Texas Tech students win with:
“What if America saved more?”

DE PERE, Wis. — The iOme Challenge, a national competition to address the nation’s retirement crisis, is pleased to announce that a team from Texas Tech University won this year’s grand prize. Students Benjamin Cummings, Christopher Browning, Thomas O’Malley, and Shaun Pfeiffer collaborated to win the top, national prize.

The Texas Tech team won $10,000, plus an expense-paid trip to Washington D.C. to present their entry to members of Congress. Dr. Michael Finke served as the team’s faculty advisor and will receive a $2,000 cash prize.

Judges also awarded first runner up to a team from the University of Nevada – Reno (UNR) and an honorable mention to LaGrange College. The UNR and the LaGrange College teams received $2,000, plus $500 for their faculty advisors.

The 2010 contest was sponsored by Sage North America, iShares, the American Society of Pension Professionals & Actuaries (ASPPA), and LifeTuner (an initiative of AARP).

The iOme (I-owe-me) Challenge was established in 2009 by PAi (Plan Administrators, Inc.) and is organized and administered by St. Norbert College, De Pere, WI. The competition encourages the 80 million members of the Millennial generation to help solve America’s retirement problem. Student teams write essays and produce a short video to illustrate what their lives could be like when they reach retirement in 40 years or so.

Specifically, teams write essays of 10,000 words, outlining three significant differences that will exist in the U.S. economy 40 years from now – provided the U.S. personal saving rate is sustained at 6% versus the lower prevailing savings rates of the last decade.