php functions have (proper) black-box model local variable scope, so that you can freely write code for a function definition without needing to know what every variable is throughout the rest of the code base (wordpress has thousands of functions) in order to avoid conflicts and improper operation.
the $pega variable inside the get_future_conferences function doesn't exist. if you had php's error_reporting set to E_ALL and display_errors set to ON, you would be getting an undefined variable error at the 'value'=>$pega line that would alert you to the problem.
the $pega variable should be an optional (there are undoubtedly existing calls) call-time input to the get_future_conferences function, telling it what date to use to match future conferences. apparently the filtering code used by get_posts() uses the current date when no value is supplied.