and Best-selling author
David Bach has helped millions of people around the world take action to live and finish rich. He is the author of seven consecutive national bestsellers, including two consecutive #1 New York Times bestsellers, Start Late, Finish Rich and The Automatic Millionaire. Bach carries the unique distinction of having had four of his books appear simultaneously on the Wall Street Journal, BusinessWeek, and USA Today bestseller lists. In addition, four of Bach's books were named to USA Today's Best Sellers of the Year list for 2004. He is the founder and Chairman of FinishRich Media, a company dedicated to revolutionizing the way people learn about money. Prior to founding FinishRich Media, he was a senior vice president of Morgan Stanley and a partner of The Bach Group, which during his tenure (1993 to 2001) managed more than half a billion dollars for individual investors.
President, National Reverse Mortgage Lenders Association
Executive Director, National Aging in Place Council (NAIPC)
Peter Bell is a Washington, DC-based policy analyst and advocate focused on affordable housing and aging issues. Mr. Bell serves as President of the National Reverse Mortgage Lenders Association (NRMLA) and as Executive Director of the National Aging in Place Council (NAIPC). NRMLA serves the reverse mortgage industry as a policy advocate, networking organization and consumer information center. NAIPC is a trade association comprised of businesses that offer products or services to help older Americans remain in their own homes as their needs change as they age. Mr. Bell is recognized nationally as an expert on aging-related subject matter, is frequently quoted by media outlets across the country and often testifies before the United States Congress.
President, Penny Tree Advisors
Founder, Candura Group LLC
Dan Candura, CFP® provides financial advice and education to consumers and financial professionals. He is founder of his own education and consulting firm Candura Group, LLC. He is also the President of PennyTree Advisers. LLC, a Registered Investment Advisory firm in Massachusetts. PennyTree Advisers provides financial education and counseling to employees in workplace settings as well as personal financial planning and forensic financial analysis for consumers and litigation support services for attorneys. Dan teaches in the Sawyer School of Management at Suffolk University in Boston and is an NASD arbitrator. Previously Dan provided leadership to the registered representatives serving the education and retail customers of ING Financial Advisers LLC in New England.
Historian, Social Security Administration
Larry DeWitt has an M.A. in history from the University of Maryland, Baltimore County (UMBC) and is a doctoral student in public policy history, also at UMBC. He serves as the public historian at the U.S. Social Security Administration, a post he has held since 1995. A recognized authority on Social Security history, he is a member of the National Academy of Social Insurance and the Society for History in the Federal Government. In addition to numerous published articles and essays, he is the principal editor of Social Security: A Documentary History.
Founder and CEO, Civic Ventures
Marc Freedman is the founder and CEO of Civic Ventures, a think tank and incubator working to help society achieve the greatest return on experience. He's also co-founder of Experience Corps, the nation's largest nonprofit national service program engaging Americans over 55, and The Purpose Prize, the nation's first prize for, and biggest investment in, social innovators over 60. Freedman is one of the nation's leading thinkers and writers on the opportunities presented by the aging of America. He is author of Encore: Finding Work That Matters in the Second Half of Life (PublicAffairs Books, June 2007), which author Daniel Pink calls "the rare book that can change the national conversation."
Editor at Large, Time Magazine
Justin Fox is the business and economics columnist for Time magazine. He also writes the "Curious Capitalist" blog at Time.com. Before joining Time in January 2007, Fox spent more than a decade at sister publication, Fortune. At Fortune, he covered a wide variety of topics related to economics, finance, and international business. In 2000 and 2001, he was the magazine's Europe editor, based in London. Earlier in his career, Justin worked at several newspapers, including American Banker and the Birmingham News. He has a B.A. in international affairs from Princeton. Fox is a Young Global Leader of the World Economic Forum. His first book, The Myth of the Rational Market, will be published by Collins in 2008.
Author, J. K. Lasser's Your Winning Retirement Plan
>Read Interview: Retirement Planning Basics
>Read Interview: Your Home Equity as a Retirement Investment
Mr. Henry K. Hebeler is a graduate of the Massachusetts Institute of Technology (MIT) from which he has three degrees. Most of his working career was at The Boeing Company where he began as an engineer, worked his way through financial analysis, procurement, sales, corporate long range planning, and ultimately became president of Boeing Aerospace Company in Seattle, WA. He has been on advisory committees to the U.S. Congress, Departments of Interior, Commerce, Energy, and Defense, an economic advisor to the Washington State governor and a member of Washington's Economic Development Council. He has served on the Board of Governors of MIT's Sloan School and other colleges. His current focus is dissemination of sound financial planning information that applies to a wide range of personal investment, economic and income situations.
President, Ariel Capital Management
>Read Interview: Diversify Your Investments
Mellody Hobson is President of Ariel Capital Management, LLC – a Chicago-based mutual fund company and investment management firm founded in 1983. With over $14 billion in assets under management, the firm serves individual investors and 401(k) plans through its no-load Ariel Mutual Funds and manages separate accounts for institutional clients. In 2006, she was elected Chairman of the Ariel Mutual Funds Board of Trustees. She joined the company in 1991 after graduating from Princeton University where she received a Bachelor of Arts degree from the Woodrow Wilson School of International Relations and Public Policy.
Watch Interview: Stop Wasting Money
President, Women's Institute for a Secure Retirement
Cindy Hounsell is the President of WISER, the Women's Institute for a Secure Retirement, a nonprofit organization that seeks to improve the opportunities for women to secure retirement income and to educate the public about the inequities that disadvantage women in retirement. She has written several chapters, columns, articles, op-eds, papers and booklets and edited an ebook on women and retirement. Two booklets, What Every WOMAN Needs to Know About MONEY And RETIREMENT: A Simple Guide and What Everyone Needs to Know About Money and Retirement appeared in Good Housekeeping magazine, to a readership of over 26 million readers. In 2006, Women's ENews named her one of 21 Leaders for the 21st Century.
Roger G. Ibbotson, Ph.D.
Chairman and CEO, Zebra Capital Management LLC
Founder, Ibbotson Associates
Professor of Finance, Yale School of Management
Roger G. Ibbotson is Chairman and CIO of Zebra Capital Management, LLC, a quantitative equity hedge fund manager. He is Founder, Advisor and former Chairman of Ibbotson Associates, now a Morningstar Company. He has written numerous books and articles including Stocks Bonds Bills and Inflation with Rex Sinquefield (updated annually) which serves as a standard reference for information and capital market returns. Professor Ibbotson conducts research on a broad range of financial topics, including investment returns, mutual funds, international markets, portfolio management, and valuation. He has recently published The Equity Risk Premium and Lifetime Financial Advice. He has also co-authored two books with Gary Brinson, Global Investing and Investment Markets.
Executive Vice President of Investment Management
Chief Investment Officer, Financial Engines
Chris is Executive Vice President of Investment Management and Chief Investment Officer at Financial Engines. He joined the company as the third employee in 1996. Working closely with founder Bill Sharpe, Chris built and led the team of finance, economics, and mathematics experts who developed the methodology for Financial Engines' personalized investment advice and portfolio management services. Chris oversees the Investment Management Group, which is responsible for investment analysis, financial research and development, and portfolio management. He also serves as Chairman of the company's Investment Committee.
Gov. Frank Keating
President and CEO, American Council of Life Insurers
Frank Keating took over as president and CEO of the American Council of Life Insurers in January 2003 after serving two terms as Oklahoma's 25th governor. As president and CEO of ACLI, Governor Keating is the chief representative and spokesman for the life insurance industry in Washington, D.C., and all 50 state capitals. He and his staff work as advocates for nearly 400 life insurance companies that account for 93 percent of total industry assets, 91 percent of the life insurance premiums, and 95 percent of annuity considerations in the United States. Governor Keating has played a leading role in promoting public policies to boost Americans' retirement security and long-term savings. He regularly advocates on Capitol Hill and to the Bush administration on the need to make Americans' retirement security a national priority.
Jennifer Klein, Ph.D.
Historian, Yale University Jennifer Klein is currently an Associate Professor in the Department of History at Yale University. After receiving her B.A at Barnard College, Klein pursued her Masters Degree from the University of Virginia, followed by her Ph. D at the same institution. Jennifer has been awarded a number of prestigious accolades, including the Morse Fellowship at Yale University, the Robert Wood Johnson Foundation Scholar in Health Policy (Yale University), and most recently the Rockefeller Foundation, Bellagio Research and Study Center Residency.
David Laibson, Ph.D.
Professor of Economics, Harvard University
Watch Interview: Picking Advisors
Watch Interview: Annuities
David Laibson is currently a professor of Finance at Harvard University in their Department of Economics. He holds his Ph. D. in Economics from Massachusetts Institute of Technology, and a M. Sc. in Econometrics and Mathematical Economics from the London School of Economics. Laibson is a recipient of the Phi Beta Kappa Prize for Excellence in Undergraduate Teaching. He is the Associate editor of The Q.R. Journals of Macroeconomics, sits on the editorial board for the American Economic Journal: Macroeconomics and Annual Reviews- Economics, and is a member of the Pension Research Council's Advisory Board.
Author, The Idiot's Guide to Annuities and Personal Finance Desk Reference
>Read Interview: Create Income for Life with Annuities and Other Investments
>Read Interview: Diversify Your Investments
Ken Little is the author of twelve books on investing and personal finance and the technical editor on two others. He is the writer and editor of the Stocks Web site on About.com, where he writes articles for beginning and intermediate investors. He has worked on both sides of the financial services industry, as a journalist and as an industry professional. Ken was the chief financial writer for one of the larger mutual fund families and worked with a consulting firm that counted some of the largest financial services companies in the country as its clients.
Richard G. Malconian
Global Head of Retirement Services, Lipper, Inc.
Rich Malconian joined Lipper, Inc. in 2005 as Global Head of Retirement Services, bringing with him extensive experience and knowledge of the retirement industry in the US. As a Global Head of Retirement Services, Rich is leading the development and implementation of the Global Retirement strategy for both Lipper and Reuters. Prior to his assignment with Lipper, Rich served as Managing Director & President of the US Defined Contribution Group at Barclay's Global Investors, Inc. In addition, Rich also served as President of Fidelity Investment Tax-Exempt Services Company where he served for seven years, and was instrumental in establishing Fidelity's leadership position in the US retirement market. Rich also spent 14 years at Salomon Brothers in New York where he became Managing Director and head of several business units.
Burt Malkiel, Ph.D.
Professor of Finance, Princeton University
>Read Interview: Diversify Your Investments
Dr. Burton G. Malkiel, the Chemical Bank Chairman's Professor of Economics at Princeton University, is the author of the widely read investment book, A Random Walk Down Wall Street. He holds a B.A. and MBA degree from Harvard and a Ph.D. degree from Princeton Universities and began his career in the investment banking department of Smith Barney & Co. Dr. Malkiel has long held professorships in economics at Princeton, where he was also chairman of the Economics Department. He was dean of the Yale School of Management and William S. Beinecke Professor of Management Studies there from 1981. Dr. Malkiel is the author of over 125 articles and is the author or co-editor of eight other books, the most recent of which are The Random Walk Guide to Investing: 10 Rules for Financial Success and Global Bargain Hunting: An Investor's Guide to Profits in Emerging Markets, with J. P. Mei. He is currently writing a book on investing in China.
Managing Director of Retirement and Equity Solutions
Global Wealth Management Group
Jim McCarthy is head of Retirement and Equity Solutions for the Global Wealth Management Group (GWMG), and serves as a member of the group's Operating Committee. Prior to joining Morgan Stanley in mid-2006, Mr. McCarthy held several senior management positions at Merrill Lynch. He joined Merrill Lynch in July, 1992 as part of the Private Client Counsel team and also, at separate times, served as Head of the Institutional and Individual Retirement businesses.
Executive Director, ASPEN Institute
Executive Director of the Initiative on Financial Security, ASPEN Institute
Lisa Mensah is the Executive Director of the Aspen Institute's Initiative on Financial Security, which is dedicated to building support for the idea of a new generation of individual development accounts available universally but structured to help low- and moderate-income families build assets from birth through retirement. Before launching the Initiative, Ms. Mensah was the deputy director of the Economic Development Unit at the Ford Foundation. In her 13 years at the Ford Foundation, she was responsible for grants to community development financial institutions and for work on savings and wealth building for low-income populations. Prior to joining the Ford Foundation, Ms. Mensah worked in corporate finance for Citibank in New York.
Tricia Neuman, Sc.D.
Vice President, Kaiser Family Foundation
Tricia Neuman is a vice president of the Henry J. Kaiser Family Foundation and is Director of the Foundation's Medicare Policy Project. Dr. Neuman is widely regarded as an expert on Medicare policy issues. She has published numerous articles on topics related to health coverage and financing for the Medicare population, and has been invited several times to present expert testimony before Congressional committees.
Bill Novelli, Ph.D.
CEO, AARP (American Association of Retired Persons)
Watch Interview: Retirees- Not What They Used To Be
Bill Novelli is CEO of AARP, a membership organization of over 38 million people age 50 and older, half of whom remain actively employed. AARP's mission is to enhance the quality of life for all as we age. Prior to joining AARP, Mr. Novelli was President of the Campaign for Tobacco-Free Kids. Mr. Novelli co-founded and was President of Porter Novelli, now one of the world's largest public relations agencies and part of the Omnicom Group, an international marketing communications corporation. Porter Novelli was founded to apply marketing to social and health issues, and grew into an international marketing/public relations agency with corporate, not-for-profit and government clients. He retired from the firm in 1990 to pursue a second career in public service. He was named one of the 100 most influential public relations professionals of the 20th century by the industry's leading publication.
Director, Experience Corps Bay Area
Janet Oh is Director of Experience Corps Bay Area. She joined Experience Corps in 2002 as the Field Manager and became the Director in May of 2006. Ms. Oh has expanded Experience Corps into a Bay Area program engaging 120 older adults in providing over 26,000 hours of annual service to 2,750 students in Oakland, San Francisco, and Marin. Prior to joining Experience Corps, she was a Fulbright Scholar specializing in teaching English in South Korea and a middle school teacher for the Breakthrough Collaborative (formerly Summerbridge). She graduated with highest honors from the University of California at Berkeley with a major in Sociology and a minor in Dance. Ms. Oh has been a guest speaker at conferences held by The California Wellness Foundation, Osher Lifelong Learning Institute, San Diego County Office of Education, and UC Berkeley Center on Aging.
Peter Orszag, Ph.D.
Director, Congressional Budget Office
>Read Interview: What Will Congress Do About Medicare and Health Care Costs?
Peter R. Orszag is the seventh Director of the Congressional Budget Office (CBO). His four-year term began on January 18, 2007. Before joining CBO, Dr. Orszag was the Joseph A. Pechman Senior Fellow and Deputy Director of Economic Studies at the Brookings Institution. While at Brookings, he also served as Director of The Hamilton Project, Director of the Retirement Security Project, and Co-director of the Tax Policy Center, a joint venture with the Urban Institute providing analysis of tax issues. In previous government service during 1997 and 1998, Dr. Orszag served as Special Assistant to the President for Economic Policy and Senior Economic Adviser at the National Economic Council. In 1995 and 1996, he was Senior Adviser and Senior Economist at the President's Council of Economic Advisers. His first appointment with the Council was as a staff economist in 1993 and 1994.
Second Vice President-Wealth Management and a Wealth Advisory Specialist, Smith Barney
>Read Interview: Diversify Your Investments
Priscilla A. Parke is a Second Vice President-Wealth Management and a Wealth Advisory Specialist at Smith Barney, a division of Citigroup Global Markets Inc. Her 25 years of experience in the financial industry has focused primarily on Retirement Planning. She realized early in her career that the important components of retirement; early planning, proper placement of assets to provide income, cost of living increases and growth of principal while minimizing downside risk was crucial to everyone's future.
Senior Chairman and Co-Founder, Blackstone Group
Peter G. Peterson is Senior Chairman and Co-Founder of Blackstone and a member of the board of directors of its general partner, Blackstone Group Management L.L.C. He is the former Chairman of the Council on Foreign Relations, founding Chairman of the Peterson Institute for International Economics (Washington, D.C.) and founding President of The Concord Coalition. Mr. Peterson was the Co-Chair of The Conference Board Commission on Public Trust and Private Enterprises (Co-Chaired by John Snow, formerly Secretary of the Treasury). He was also Chairman of the Federal Reserve Bank of New York from 2000 to 2004.
Founder, Asset International
Charlie is the founder of Asset International, the parent company of PLANSPONSOR Magazine, PLANSPONSOR.com, the PLANSPONSOR Institute and Global Custodian Magazine. He is an authority on global pension issues. He previously held posts at Institutional Investor and McCann-Erickson. He has Masters degrees from Cambridge University and Columbia University.
CEO, Employee Benefit Research Institute
Dallas Salisbury is Chief Executive Officer of the EBRI. As a Fellow of the National Academy of Human Resources, his honors include the Award for Professional Excellence from the Society for Human Resource Management, the Plan Sponsor Magazine Lifetime Achievement Award, and the Keystone Award of World at Work. Dallas currently serves on the Board of Directors for FINRA Investor Education Foundation (formerly known as the NASD Investor Education Foundation) and the Board of Advisors to the Comptroller General of the United States. In addition, his name is among those listed as notorious for having the greatest influence on savings and retirement policy in the nation, in numerous publications.
Personal Finance Columnist, Chicago Sun-Times
Watch Interview: Keeping A Long Term Perspective
Watch Interview: Reverse Mortgage
>Read Interview: How Much Money Will Baby Boomers Need For Retirement?
Terry Savage is a nationally known expert on personal finance and a regular television commentator on issues related to investing and financial markets. Her syndicated personal finance column for the Chicago Sun-Times is read in newspapers across the country, and her columns appear regularly on TheStreet.com, the popular investing website. Terry's most recent book is The Savage Number: How Much Money Do You Need to Retire? Her previous best-seller, The Savage Truth on Money, was named one of the ten best money books of the year by Amazon.com, and was made into an hour-long television special which aired on PBS.
William F. Sharpe
Professor of Finance, Stanford University
Co-Founder, Financial Engines, Inc.
William F. Sharpe is the STANCO 25 Professor of Finance, Emeritus at Stanford University's Graduate School of Business. He joined the Stanford faculty in 1970, having previously taught at the University of Washington and the University of California at Irvine. In 1996, he co-founded Financial Engines, a firm that provides investment management and advice for individuals in employer-sponsored retirement plans. He currently serves on its board. He has also written seven books, including Portfolio Theory and Capital Markets (McGraw-Hill, 1970 and 2000), Asset Allocation Tools (Scientific Press, 1987), Fundamentals of Investments (with Gordon J. Alexander and Jeffrey Bailey, Prentice-Hall, 2000), Investments (with Gordon J. Alexander and Jeffrey Bailey, Prentice-Hall, 1999) and Investors and Markets: Portfolio Choices, Asset Prices and Investment Advice (Princeton University Press, 2007).
Robert J. Shiller
Professor of Economics, Yale University
Co-Founder Macromarkets LLC
Watch Interview: Ending Up House Poor
Robert J. Shiller is the Stanley B. Resor Professor of Economics, Department of Economics and Cowles Foundation for Research in Economics, Yale University, and Professor of Finance and Fellow at the International Center for Finance, Yale School of Management. He received his B. A. from the University of Michigan in 1967 and his Ph.D. in economics from the Massachusetts Institute of Technology in 1972. He has written on financial markets, financial innovation, behavioral economics, macroeconomics, real estate, statistical methods, and on public attitudes, opinions, and moral judgments regarding markets.
Jeremy J. Siegel, Ph.D.
Professor of Finance, Wharton School, University of Pennsylvania
Watch Interview: Americans Not Saving Enough
>Read Interview: The Baby Boomer Asset Sell-Off
Jeremy Siegel is the Russell E. Palmer Professor of Finance at the Wharton School of the University of Pennsylvania. He graduated from Columbia University in 1967, received his Ph.D. in Economics from the Massachusetts Institute of Technology in 1971, and spent one year as a National Science Foundation Post-Doctoral Fellow at Harvard University. Prof. Siegel taught for four years at the Graduate School of Business of the University of Chicago before joining the Wharton faculty in 1976. Prof. Siegel has written and lectured extensively about the economy and financial markets, has appeared frequently on CNN, CNBC, NPR and others networks. He is a regular columnist for Kiplinger's and Yahoo! Finance and has contributed articles to The Wall Street Journal, Barron's, The Financial Times and other national and international news media.
IRA Advisor; Author
>Read Interview: Develop Your Exit Strategy
Ed Slott was named as "The Best" source for IRA advice by The Wall Street Journal and called "America's IRA Expert" by Mutual Funds Magazine. He is a nationally recognized IRA distribution expert and a professional speaker. Mr. Slott regularly presents continuing professional education seminars on IRA distribution planning and estate planning at major conferences for Financial Advisor firms, Mutual Fund Companies, Brokerage Firms, Insurance Professionals, Financial Planners, Trust Companies, Banks, CPAs and Attorneys.
Chairman, Harris Poll, Harrison Interactive
Humphrey Taylor is the Chairman of The Harris Poll, a service of Harris Interactive. Previously he was Chairman and CEO (1992-1997) and President (1981-1992) of Louis Harris and Associates. He has had overall responsibility for more than 8,000 surveys in 80 countries, for governments, corporations, and foundations, on such subjects as housing, insurance, transportation, welfare planning, marketing, communications, banking, industrial relations, education and health care. He has testified to Congressional Committees and Subcommittees on Social Security, health care cost containment, Medicare, aging, policies affecting disabled people, drug exports, the taxation of employee benefits, and privacy.
Richard Thaler, Ph.D.
Professor of Behavioral Science and Economics, University of Chicago
Director of the Center for Decision Research, University of Chicago
Watch Interview: Psychology of Saving
Richard H. Thaler is the Ralph and Dorothy Keller Distinguished Service Professor of Economics, Finance and Behavioral Science at the University of Chicago's Graduate School of Business where he is Director of their Center for Decision Research. He is also a Research Associate at the National Bureau of Economic Research where he co-directs the behavioral economics project. Professor Thaler's research lies in the gap between psychology and economics. He is considered a pioneer in the fields of behavioral economics and finance. He is the author of numerous articles and the booksThe Winner's Curse, and Quasi Rational Economics and was the editor of the collection Advances in Behavioral Finance, Volumes I and II. He writes a series of articles in the Journal of Economics Perspectives under the heading: Anomalies.
Senior Research Analyst, Lipper, Inc.
Jeff Tjornehoj is a Senior Research Analyst and 10-year employee of Lipper. Jeff helped create Lipper's proprietary 5-point ratings system for mutual funds called Lipper Leaders as well as Lipper's portfolio-based fund classification system. His views on the funds industry and the markets that shape their performance earn him frequent media quotes, including The Wall Street Journal, Barron's, SmartMoney, theStreet.com, Money, and news distributors such as AP, Reuters, and Bloomberg. He holds a Bachelor's degree in Economics.
Steven Weisbart, Ph.D.
Vice President and Chief Economist, Insurance and Information Institute
>Read Interview: How Insurance Can Protect Your Retirement
Steven N. Weisbart is vice president and chief economist for the Insurance Information Institute. Dr. Weisbart oversees the Institute's program of economic research and analysis, preparing studies in support of the organization's communications mission, speaking to media and conducting briefings for member companies, industry organizations and public policymakers. A specialist in annuities, pensions, and life, disability and long-term care insurance, Dr. Weisbart frequently also makes presentations on property/casualty issues to industry audiences as well as legislative forums.
David F. Woods
Past President, Life and Health Insurance Foundation for Education
>Read Interview: Why Life, Disability and Long-Term Care Insurance are Important
David F. Woods, CLU, ChFC, LUTCF served from 1995 through 2007 as immediate past president of the Life and Health Insurance Foundation for Education (LIFE), a non-profit organization dedicated to educating the public about the important role of life and health insurance in sound financial and retirement planning. The author of numerous articles on financial security at death, disability and retirement, Mr. Woods is an internationally known author and speaker. He also served as CEO of the National Association of Insurance and Financial Advisors (NAIFA), the nation's largest financial services membership association.